New York, USA, Sept. 01, 2021 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global location analytics market is anticipated to witness a rise in revenue from $11,900.3 million in 2020 to over $38,078.9 million by 2028, at a steady CAGR of 15.8% from 2020-2028.
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COVID-19 Impact on the Global Location Analytics Market
Several industries and verticals were affected by the COVID-19 pandemic. Moreover, numerous industries had to shut down due to lack of sales and revenue. The supply chain was also impacted due to the travel restrictions worldwide. However, the global location analytics market experienced significant growth due to its extensive use in the planning and organization of various resources. It was majorly used in assisting epidemiologists track the prevalence of the coronavirus using multiple criteria such as environment, demographics, past occurrences, and more.
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Market Analysis
Drivers: The web is a vast expanse of data which makes putting together data an extremely complex task, especially when one is using business intelligence tools. However, over the years, several businesses have made the switch to location-based data as it is simpler and more effective in providing the user with the appropriate data. It is also beneficial to the space-related tasks such as design reviews, audits, and more. Also, this method of providing data helps figure out how a business can evolve with regard to trends and challenges. Additionally, the ability of location analytics software to provide real-time inputs along with the ease of managing large amounts of data are some of the prominent factors assisting in the growth of the market in the forecast period.
Restraints: In order to provide the right information to the customers, most businesses collect their data. It could pose a risk in case the data provided is not secured, as both the business and the individual could be at a risk of identity theft. Criminals are also capable of figuring out the current or eventual location of an individual. This issue of privacy along with the risk of cybercrime might hamper the growth of the global location analytics market.
Opportunity: The use of advanced technology such as Internet of Things (IoT) has made the maintenance of the large amount of data easier. Most growing businesses aim towards long-term business strategies. Location based data has made it easier for businesses to grow, which has provided an opportunity for growth to the market in the estimated time period.
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Segmental Analysis
The market is segregated into multiple segments based on component type, location type, deployment type, application type, vertical type, and region.
The Sales & Marketing Optimization Sub-segment Expected to Gain Highest Market Share
By application, the sales & marketing optimization sub-segment is anticipated to generate revenue of $8,118.9 million by 2028. The usage of services in sales and marketing applications allows organizations to analyze spending patterns, consumer behavior, and estimate sales, helping them to maximize their business profitability. These factors have ensured the growth of the segment in the analysis period.
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Cloud Sub-segment Predicted to Dominate the Market
By deployment type, the cloud sub-segment is predicted to garner a significant revenue of $21,740.6 million by 2028, rising from $5,365.9 million in 2020. The cloud is known for its flexibility as well as the functional manner though which data can be shared. This has led to multiple organizations using the cloud technology which further leads to the growth of the sub-segment in the analysis period.
Solutions Sub-segment Anticipated to Garner Highest Revenue
By component type, the solutions sub-segment is predicted to garner a significant revenue of $19,773.1 million by 2020-2028. Spatial analysis is a method that has been ensuring clarity in perspective for businesses which ensures any issues with location are solved easily. This has provided the sub-segment with a boost in its growth in the forecast period.
Outdoor Location Sub-segment Expected to be the Fastest Growing
In the location segment, the outdoor location sub-segment is anticipated to gain a revenue of $25,831.1 million by 2028 and this is primarily due to the extensive use of multichannel marketing centers. The data provided to the centers is used to track the customer’s location as well as to manage transport and logistics. These factors are anticipated to propel the growth of the sub-segment in the analysis period.
Transport and Logistics Sub-segment Set to Gain Momentum in the Market
By vertical type, the transport and logistics sub-segment is expected to gain a revenue of $4,384.3 million by 2028. The rapid growth of the e-commerce sector coupled with agreements in the trade sector have ensured the growth of the sub-segment. Additionally, the extensive use of reverse logistics is also expected to provide a boost to the growth of the sub-segment in the forecast period.
Regional Analysis
This growth is primarily a result of the rapid developments in technology as well as the rising standards in place for location based technology. The region has also been witnessing a steady increase in the number of startups being established. Additionally, the government has also ensured ample support for the growth and use of this technology which has further fueled the growth of the market in the region.
Key Market Players
The report contains a list of notable market players who have been ensuring the constant growth of the market. They are as listed below:
1. Esri
2. SAP SE
3. SAS Institute
4. Microsoft
5. TomTom
6. Google
7. Precisely
8. IBM Corporation
9. Oracle
10. Cisco System
The report provides an insight into the various initiatives by the industry experts such as mergers, partnerships & collaborations, and product launches.
In May 2021, IBM, a global leader and expert in the field of information technology, announced their plan to upgrade the Cloud Pak for Data Service. This is expected to help solve the customers’ queries over eight times faster and they also proposed to launch Project CodeNet. This is set to speed up the use of artificial intelligence within businesses using an open source data set.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and recent strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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