New York, USA, June 15, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global location analytics market is expected to gather a revenue of $38,078.9 million by 2028 and grow at a healthy CAGR of 15.8% over the forecast period from 2020 to 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.
Key Manufacturers of Location Analytics Market
Some key players in the location analytics market include
- Cisco Systems
- Esri
- SAP SE
- SAS Institute
- Oracle
- Precisely
- Microsoft
- TomTom
- IBM Corporation
- Google, 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.
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For example, in February 2021, Skyhook’s Geospatial announced its acquisition of Place IQ, a renowned provider of technology and data for businesses. Geospatial is a leading location technology expert that now aims to provide precise information like consumer segmentation or commercial foot traffic metrics by utilizing Place IQ’s location-based data insights for marketing decisions.
Dynamics of the Location Analytics Market
Drivers: The growing importance of location data for organizations and governments along with the increasing adoption of the Internet of Things (IoT) are some of the prime factors estimated to drive the growth of the global location analytics market during the analysis timeframe. Additionally, the rising use of spatial data and analytical tools by companies is yet another factor anticipated to boost market growth by 2028.
Opportunities: The rising volume of data generated by linked devices and the consequent use of location analytics software, thus create ample growth opportunities for the global location analytics market by 2028. Moreover, governments and hospitals are greatly dependent on location-based data insights to track the spread of coronavirus, active cases, fatalities, and recoveries. This factor is also predicted to bolster market growth.
Restraints: Data privacy issues in case the location data combined with personal information is the main factor projected to hinder the market growth.
Covid-19 Impact on the Location Analytics Market
The onset of the Covid-19 pandemic has had a positive impact on the location analytics market, unlike most industries and sectors. Locational data plays a major role in monitoring the state emergency services during a catastrophe. Moreover, several healthcare units faced a huge challenge of a 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 supported governments in mapping activities as well as confirmed Covid-19 cases. These are some significant factors to augment the market growth amid the pandemic stress.
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Segments of the Location Analytics Market
The report has fragmented the location analytics market into multiple segments based on component type, location type, deployment, application, vertical, and regional analysis.
Component Type: Services Sub-segment to Have the Fastest Growth Rate
The services sub-segment is anticipated to have the fastest growth rate and garner a revenue of $18,305.8 million by 2028. The sub-segment mainly comprises integration, implementation, consulting, maintenance, and support which are highly utilized by organizations to understand the market trends, customer insights, changing business conditions, etc. Moreover, the growing preference for custom applications and upgradations to the existing products is another factor to bolster support and maintenance aspects, thus propelling the sub-segment’s growth by 2028.
Location Type: Outdoor Sub-segment to be Highly Dominant
The outdoor sub-segment of the global location analytics market is estimated to hold a significant market share 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: Cloud Sub-segment to be Highly Progressive
The cloud sub-segment is predicted to have a noteworthy growth rate and surpass $21,740.6 million during the forecast period. Businesses across the world prefer cloud deployment due to flexibility, better efficiency, and data storage benefits. Moreover, cloud deployment also enables easy access to information and faster data transfer as compared to other sub-segments. These factors are projected to augment the sub-segment’s growth rate by 2028.
Application: Sales and Marketing Optimization Sub-segment to be Highly Lucrative
The sales and marketing optimization sub-segment of the location analytics market is anticipated to hold the largest market share and garner 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 and spending patterns, and estimate sales to maximize their overall profitability. These factors are estimated to uplift the sub-segment’s growth by 2028.
Vertical: Transport and Logistic Sub-segment to be Highly Beneficial
The transport and logistic sub-segment 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 an increase in reverse logistic operations. In addition, increasing trade agreements, the growing adoption of IoT-enabled linked devices, and the expansion of tech-driven logistic services are also some factors predicted to propel the sub-segment’s growth by 2028.
Region: North America to Witness Better Growth Opportunities
The North America region is projected to register a revenue of $10,791.2 million during the 2020-2028 forecast period. This tremendous growth is attributed to continuous developments in technologies, growing industry standards for location-based technology, and rising government support. Besides, the North America region has seen the birth of startups in the location analytics sector, which is expected to drive regional market growth in the coming future.
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The report also summarizes many important facets including the 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
