New York, USA, Sept. 26, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global location analytics market is predicted to garner a revenue of $38,078.9 million and grow at 15.8% CAGR over the forecast period from 2020-2028. The extensive report provides a concise layout of the location analytics market’s current framework including prime aspects of the market such as growth elements, challenges, restraints and various opportunities during the predicted timeframe of 2020-2028. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Location Analytics Market
Drivers: The growing demand for spatial data and analytical tools for comprehending altering business patterns and concerns over a particular area and easy accessibility to real-time insights into changing consumer preferences, company trends, and compliance requirements are some factors to drive the growth of the global location analytics market during the forecast period.
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Opportunities: High adoption and integration of location intelligence and other advanced technologies like IoT along with the massive amount of data collected from linked devices are some prime factors to create ample growth opportunities for the global location analytics market during the forecast years. Moreover, businesses need long-term strategies with real-time locational insights and many verticals like hospitals, governments, etc. greatly relied on location intelligence during the covid-19 pandemic to check on patients’ health and the virus spread. These factors are estimated to boost the market development by 2028.
Restraints: Data privacy issues in case the location data combines with personal information is the major hampering factor for the market growth.
Covid-19 Impact on the Location Analytics Market
The global location analytics market has been positively affected by the covid-19 pandemic, unlike most industries and sectors. Locational data insights play a major role in monitoring the state emergency services during a catastrophe. Moreover, several healthcare units faced a great challenge of shortage of oxygen cylinders, masks, ventilators, and other sanitary items. Locational data insights proved to be helpful to combat such issues, aided scientists in mapping the spreading patterns, and helped governments in mapping active and confirmed Covid-19 cases. These were some significant factors to uplift the market growth during the catastrophic chaos.
Segments of the Location Analytics Market
The report has divided the global location analytics market into multiple segments based on component type, location type, deployment, application, vertical, and regional analysis.
Component Type: Solutions Sub-segment to be Most Dominant
The solutions sub-segment is anticipated to hold a dominant market share and gather a revenue of $19,773.1 million during the analysis timeframe due to expanded viewpoint capabilities of the spatial analysis. Location analytics solutions can easily address location-related issues and provokes fresh perceptions for better decision-making. These factors are expected to augment the sub-segment’s growth by 2028.
Location Type: Outdoor Sub-segment to be Highly Lucrative
The outdoor sub-segment of the global location analytics market is predicted to have a prominent growth rate and garner a revenue of $25,831.1 million during the analysis years due to extensive use of graphical maps, weather forecasting, land mapping, etc. Additionally, location-based insights are also used to create multichannel marketing centers for geo marketing, offline campaigns, logistics, transport management, and customer location monitoring. Furthermore, these applications are regularly enhanced or updated to offer better services. These factors are expected to uplift the sub-segment’s growth.
Deployment: On-premise Sub-segment to Have Fastest Growth Rate
The on-premise sub-segment is predicted to witness the fastest growth rate and gather a revenue of $16,338.3 million by 2028 due to growing concerns about improving an organization’s internal processes and systems and addressing security risks related to cloud deployment. Moreover, high requirement for enterprise application software in several industry verticals because of its security and data privacy is yet another driving factor for the sub-segment’s growth.
Application: Sales and Marketing Optimization Sub-segment to be Highly Progressive
The sales and marketing optimization sub-segment of the global location analytics market is estimated to have a prominent growth rate and register a revenue of $8,118.9 million during the forecast timeframe. Businesses highly depend on location-based data insights to improve their customer services, cut expenses, provide exciting offers or discounts to that region, and boost the overall work efficiency. Moreover, such information also helps businesses better understand customer behavior, spending patterns, and estimate sales to maximize their overall profitability. These factors are anticipated to propel the sub-segment’s growth by 2028.
Vertical: Transport and Logistic Sub-segment to be Highly Advantageous
By vertical, the transport and logistic sub-segment of the global location analytics market is expected to have a noteworthy growth rate and surpass $4,384.3 million during the analysis period due to great expansion in the e-commerce industry and increase in reverse logistic operations. In addition, increasing trade agreements, the growing adoption of IoT-enabled linked devices, and expansion of tech-driven logistic services are also some factors predicted to propel the sub-segment’s growth by 2028.
Region: Market in the Asia-Pacific Region to Have Noteworthy Growth Rate
The location analytics market in the Asia-Pacific region is expected to have a noteworthy growth rate of 16.5% CAGR during the analysis years due to rising utilization of location analytic solutions by organizations that greatly rely on risk management. Risk management addresses and reduces the chances of possible cyberattacks, financial frauds, data theft, etc. which is projected to uplift the market growth in the region by 2028.
Key Location Analytics Market Players
Some key location analytics market players include
- Oracle
- Cisco Systems
- Esri
- SAS Institute
- Precisely
- Microsoft
- SAP SE
- TomTom
- IBM Corporation, among others.
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth. – Buy the full report here! (Starting at $2999(Read-Only))
For example, in August 2021, Wipro Ltd., a leading IT services provider, announced its partnership with HERE Technologies, a multinational mapping, location data, and related automotive services provider, to offer location-based services to customers from various verticals like manufacturing, transport and logistics, telecom, energy and utilities, etc. The strategic partnership aimed to provide real-time information to customers on asset management and energy consumption.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
More about Location Analytics Market:
- Global Location Analytics Market to Experience Significant Growth due to Streamlining Requirements by Organizations
- 6 Significant Benefits of Location Analytics in 2021
