Fort Collins, Colorado, Nov. 01, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Location Analytics Market size was valued at USD 18.4 Billion in 2022 and is expected to reach USD 80.3 Billion by 2032 at a CAGR of 15.9%.
The location analytics market is growing due to increased usage of analytics tools and reliance on spatial data. Advanced analytical tools allow businesses to manage large amounts of spatial data, which includes location, environmental conditions, transportation patterns, and infrastructure. These analytics support the launch of smart city programs, which aim to improve transportation networks, reduce traffic congestion, and enhance public safety.
Location analytics has helped MSMEs gain important insights to improve customer targeting, optimize business operations, and reduce costs. Businesses can improve supply chain logistics, inventory management, and store layout patterns by analyzing customer behavior and market trends. Cloud-based platforms and subscription-based models with user-friendly interfaces have made location analytics more accessible for MSMEs.
Integrating AI & ML technology in location analytics has created new market opportunities. GIS, big data, and cloud computing have transformed the analytics landscape, enabling real-time handling of large amounts of spatial data. The integration of IoT has increased the generation of location-based data, supporting predictive analysis, automated pattern recognition, anomaly detection, and predictive modeling. Augmented and virtual reality, geospatial imaging, CRM systems, and marketing automation tools enhance location analytics capabilities, driving the market.
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Segmentation Overview:
The global location analytics market has been segmented into component, location type, application, deployment mode, Industry, and region. The solution sub-segment dominates the location analytics market. It captures data from GPS, satellites, and mobile devices to provide clear data visualizations. This helps businesses understand customer behavior for better geo-marketing, asset management, and business planning.
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Location Analytics Market Report Highlights:
- The global location analytics market growth is anticipated at a CAGR of 15.9% by 2032.
- Several organizations use location-based data to plan and promote their products or gain insights about geographies. The industry is growing due to the rise of smart devices and investments in IoT and network services, which enable smarter applications and improved network connectivity.
- North America leads the market due to high government, defense, and retail demand. The collaboration between the US government, Google, Facebook, and health experts helped deploy analytics tools during the COVID-19 pandemic.
- Some prominent players in the location analytics market report include Microsoft, IBM, SAP, Google, Hexagon, Oracle, Cisco, TomTom, TIBCO, Ascent Clouds, SAS, Zebra Technologies, and others.
Industry Trends and Insights:
- Ascent Cloud will release its Sales Performance Management solutions in spring 2023, with Territory Planner and Optimizer enhancements.
- SoftServe has recently introduced a Worker Safety solution that utilizes advanced analytics from SAS. This solution has been designed to minimize workplace injuries and property damage effectively.
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Location Analytics Market Segmentation:
- By Component: Solution & Services
- By Location type: Indoor & Outdoor
- By Application: Disaster & Emergency Response Management, Sales & Marketing Optimization, Supply chain Management, Customer Experience Management, Risk Assessment & Mitigation, Others
- By Deployment Mode: On-Premise, Cloud
- By Industry: BFSI, Transportation & Logistics, Tourism & Hospitality, Government & Defense, Healthcare, IT, Retail
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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