The report “Location Analytics Market Share, Size, Trends,
Industry Analysis Report By Component (Solution, Services); Solution (Geocoding
And Reverse Geocoding, Data Integration And ETL, Reporting And Visualization,
Thematic Mapping And Spatial Analysis); By Location Type (Indoor, Outdoor); By
Application (Risk Management, Emergency Response Management, Customer
Experience Management, Remote Monitoring, Supply Chain Planning And
Optimization, Sales And Marketing Optimization, Predictive Assets Management,
Inventory Management); By Verticals (Retail, Manufacturing, Govt & Defense,
Media & Entertainment, Transportation, Energy & Utilities); By Regions,
Segments & Forecast, 2020 – 2026” gives a detailed
insight into current market dynamics and provides analysis on future market
growth.
The global location analytics market size is expected to reach USD 29.87 billion by 2026 according to a
new study by Polaris Market Research. In business sector, almost
everything exists at a particular location and at a specific time. It could be
things such as products, raw materials, facilities, employees, customers,
agents, or events. Businesses can make more well-versed decisions by
understanding how these components relate to one another through location
analytics. This can improve both efficiency and effectiveness of the
businesses. Furthermore, location analytics helps in targeting and
understanding customers and also helps in optimizing business processes.
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The key
players in the market include SAS Institute, Esri, Oracle, Pitney Bowes,
Microsoft, Galigeo, Cisco Systems, IBM, Purple, GeoMoby, Alteryx, Inc.,
CleverAnalytics, IndoorAtlas, Lepton Software, and Quuppa among others.
The
location analytics market is mainly driven by increasing usage and application
of spatial data and analytical tools in various industrial sectors.
Furthermore, factors such as increasing adoption of location-based applications
and tools among users, growing necessity for predictive analytics in several
business applications, growing adoption and necessity of innovative
technologies, and increasing penetration of social media for customer
engagement are also driving the growth of the market across the globe.
Moreover, location analytics can considerably help the in making targeted
decisions, aid in visualizing business performance, and also help in lowering
costs and mitigating risks in supply chain management.
However,
factors such as concerns with data privacy and legal worries, high initial cost
of deployment, and deficiency of uniform regulatory norms, are expected to
hinder the growth of market during the forecast period. Furthermore, increasing
security concerns, lack of technical expertise and awareness, and poor
connectivity and data integration also restraints the market growth.
To gain more
insights into the market with detailed table of content and figures, click here: https://www.polarismarketresearch.com/industry-analysis/location-analytics-market/toc
North
America and Europe take hold of more than half of overall market. As the retail
industry in these regions is experiencing a significant boom, and penetration
of smartphones and other advanced tools is high, there is rapid growth in
adoption of analytical business intelligence and geographic information systems
technology. Likewise, increasing focus on customer needs and customer
satisfaction also plays a major role in development of this market.
Furthermore, large number of individual customers or enterprises in Europe
extensively use location-based mapping services, which has made this region a
R&D hub for the market.
In
European countries, location analytics is largely used to conduct marketing
campaigns and customer management with an aim of business expansion.
Furthermore, growing smartphone industry, and increasing adoption of GPS
tracking systems has also enhanced the growth of location analytics in European
countries. However, based on growing number of smartphone and social media
users, service providers and enhancement of networking technologies, Asia-Pacific
is expected to witness a fastest growth in the global market during the
forecast period. Huge population base, growing internet penetration has made
this region a popular area of expansion for established as well as emerging
companies. This is largely contributing to the growth of the market in
Asia-Pacific region.
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