Dublin, Aug. 22, 2024 (GLOBE NEWSWIRE) -- The "Mobile Location Analytics Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The mobile location analytics market is set to reach US$31.757 billion in 2029 at a CAGR of 12.04% from US$17.989 billion in 2024.
Mobile location analytics (MLA) tracks smartphones and other internet devices as soon as they leave the store. This solution enables retailers to gather data to optimize floor plan layouts, advertisement placement, and checkout lane staffing. Factors such as the growing need for enhanced transportation/logistics planning, risk analysis, and fraud detection are boosting the demand for MLA technology globally.
Growing smartphone penetration, especially in major developed nations, has bolstered the need for mobile location insights, thereby augmenting the overall market growth. The Asia Pacific region is expected to have the fastest market growth owing to the increasing number of retail chains in emerging economies such as China and India, coupled with the rising number of smartphone users in the region. However, privacy concerns and a lack of skilled personnel in organizations are the factors that will hinder the MLA market growth during the forecast period.
Increasing demand for smartphones to propel the global market growth.
The demand for smartphones has been growing rapidly. According to the GSM Association's "State of Mobile Internet Connectivity," published in October 2023, there were 4.3 billion smartphone owners globally. The report also states that smartphone penetration is expected to show further growth in the coming years. Additionally, the improvement in consumers' outlooks, working from home, and sustained learning are some factors that are expected to further propel smartphone sales.
Further, the rising demand for high-speed data connectivity for integrated IoT applications, like energy management and smart home products, will likely augment the adoption of 5G smartphones, thus fuelling the MLA market expansion. Further, favorable government initiatives such as the Digital India program, which is a flagship program of the Government of India, aim to transform the country into a digitally empowered society and are expected to further the market expansion.
Additionally, in China, the rising smartphone adoption and the availability of 5G have resulted in a spike in mobile internet usage, with more than 990 million people using mobile internet services. Hence, such a high adoption rate is expected to stimulate MLA market growth due to its major application in smartphone technology.
Growth in the internet population to further augment the market growth.
Internet penetration is witnessing a major boom globally owing to favorable investments and efforts to improve access to high-bandwidth networks. According to the International Telecommunication Union's "Measuring Digital Development" report, in 2023, the global offline population declined to 2.6 billion and 5.4 billion in approx. 67% of the global population is now online. This represents a 4.7% increase over 2022's figure.
Moreover, the demand for 5G is also being fuelled by the growing demand for high data speed, which has made many telecom providers expand their 5G operations on a global scale. As per the same source, in 2023, approximately 40% of the global population was covered by the 5G network, with major regions such as Europe showing 68% of its population coverage under 5G, followed by the Americas with 59% and the Asia Pacific with 42%. The rising internet population creates new growth opportunities for mobile location analytics.
The retail sector is expected to account for a considerable market share
Based on the end-user industry, the mobile location analytics market is segmented into healthcare, BFSI, travel and tourism, retail, and others. The retail sector is expected to account for a significant market share as mobile location analytics enables retailers to gather information regarding each location in the context of demographics, competition, store size & location, and customer in-store interaction. Such insights enabled retailers to maintain their competitive advantage over similar businesses in the specific area.
Asia Pacific is expected to show rapid growth
The Asia Pacific mobile location analytics market is projected to witness significant growth during the forecast period, fuelled by the booming smartphone and internet penetration in the major regional economies, namely China, India, and South Korea. Moreover, the strength of retail channels, coupled with store establishments, is also witnessing positive growth in such economies, which is further expected to improve the regional market growth. According to the Shopping Centers Association of India, in Q1 of 2024, the reported revenue of retailers witnessed 11% growth over Q1 of 2023. The revenue included sales of products in existing stores and expansion in new markets.
Likewise, according to the "China's Department Stores Report 2022-2023" issued by the China Commerce Association for General Merchandise, the retail sales by enterprises dealing in cultural & office appliances witnessed 4.4% Y-o-Y growth in 2022.
Internet usage in the region is also booming, which is anticipated to further the demand for mobile location analytics in Asia. According to the data provided by the International Telecommunication Union, in 2023, 66% of the individuals in Asia were internet users, and the same source stated that 81% of the youths aged 15 to 24y years were active internet users in Asia.
Other regions such as North America and Europe are also expected to witness positive growth which is attributable to the investment in new retail stores and the booming travel & tourism sector.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 136 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $17.99 Billion |
| Forecasted Market Value (USD) by 2029 | $31.76 Billion |
| Compound Annual Growth Rate | 12.0% |
| Regions Covered | Global |
Key Topics Covered:
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter's Five Forces Analysis
4.4. Industry Value Chain Analysis
4.5. Analyst View
5. MOBILE LOCATION ANALYTICS MARKET BY TOOL
5.1. Introduction
5.2. Reporting and Visualization Tool
5.3. Geocoding and Reverse Geocoding Tool
5.4. Data Integration and ETL Tool
5.5. Thematic Mapping and Spatial Analysis Tool
5.6. Others
6. MOBILE LOCATION ANALYTICS MARKET BY COMPONENT
6.1. Introduction
6.2. Hardware
6.3. Software
6.4. Service
7. MOBILE LOCATION ANALYTICS MARKET BY END-USER INDUSTRY
7.1. Introduction
7.2. Healthcare
7.3. BFSI
7.4. Travel and Tourism
7.5. Retail
7.6. Others
8. MOBILE LOCATION ANALYTICS MARKET BY GEOGRAPHY
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Market Share Analysis
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Competitive Dashboard
10. COMPANY PROFILES
- Oracle
- IBM
- Pitney Bowes Inc.
- Cisco Systems
- PlaceIQ (Precisely)
- TIBCO Software Inc.
- Galigeo
For more information about this report visit https://www.researchandmarkets.com/r/ushhux
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