Westford, USA, Aug. 12, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Location Analytics Market will attain a value of USD 58.39 billion by 2031, with a CAGR of 15.6% during the forecast period (2024-2031). Increasing investments in the Internet of Things (IoT) and the widespread use of smart devices and networks are enabling location awareness, as it enables intelligent applications and connectivity face. It integrates geography with a company’s data assets to gain insights of great value. Company data across all industries, such as information about people, contacts, assets and events, often contains a geographic component, which when combined with business analytics can provide new relevant actionable insights, which can increase productivity.
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Browse in-depth TOC on " Location Analytics Market "
- Pages – 165
- Tables - 151
- Figures – 78
Location Analytics Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 21.2 billion |
| Estimated Value by 2031 | USD 58.39 billion |
| Growth Rate | Poised to grow at a CAGR of 13.5 % |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Offering, Location Type, Deployment Mode, Application, and Industry Vertical |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | AI and Machine Learning (ML) Technologies Have Grown in Popularity |
| Key Market Drivers | Rising Use of Spatial Data and Analytical Tools |
Cloud Deployment Segment to Dominate Due to Increased Government Funding
Cloud deployment has changed how businesses deliver their services more efficiently and conveniently in almost every sector. Lower cost and lower maintenance are some of the key benefits for successful cloud deployment of the solution. With the help of cloud-based solutions, organizations can access large amounts of geographic information and use cloud systems for analytics and mapping.
Indoor Segment to Drive Market Due to Longer Read Length and Portability
The indoor market is expected to grow at a rapid CAGR during the forecast period. Internal analytics solutions allow businesses and government agencies to display data from internal devices such as cell phones, Wi-Fi networks and others to help businesses make business choices. Cloud is expected to witness the highest level of growth and grow due to its ability to leverage cloud-based location analytics to provide flexibility and operational efficiency.
North America is Dominating Due to Increasing Demand for Situational Intelligence
North America is predicted to dominate the growing global location analysis market share. Increasing demand for situational intelligence and geoanalytics solutions in government, defense, retail, and other industries is driving expansion. For example, the United States government used analytics tools to partner with Google LLC, Meta Platforms, Inc. (Facebook), other engineers and health professionals has worked with individuals, including overcoming people’s socially distancing behaviors.
Asia-Pacific is expected to register the fastest CAGR during the forecast period. The growth is due to the significant increase in location reporting solutions adopted by governments in the region for public safety issues. For example, Quadrant.io, a leading location intelligence company, established the Asia Pacific Data Alliance (APDA) in June 2020, which consists of more than 100 consulting, geographic and data analytics partners.
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Market Insights:
Drivers
- Rising Use of Spatial Data and Analytical Tools
- Rising Adoption of Global Positioning System
Restraints
- Consumer Privacy Concerns
- Legal Considerations with Geoprivacy and Sensitive Data
Prominent Players in Location Analytics Market
The following are the Top Location Analytics Companies
- Oracle Corporation
- SAP SE
- SAS Institute, Inc.
- Pitney Bowes Inc.
- Galigeo SAS
- Alteryx, Inc.
- Trimble Inc.
- ESRI Inc.
- TIBCO Software Inc.
- Hexagon AB
- Caliper Corporation
- Precisely, Inc.
- TomTom International BV
- PlaceIQ, Inc.
- MapLarge, Inc.
- Foursquare Labs, Inc.
- CartoDB Inc.
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Key Questions Answered in Location Analytics Market Report
- How big is the Global Location Analytics Market?
- What are the Restraints of Global Location Analytics Market size?
- Who are the key players in Global Location Analytics Market?
- Which is the fastest growing region in Global Location Analytics Market?
This report provides the following insights:
- Analysis of key drivers (rising use of spatial data and analytical tools, rising adoption of global positioning system), restraints (legal considerations with geoprivacy and sensitive data, consumer privacy concerns), opportunities (AI and Machine Learning (ML) Technologies Have Grown in Popularity), influencing the growth of Location Analytics Market.
- Market Dynamics: Comprehensive information about the various products offered by the dominant players in the Location Analytics Market.
- Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the Location Analytics Market.
- Market Growth: Detailed information on profitable growing industries.
- Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
- Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.
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Data Analytics Market
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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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