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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