Newark, Aug. 07, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 16.46 Billion in 2022 location intelligence market will reach USD 68.82 Billion by 2032. The market is primarily driven by the expanding use of smart devices and investments in network services, IoT, and other areas that enable more innovative applications and better network connectivity. COVID-19 has increased the adoption of location intelligence systems because they make it simpler for businesses to assess, map, and exchange customer location data.
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Key Insight of the Location Intelligence Market
Asia-Pacific is anticipated to expand at the highest CAGR of 18.23% over the projection period.
Asia-Pacific is expected to grow at the highest CAGR of 18.23% over the forecast period. It can be attributed to the rise in smartphone usage, the expansion of service providers, the development of networking technologies, and the popularity of social media. Numerous companies and service providers are launching new products and services to gain a more significant portion of the rising market. Governments and municipal corporations are enhancing their services in the APAC area by analysing data on asset locations to provide a higher standard of life and reduce the workload of its residents. As a result, businesses are choosing location intelligence products to enhance asset management and promote operational efficiency, which is predicted to boost location intelligence demand.
The consulting segment is expected to register the highest CAGR of 17.52% over the projected period in the location intelligence market.
The consulting segment is anticipated to grow at the highest CAGR of 17.52% in the location intelligence market. This service assists in identifying and prioritising several business use cases where location intelligence is highly beneficial. Location intelligence helps consult businesses to gather, analyse, and review essential data and provide a more accurate opinion to other organisations. From IoT consulting and location intelligence companies, several end-use industries seek advice on incorporating location intelligence solutions with their operational processes.
Over the projected period, the retail and consumer goods segment is expected to register the highest CAGR of 19.04% in the location intelligence market.
Over the forecasted period, the retail and consumer goods segment is anticipated to grow at the highest CAGR of 19.04% in the location intelligence market. The ability to overcome retail challenges such as drive time and distance profiling, network optimisation, scenario modelling, site selection planning, franchise area evaluation, sales & market share analysis, market size & demand estimation by location/product, territory optimisation & planning, and customer segmentation & profiling are the reasons for the segment's growth. Location intelligence provides a framework that uses site selection methods, including complex modelling and the "kicking-the-dirt" method. It assists in locating the ideal location for a retail space, service facility, and distribution hub.
Over the projected period, the remote monitoring segment is expected to register the highest CAGR of 19.75% in the location intelligence market.
Over the forecasted period, the remote monitoring segment is anticipated to grow at the highest CAGR of 19.75% in the location intelligence market. The facility's temperature, energy utilisation, and inventory can all be remotely controlled in real time because of location intelligence. The management can use it to track and monitor the staff inside and outdoors. Businesses can use location intelligence to track employee activity, forecast asset maintenance cycles, evaluate room occupancy, and manage staff remotely. As a result, enhancing operational effectiveness using location intelligence technologies is anticipated to raise market demand.
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Market Dynamics
Driver: Increased demand for competitive edge across industries
A business gains a competitive edge by developing strategies, procedures, and tools that distinguish it from rivals. Several businesses have used location-based analysis tools and services to boost productivity and efficiency to stay competitive. Location intelligence solutions are being used by organisations to quickly accomplish a range of tasks, such as climate change modelling, weather monitoring, population forecasting, and giving geospatial information to different users to support spatial thinking and informed decision-making. Therefore, it is projected that the use of location intelligence across sectors will promote market growth.
Restraint: Early implementation costs have become expensive
Despite the various benefits offered by location intelligence, getting a good Return on Investment is still a vital fear for many organisations, and this poses an essential challenge to the market's overall growth. Firms switching from traditional BI to location intelligence must make a sizable initial investment because the field is still in its early stages. Businesses must also hire technical personnel that is skilled and experienced if they want to ensure the effective operation of location intelligence. So, concern that the RoI will not materialise as expected may hinder the overall expansion of the global location intelligence market.
Opportunity: More widespread usage in small and medium-sized businesses
Numerous SMEs are realising the benefits of using geospatial analytics, notably the ability to control their geographic data completely. Therefore, regardless of the size of their operations, organisations are interested in adopting location information to increase business agility and scalability. To meet the industry-specific demands of clients, particularly SMEs operating in various verticals, including BFSI, retail, healthcare, and public, location intelligence providers are employing aggressive business strategies, such as strategic acquisitions and the expansion of their analytics service offerings. Employing location intelligence integration has provided businesses several benefits, including lower costs, increased agility and scalability, increased revenue, and improved performance. Both the rise in connected devices and the utilisation of the IoT are expected to rise. As a result, an immense amount of location-based information will be generated. Analytics providers and SMEs will use location intelligence to extract valuable insights from this data and enhance their company operations' capabilities.
Challenge: A scarcity of skilled workers
Integrating location intelligence data with business applications like CRM and ERP is challenging. Processing is required to make the heterogeneous, unstructured data collected from geographic sources—including images, videos, signals, and location-based data—compatible with the current databases. Organisations should employ cutting-edge spatial data management systems to collect enormous amounts of data from various internal and external data sources and combine the information pieces to develop smart business knowledge. Due to knowledge gaps and a shortage of worker competencies, they are unable to deploy location intelligence solutions, which are mainly based on AI, deep learning, big data, and blockchain technologies.
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Some of the major players operating in the location intelligence market are:
• Bosch Software Innovations GmbH
• HERE Technologies
• Navizon, Inc.
• Qualcomm Technologies, Inc.
• Tibco Software, Inc.
• Trueposition, Inc.
• Autodesk, Inc.
• MDA Corp.
• Supermap Software Co., Ltd.
• Wireless Logic
• ESRI
• Trimble, Inc.
• Pitney Bowes, Inc.
Key Segments cover in the market:
By Service:
• System Integration
• Consulting
• Others
By Vertical:
• Government & Defense
• Transportation & Logistics
• IT & Telecom
• Media & Entertainment
• Retail and Consumer Goods
• BFSI
• Manufacturing & Industrial
• Utilities & Energy
By Application:
• Asset Management
• Risk Management
• Sales & Marketing Optimization
• Workforce Management
• Remote Monitoring
• Facility Management
• Customer management
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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