Pune, India, Aug. 07, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global location analytics market size was valued at USD 15.84 billion in 2022 and is projected to grow from USD 18.30 billion in 2023 to USD 50.88 billion by 2030, exhibiting a CAGR of 15.7% during the forecast period. Increasing Adoption of Location-Based Applications among Several Industries to Propel Market Growth. Fortune Business Insights™ mentioned this in a report titled Location Analytics Market Forecast, 2023-2030.
Location analytics is a process to generate insight from location by combining business and geographical data. In current years, location analytics solutions and services have gained excessive demand across various retail industries, businesses, and governments, supplementing market growth.
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Key Takeaways
- Financial Downturn to Hinder Market Growth to Some Extent
- Artificial Intelligence (AI) and Machine Learning (ML) based Analytics Solutions to Propel Market
- By Component Analysis: Solution Segment Captured Largest Share, Owing to Adoption across Large Organizations
- Artificial Intelligence (AI) and Machine Learning (ML) based Analytics Solutions to Drive the Market Growth
Discover the Leading Players Featured in the Report:
“Companies leading the Location Analytics Market are Microsoft Corporation (U.S.), Google LLC (Alphabet Inc.) (U.S.), Zebra Technologies Corporation (U.S.), Esri (U.S.), Hexagon AB (Sweden), Here Technologies (Netherlands), Precisely (US), SAP SE (Germany), TomTom (Netherlands), SAS Institute Inc. (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 15.7% |
| 2030 Value Projection | USD 50.88 Billion |
| Base Year | 2022 |
| Location Analytics Market Size in 2022 | USD 15.84 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 160 |
| Segments covered | Component, Location Type, Deployment, Application, Vertical and Geography |
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Drivers & Restraints-
Rising Adoption of Location-Based Applications among Several Industries to Support Market Growth
Businesses may offer the ability to predict spatial data to manage further their business plans, such as appropriate pricing strategies, determining regional priorities, and peak buying periods. The adoption of location analytics solutions, allowed by cutting-edge technologies such as ML, AI, and others, is expanding.
Consumer privacy concerns are significant in the processing of location data since several regulatory restrictions might prohibit access to location information without the user’s agreement.
Segmentations:
By Component
- Solution
- Geocoding and Reverse Geocoding
- Thematic Mapping and Spatial Analysis
- Reporting and Visualization
- Data Integration and ETL
- Others
- Services
- Consulting
- Integration and Implementation
- Support and Maintenance
By Location Type
- Indoor
- Outdoor
By Deployment
- On-Premises
- Cloud
By Application
- Disaster and Emergency Response Management
- Sales and Marketing Optimization
- Supply Chain Management
- Customer Experience Management
- Risk Assessment and Mitigation
- Others
By Vertical
- BFSI
- Transportation and Logistics
- Government and Defense
- Tourism and Hospitality
- Manufacturing
- Healthcare
- Retail
- IT and Telecommunications
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
Regional Insights-
North America to Dominate the Location Analytics Due to Rising Demand For Position Intelligence
North America is anticipated to hold the largest location analytics market share. The growth of this segment is expected to surge owing to the rising demand for position intelligence and geospatial analytics solutions among industry verticals such as retail, government, defense, and others.
Asia Pacific is projected to witness the highest CAGR during the projected period. A subsequent rise in the adoption of location intelligence solutions by governments in the area for public safety purposes has propelled the growth.
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Competitive Landscape-
Importance of Key Players in Advanced Location Analytics Solutions to Support Market Competition
The prominent players in the market, such as Google LLC (Alphabet Inc.), Microsoft Corporation, Esri, Zebra Technologies Corporation, IBM Corporation, HERE Technologies, and others. These companies are introducing advanced solutions integrated with developing technologies and multiple strategic partnerships.
FAQ’s
How big is the location analytics market?
Location Analytics Market size was USD 15.84 billion in 2022.
How fast is the location analytics market growing?
The Location Analytics Market will exhibit a CAGR of 15.7% during the forecast period, 2023-2030
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