Chicago, Oct. 09, 2023 (GLOBE NEWSWIRE) -- The Location Analytics Market is estimated to grow from USD 20.6 billion in 2023 to USD 38.5 billion by 2028, at a CAGR of 13.4% during the forecast period, according to a new report by MarketsandMarkets™. In today's interconnected global economy, recognizing the profound influence of geospatial factors on business outcomes is indispensable. The strategic adoption of location analytics empowers companies to dissect their operational blueprints, resulting in cost reductions, the identification of untapped sales avenues, and the optimization of overall efficiency. A key advantage of location analytics lies in its visual potency, enabling even those without technical expertise to glean insights from complex data patterns. This visual clarity facilitates seamless dissemination of valuable findings across the organizational spectrum, enabling swift and informed decisions by various teams and departments. By harnessing location analytics, enterprises transcend data complexities and align their strategies with real-world dynamics, thereby navigating the competitive landscape more effectively.
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353 - Tables
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350 - Pages
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Location Analytics Market Dynamics:
Drivers:
- Growth in adoption of spatial data and analytical tools
- Rise in use of location-based applications among consumers
- Greater organizational need to gain competitive advantage across verticals
Restraints:
- Legal concerns associated with geoprivacy and confidential data
- High initial cost of deployment
Opportunities:
- Increase in adoption by small- and medium-sized enterprises
- Growth in penetration of advanced technologies
List of Key Players in Location Analytics Market:
- IBM (US)
- Google (US)
- Oracle (US)
- Microsoft (US)
- Esri (US)
- SAS (US)
- Precisely (US)
- SAP (Germany)
- Cisco (US)
- TomTom (Netherlands)
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By offering, the location analytics offering segment has been divided into solutions and services. The solution segment is further bifurcated into by type, and by deployment. Further bifurcation of by type geocoding & reverse geocoding, data integration & ETL, reporting & visualization, thematic mapping & spatial analysis, and otger solutions. The further bifurcationof by deployment, includes cloud and on-premises. The service segment is further bifurcated into professional and managed services. The professional services are further bifurcated into Consulting Services, Deployment & Integration, and Support & Maintenance.
Based on location type, the segment has been divided into indoor location and outdoor location. Indoor location analytics, a subset of location analytics, employs technologies such as Wi-Fi, Bluetooth, and sensors for analyzing movements and behaviors within indoor spaces. This empowers sectors such as retail and healthcare to optimize layouts, enhance experiences, and efficiently allocate resources based on data-driven insights. Outdoor location analytics, integral to the location analytics field, focuses on broader geographic contexts using GPS and satellite data. It informs urban planning, transportation optimization, and targeted marketing. By deciphering foot traffic, demographics, and spatial trends, it aids businesses and governments in making informed decisions, resource allocation, and enhancing public experiences. This facet is a strategic asset in industries like retail, tourism, city development, and emergency planning.
Based on application, the segment has been divided into risk management, emergency response management, customer experience management, supply chain planning, sales & marketing, location selection and optimization, and other applications. Emergency response management is a pivotal aspect of the location analytics market. It employs real-time geospatial data to enable rapid and informed decision-making during crises. By mapping incidents, assessing impact areas, and predicting outcomes, location analytics assists emergency responders in efficiently allocating resources and coordinating responses. This technology enhances situational awareness, expedites reaction times, and fosters effective communication among agencies. In the location analytics market, risk management employs geospatial insights to identify and mitigate potential hazards. Analyzing data on natural disasters, crime rates, and infrastructure vulnerabilities, this application enables proactive strategies, resource allocation, and improved business resilience. It contributes to informed decision-making, reduced losses, and enhanced operational planning across various industries.
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Based on industry vertical, the location analytics market is segmented into BFSI, Retail & eCommerce, Healthcare & Life Sciences, Government & Defense, IT/ITeS, Automotive, Transportation and Logistics, Manufacturing, Energy & Utilities, Media & Entertainment, Telecommunication, Agriculture, and other verticals (real estate & construction, education, tourism & hospitality). By harnessing geospatial data, the healthcare & life scineces sector gains insights into patient demographics, disease trends, and healthcare resource distribution. Location analytics aids in optimizing facility locations, healthcare delivery routes, and patient engagement strategies. It enhances public health surveillance by identifying disease hotspots and improving resource allocation during outbreaks. Furthermore, pharmaceutical companies benefit from location analytics for market analysis, drug distribution, and clinical trial site selection. This application transforms healthcare by enabling personalized patient care, efficient resource management, and proactive public health interventions. The healthcare & life sciences sector leverages location analytics to streamline operations, enhance decision-making, and ultimately improve patient outcomes on both local and global scales.
The Location analytics market is segmented into five regions: North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. The adoption of location analytics in the North American market has been substantial and transformative. Industries across the region, including retail, healthcare, logistics, real estate, and government, have embraced location analytics to glean insights from geospatial data. Retailers utilize it for customer behavior analysis and store optimization, while healthcare organizations apply it to improve patient outcomes and resource allocation. In logistics, optimizing routes and distribution networks has become more efficient. Government agencies leverage location analytics for urban planning, emergency response, and public safety. The proliferation of IoT devices, coupled with advanced analytics tools, has fueled this adoption. North America's technologically advanced environment and data-driven business landscape continue to drive the growth of location analytics, enabling organizations to make informed decisions and gain a competitive edge.
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