Pune, Jan. 31, 2020 (GLOBE NEWSWIRE) -- The global Location Analytics Market size is projected to reach USD 26.75 billion by 2026, exhibiting a CAGR of 16.5% during the forecast period. Confluence of Artificial Intelligence (AI) with location analytics is expected to create new opportunities for growth in this market in the near future. For example, the retail industry is extensively employing geospatial data collection and analysis tools to track location of their customers and understand their preferences and needs. In 2013, one of the largest hamburger chains in the world, Wendy’s, deployed location analytics solutions to improve and upgrade their services based on the demographics of the locations where their outlets were operating. Moreover, AI-led location analytics services has found success in the field of renewables. For instance, in 2019, Utah-based Auric Energy used Australia-based Nearmap’s software as a service (SaaS) tool to identify the ideal location for installing solar panels in the US. Thus, integration of AI with location intelligence is one of the important upcoming location analytics market trends.
Fortune Business Insights™ provides this information in its new report, titled “Location Analytics Market Size, Share & Industry Analysis, By Component (Solution, Services), By Location Type (Indoor, Outdoor), By Deployment Type (Cloud, On-Premises), By End-User (Retail, Government, Energy and Utilities, Healthcare, Travel and Transportation, Telecommunications, and Others) and Regional Forecast, 2019-2026”, which also states that the value of this market stood at USD 8.16 billion in 2018. The other highlights of the report include:
- Exhaustive study of the individual market segments;
- Comprehensive assessment of the different market drivers and restraints;
- 360-degree overview of the general industry outlook; and
- Detailed analysis of the regional prospects and the trends in the competitive landscape of this market.
To gain more insights into the market with detailed table of content and figures, click here: https://www.fortunebusinessinsights.com/location-analytics-market-102041
Mounting Privacy Concerns May Limit the Adoption of Locations Analytics Services
The demand for real-time data collection and analysis tools is at an all-time high and their uptake is only expected to surge in the forthcoming years, given their numerous advantages. However, these technologies suffer from grave drawbacks, which mainly center around privacy, that could stem the tide of their adoption. For instance, cyber criminals can extract private customer data and commit various identity and financial frauds, if the stored data is not well-protected. Moreover, location analytics can be misused by miscreants such as terrorists, threatening safety of the people. The other cons of location analytics include high initial investment, costly maintenance, excessive power consumption, and reliability of the quality of the service provider.
Nonetheless, the benefits of location analytics technology sufficiently overshadow its disadvantages, which bodes well for the location analytics solutions market growth.
Ready Adoption of Advanced Technologies to Drive the Market in North America
The market size of North America was at USD 2.77 billion in 2018 and the region is expected to lead the location analytics market share in the forecast period. The primary reason for this dominance is the active uptake of advanced technologies, such as location analytics, across industries in the region. Besides this, the other factors contributing to the growth of the regional market include presence of retail giants and supportive government policies promoting innovation and adoption of new technologies.
In terms of CAGR, Asia-Pacific is anticipated to hold a commanding position owing to industrial growth of China and India, rising expenditure on strengthening IT infrastructure, and increasing adoption of data analytics by governments for public safety purposes.
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Development and Launch of Innovative Solutions by Key Players to Make Competition Fierce
Competition in this market is expected to be characterized by the increasing focus of major companies on developing novel solutions, according to the location analytics market forecast. “This shift in focus would aid players to strengthen their position in the market in the coming years”, says one of our lead analysts.
Industry Developments:
- October 2019: Microsoft Corp. announced upgradation of Internet of Things (IoT) and cloud capabilities through the launch of its new IoT platform. Under this platform, the company introduced the new and fresh Azure Maps powered by geospatial weather intelligence which can be used by customers and governments to make informed weather-related decisions.
- June 2019: The Finnish data analytics leader, IndoorAtlas, partnered with the Siam Commercial Bank of Thailand to provide indoor location analytics services at the Siriraj Hospital in Bangkok. The company created a new app called Siriraj Connect using which the hospital can track patients on a real-time basis. The app will feature indoor and outdoor maps of the hospital which will be powered by the positioning platform of IndoorAtlas.
List of Major Players Covered in the Location Analytics Market Report:
- TIBCO Software Inc.
- IndoorAtlas Ltd.
- IBM Corporation
- GeoMoby
- Pitney Bowes Inc.
- Oracle Corporation
- Quuppa
- Microsoft Corporation
- Alteryx Inc.
- Galigeo
- Esri
- SAS Institute Inc.
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Table of Content:
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Global Location Analytics Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Component (Value)
- Solution
- Geocoding
- Spatial Analysis
- Reporting and Visualization
- Others
- Services
- Consulting
- Integration and Implementation
- Support and Maintenance
- Solution
- By Location Type (Value)
- Indoor
- Outdoor
- By Deployment (Value)
- Cloud
- On-Premises
- By End-User (Value)
- Retail
- Government
- Energy and Utilities
- Healthcare
- Travel and Transportation
- Telecommunications
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
- By Component (Value)
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