Location analytics is the process to gain valuable insights from the geographic component of business data. Also, location analytics provides help to understand data through a location-specific perspective as well as optimize business practices accordingly. The growth of the location analytics market is mainly attributed to the significantly rising demand for predictive analysis from businesses. Furthermore, the growing adoption of social media and location-based applications among consumers may lead to creating lucrative market opportunities for the global location analytics industry, during the forecast timeframe.
Moreover, the emergence of coronavirus disease (COVID-19) has created a considerable impact on the global location analytics market. Location analytics significantly helps to monitor and optimize supply-chain. In addition, leading players involved in the global location analytics market are coming forward with strategic steps to help people across the globe. For instance, RetailNext Inc., a notable player in location analytics, has made an announcement that they have developed Aurora sensors that will be available at zero cost. The sensor will help the organizations to measure and control occupancy levels during the COVID-19 pandemic. In addition to this, since the COVID outbreak, the demand for online delivery services for products like medicine, food, and grocery has extensively increased. Thus, in April 2020, Locale. ai, Indian location analytics startup has announced that they have raised fund to provide innovative location analytics services to help delivery companies with the optimization in the supply chain. Furthermore, owing to the critical situation of the COVID-19 pandemic, businesses especially media & entertainment, retail, and education are concerned with customers’ trust loyalty, and confidence. Thus, multiple companies can go for the adoption of location analytics for finding ways to help clients through the chaotic situation; this shall create a significant impact on the global market, after the pandemic. Our reports include the following:
- Technological Impact
- Social Impact
- Investment Opportunity Analysis
- Pre- & Post-COVID Market Scenario
- Infrastructure Analysis
- Supply Side & Demand Side Impact
According to the recently published report of Research Dive, the global location analytics market is set to register a revenue of $58.87 billion by 2027, at a 14.2% CAGR, during the forecast period.
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The segmentation of the market has been done on the basis of component, solution, service, location type, application, vertical, and region. The report offers valuable insights on vital segments, driving and restraining factors, lucrative market opportunities, and global leaders of the market.
Factors Affecting the Growth of the Market during the COVID-19 Pandemic
As per our analysts, the growing emphasis on predictive analysis by the businesses worldwide is fueling the global location analytics market growth, during the analysis period. Contrary to this, stringent government policies are expected to decrease the demand for location analytics which will eventually restrain the growth of the global market, throughout the analysis timeframe.
Solution Component Shall Have a Dominating Market Share
Based on the component, the global market for location analytics is bifurcated into solution and services. The solution component shall have a significant market share and is expected to register a noteworthy revenue during the projected period. On the other hand, the services component will be the fastest-growing segment in the global market over the forecast period.
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Thematic Mapping & Spatial Analysis Shall be the Most Lucrative Sub-segment
Based on solution, the global market is classified into reporting & visualization, data integration & ETL (extract, transform, load), geocoding & reverse geocoding, thematic mapping & spatial analysis, and others. Thematic mapping & spatial analysis will have exponential market growth throughout the review period. Increasing adoption of location intelligence across the private and public sector may offer significant opportunities for the segment growth during the forecast period.
Support & Maintenance Services Shall Have Rapid Market Growth
Depending on the service, the global location analytics market is mainly categorized into integration & deployment, consulting, and support & maintenance. The support & maintenance services will be a rapidly-growing segment throughout the review period. These services enable companies to understand changing business conditions, market trends, service troubles, and client insights. Furthermore, these services play a significant role in developing corporate and marketing branding campaigns. Such factors may lead to driving the segment, throughout the forecast period.
Indoor Location Will be the Most Lucrative
Based on location, the global market for the location analytics market is mainly categorized into indoor location and outdoor location. Indoor location shall have the fastest growth in the global market throughout the projected period due to increased number of applications powered by Bluetooth Low Energy (BLE) and beacons.
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Customer Experience Management Shall Have Significant Growth
On the basis of application, the global location analytics market is broadly categorized into emergency response management, risk management, supply-chain planning & optimization, customer experience management, remote monitoring, location selection & optimization, sales & marketing optimization, and others. The customer experience management segment will have massive growth in the global market, during the analysis timeframe mainly because this platform helps in understanding and targeting clients to optimize business processes and improve outcomes.
The Retail Segment Will Have a Lucrative Market Growth
On the basis of verticals, the global market is mainly classified into manufacturing, retail, media & entertainment, government & defense, energy & utilities, education, transportation & logistics, tourism & hospitality, telecom & IT, Insurance, banking & financial services, and real estate. The retail segment for the global location analytics market is expected to register a huge revenue over the forecast period. Location analytics can help retailers in building their shopper profiles as well as enhancing customer loyalty.
Geographical Analysis and Major Market Players
Based on region, the global location analytics market is segmented into North America, Europe, Asia Pacific, and LAMEA. The North America location analytics market will have the largest share in 2020 and is expected to increase at a significant growth rate, during the analysis period. The enormously growing government investments in location analytics solutions, the increasing number of startups, and rising industry standards for location-based technologies particularly in the U.S. and Canada are expected to bolster the growth of the location analytics market in the North America region.
The leading players of the global location analytics market are Microsoft, HEXAGON, TomTom International BV., Oracle, ALTERYX, INC, Google, SAP, SAS Institute Inc. Cisco Systems, and Zebra Technologies Corporation.
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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