Portland, OR, April 27, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global location analytics industry was pegged at $10.29 billion in 2019, and is expected to garner $31.13 billion by 2027, manifesting a CAGR of 15.5% from 2020 to 2027.
Proliferation of smartphones and rise in usage of GPS-enabled devices, surge in implementation of spatial data and analytical tools, growth in adoption of location analytics for asset management across various industries, and increase in adoption of location analytics in retail sector fuel the global location analytics market. However, consent and privacy concerns hamper the growth to some extent. On the other hand, emergence of advanced technologies in the field of GIS, and integration of AI with location analytics are expected to present an array of opportunities for the market players.
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Impact of Covid-19 on Location Analytics Market:
- The outbreak of the pandemic led to increase the adoption of location analytics mainly to understand the impact of COVID-19 on consumer behavior and the economy.
- The healthcare systems have experienced an unexpected level of demand for location data, with multiple countries having to inspect medical facilities, including primary care clinics, hospitals, and retirement homes to observe care capacity and vulnerability.
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The location analytics market is segmented on the basis of component, location type, deployment mode, application, industry vertical, and region. Based on component, the software segment dominated the market with more than three-fifths of the global market share in 2019, and is projected to lead by the end of 2027. However, the services segment is expected to exhibit the fastest CAGR of 16.8% throughout the forecast period.
Based on industry vertical, the transport and logistics segment held lion’s share, holding for nearly one-fifth of the global location analytics market revenue in 2019, and is expected to be the dominant by 2027. On the other hand, the healthcare segment is anticipated to manifest the fastest CAGR of 22.4% from 2020 to 2027.
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Based on geography, the market across North America held the major share in 2019, with around two-fifths of the global market. Conversely, the Asia-Pacific region is projected to portray the fastest CAGR of 18.8% during the forecast period. The report also studies regions including Europe and LAMEA.
Major market players profiled in the report include Microsoft Corporation, Oracle Corporation, Pitney Bowes, Sisense Inc., Syncsort, Trimble Inc., Alteryx, Esri, Google LLC, HERE Technologies, and Hexagon.
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