New York, United States , Dec. 05, 2023 (GLOBE NEWSWIRE) -- The Global Location Analytics Market Size is to grow from USD 21.2 Billion in 2022 to USD 58.5 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 10.6% during the projected period. The widespread use of global positioning system (GPS) technologies in smartphones, automobiles, and other portable devices has significantly fueled the market. Key market participants are taking significant steps to fortify their positions.
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The collection, analysis, and interpretation of geospatial data to generate valuable insights for businesses and organizations in a variety of industries is included in the global location analytics market. Geographic information systems (GIS), global positioning systems (GPS), and other location-based technologies are being used in this burgeoning market to gain a better understanding of consumer behavior, operational efficiency, and market trends. The processing of spatial data to discover patterns, correlations, and trends that will assist businesses in making informed decisions is known as location analytics. The growing availability of location data from sources such as smartphones, IoT devices, and social media, as well as advancements in data visualization tools and analytics platforms, are propelling market growth. Location analytics is heavily used in retail, real estate, logistics, and urban planning to improve customer experiences, streamline operations, and plan for future growth. The proliferation of smartphones and mobile devices has resulted in widespread use of location-based services such as navigation, weather forecasting, and location-sharing. As a result, there is an abundance of location data available for businesses to use to better understand consumer behavior and preferences. In an era of data-driven decision-making, organizations are recognizing the value of geospatial data. Location analytics augments traditional business intelligence with a visual and context-rich layer, enabling better-informed decisions in areas ranging from marketing and sales to supply chain optimization. The collection and analysis of location data raises privacy concerns, particularly in light of the increased emphasis on data protection regulations such as the GDPR and the CCPA. Businesses must navigate these regulations to ensure that location data is used ethically and legally, which can limit the scope of data available for analysis.
COVID 19 Impact
The pandemic has forced people and companies to adopt remote working and has accelerated the digitalization of company processes. Organizations now require enterprise virtual private network (VPN) servers since workers work from home. As a result, cybercriminals all around the world found opportunities to profit from the crisis. During the pandemic time, there was an increase in mail spam, ransomware assaults, and phishing attempts, as hackers used the crisis as bait to imitate brands, fooling employees. Most cyber insurance policies include a wide range of current-environment-relevant coverage. This coverage safeguards the company's network security and privacy obligations. It addresses security responses, data recovery, ransom demands, reputational harm, system failures, and other sorts of business disruption.
Browse key industry insights spread across 200 pages with 140 market data tables and figures & charts from the report on "Global Location Analytics Market Size, Share, and COVID-19 Impact Analysis, By Component (Solution and Services), By Location Type (Indoor and Outdoor), By Deployment (On-Premises and Cloud), By Application (Disaster and Emergency Response Management, Sales and Marketing Optimization, Supply Chain Management, Customer Experience Management, Risk Assessment and Mitigation, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032
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The solution accounted for the largest market share of the global location analytics in 2022.
The global location analytics market is divided into two components: solutions and services. Among these, the solution held the largest share of the global location analytics market in 2022. The global location analytics market's solution segment provides a diverse range of tools catering to various industries and use cases. As businesses continue to recognize the value of geospatial data, demand for these solutions is expected to rise, driving innovation and advancement in the location analytics market.
The outdoor segment is expected to hold the largest share of the global location analytics market during the forecast period.
The global location analytics market is divided into indoor and outdoor segments based on location. The outdoor segment is projected to account for the majority of the global location analytics market during the forecast period. The outdoor location analytics segment accounts for a larger share of the global location analytics market due to a broader range of applications such as traffic management, urban planning, emergency response, and tourism.
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North America is anticipated to hold a significant share of the global location analytics market over the predicted timeframe.
North America, which includes the United States and Canada, has historically accounted for a sizable portion of the global location analytics market. This is due to the region's early technological adoption, robust IT infrastructure, and a diverse range of industries that rely on geospatial insights. Demand for location analytics solutions has been fueled by retail, logistics, and smart cities.
During the forecast period, Asia Pacific is projected to expand at the fastest rate in the global location analytics market. As a result of increased technological adoption, urbanization, and the rise of smart cities, the Asia-Pacific region is experiencing rapid growth in the location analytics market. China, Japan, India, and South Korea are all investing in location-based services for industries such as retail and logistics.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the, Major vendors in the Global Location Analytics Market include IBM, Google, Oracle, Microsoft, Esri, SAS, Precisely, SAP, Cisco, TomTom, Hexagon, Zebra Technologies, Alteryx, HERE, Purple, and Others.
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Recent Market Developments
- In June 2023, IBM purchased Agyla SAS to expand IBM Consulting's ability to provide localized cloud solutions to clients in France. IBM will expand its portfolio of hybrid multicloud services and strengthen its commitment to advancing hybrid cloud and AI strategies in the region by incorporating Agyla's expertise.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Location Analytics Market based on the below-mentioned segments:
Global Location Analytics Market, By Component
- Solution
- Services
Global Location Analytics Market, By Location Type
- Indoor
- Outdoor
Global Location Analytics Market, By Deployment
- On-Premises
- Cloud
Global Location Analytics Market, By Application
- Disaster and Emergency Response Management
- Sales and Marketing Optimization
- Supply Chain Management
- Customer Experience Management
- Risk Assessment and Mitigation
- Others
Global Location Analytics Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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