New York, USA, Jan. 10, 2022 (GLOBE NEWSWIRE) -- Research Dive states that the global location analytics market is estimated to garner a revenue of $38,078.9 million by 2028, and rise at a CAGR of 15.8% in the forecast period from 2020 to 2028. The all-inclusive report on location analytics market provides a brief summary of the current market scenario along with the key aspects of the industry, such as significant growth and restraining factors, challenges, and multiple growth opportunities. Besides, the report provides all the estimations of the market, making it easier and helpful for the novel participants to better understand the global market.
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Impact of COVID-19 on the Location Analytics Market
The outbreak of COVID-19 has favorably impacted the global location analytics market growth during the pandemic period. The positive growth of the market is majorly owing to the increasing usage of locational data to monitor the state of emergency services and to provide useful information for better strategy planning to fight the novel coronavirus. Location analytics is significantly helping healthcare centers and governments in mapping the active and confirmed cases of COVID-19.
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Location Analytics Market Dynamics
Analysts at Research Dive state that the increasing usage of location analytics software in order to obtain real-time insights and regulate large quantities of geographic data are the major factors anticipated to propel the growth of the global location analytics market. In addition, the rising importance of locational data for many organizations across all sectors is another factor predicted to boost the global market growth by 2028. Moreover, the increasing volume of data produced by linked devices and the rising application of internet of things (IoT) are projected to open up massive growth opportunities for the global location analytics market in the coming years. Conversely, the privacy risk concerns and with improper management of location analytics software may restrict the market growth in the forecast period.
Solutions Sub-segment to Hold Maximum Market Share
Based on component type, the solutions sub-segment is predicted to hold the dominating market share and surpass a revenue of $19,773.1 million during the analysis period. This sub-segment growth of the global location analytics market is mainly owing to the increasing usage of spatial analysis in solution market due to its various viewpoint competences.
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Outdoor Sub-segment to Witness Fastest Growth
Based on location type, the outdoor sub-segment valued for $7,715.3 million in 2020 and is predicted to observe fastest growth during the analysis period. This is majorly owing to the increasing usage of geo-spatial and positioning solutions along with the growing development of several outdoor apps.
On-Premise Sub-segment to be Most Profitable
Based on deployment type, the on-premise sub-segment is predicted to hold the largest market share and garner a revenue of $16,338.3 million by 2028. This sub-segment growth of the global location analytics market is mainly due to the growing concerns about enhancing internal processes and systems, rising demand for enterprise application software across numerous industry verticals, and the security risks connected to cloud deployment.
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Sales & Marketing Sub-segment to be Most Dominant
Based on application type, the sales & marketing sub-segment of the global analytics market is projected to generate a revenue of $8,118.9 million by 2028 and account for the majority of market share during the analysis period. This is majorly due to the growing preference for the location intelligence services usage in sales and marketing applications as they assist organizations in analyzing customer behavior, spending patterns, and estimate sales.
Transport & Logistic Sub-segment to Observe Lucrative Growth
Based on vertical type, the transport & logistic sub-segment of is predicted to witness lucrative growth and surpass $4,384.3 million by 2028. This growth is majorly owing to the expansion of e-commerce industry and an increase in trade agreements and reverse logistics operations across the globe. Besides, the expansion of tech-driven logistics services is expected to drive the sub-segment growth over the forecast period.
Asia-Pacific Region to Grow at Fastest Rate
By region, the Asia-Pacific location analytics market is expected to garner a revenue of $9,728.9 million by 2028 and predicted to have the fastest growth during the analysis period. This is majorly due to the increase in usage of location analytic solutions across multiple organizations that heavily relies on risk management. In addition, risk management software helps in reducing various hazards, such as financial fraud, cyber-attacks, and data theft, which creates a potential market opportunity for regional market growth.
Major Players in the Global Location Analytics Market
1. Esri
2. SAP SE
3. SAS Institute
4. Microsoft
5. TomTom
6. Google
7. Precisely
8. IBM Corporation
9. Oracle
10. Cisco System
For instance, in August 2021 Oracle, the leading computer technology company, announced the launch of new Spatial Studio 21.2, wherein users are able to create custom regions on the basis of polygon map layers. With Spatial Studio, users can connect with, explore, visualize, and analyze geospatial data that is stored in and managed by Oracle Spatial & Graph.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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