According to a new market research published by MarketsandMarkets™, the global Location Analytics Market size is expected to grow from USD 10.6 billion in 2019 to USD 22.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 16.6% during 2019–2024.
According to the report titled “Location Analytics Market by Component (Solutions and Services), Location Type (Indoor Location and Outdoor Location), Application (Remote Monitoring, Risk Management), Vertical (Retail, Media and Entertainment), and Region – Global Forecast to 2024”, organizations are adopting location analytics to analyze and generate insights from the spatial data collected using various data sources, including sensors, cameras, GPS devices, social media sites, and mobile devices.
The market evolution has been marked by the development of location-based technologies and advantages associated with them for all potential users. Location analytics vendors are trying to make things simple so that organizations can access, share, and analyze the location-based data coming from various data sources from any remote location.
The geocoding and reverse geocoding segment is expected to account for the highest market share during the forecast period.
Geocoding is the process of converting addresses into geographic coordinates, which can be used to place markers on maps, or position the maps. It enables people to locate, situate, and navigate themselves and is the easiest process to describe one’s location in geographic coordinates. Once a latitude and longitude value is assigned, geocoded addresses can be displayed on maps. The addresses are used in decision-making workflows, transactions, and larger business processes.
Geocoding helps transform data from locations, such as a pair of coordinates, addresses, and names or places, to locations on the earth’s surface. Geocodes can be performed by entering each location at a time, or all locations at once using tables. The outputs generated are geographic features with attributes that can be used for mapping or spatial analysis.
Organizations providing location analytics solutions also offer consulting services based on traditional data, location-based data, and Business Intelligence (BI). Location is a vital characteristic in all organizational data, as people have residences, assets have proximities, employees have worksites, and parcels have both origin and destination.
Location analytics solution providers partner with other firms outside the spatial industry to educate them on the value of location intelligence and Geographical Information System (GIS) as a transformational business tool. They also work with existing clients and help them in exploring new opportunities for maximizing their Return on Investment (RoI). Consulting services play an important role in improving vendor performance while delivering location analytics solutions.
The US and Canada are the 2 major contributors to the overall Location Analytics Market growth. The US is expected to hold a higher market share in the Location Analytics Market. In the US, the government and defense, and telecommunication and IT verticals are expected to majorly contribute to the market growth.
The growth in North America is attributed to the rising technological advancements, increasing industry standards for location-based technologies, and growing financial support from the governments. The region has also witnessed the emergence of startups in the market.
Major vendors in the global Location Analytics Market include SAS (US), Esri (US), Oracle (US), Pitney Bowes (US), Microsoft (US), Galigeo (France), Cisco (US), IBM (US), Purple (UK), GeoMoby (Australia), Alteryx (US), CleverAnalytics (Czech Republic), IndoorAtlas (Finland), Lepton Software (India), and Quuppa (Finland).
Related reports include “Location-Based Services (LBS) and Real-Time Location Systems (RTLS) Market By Location Type (Indoor and Outdoor), Software (Geocoding and Reverse Geocoding, Location and Predictive Analytics), Hardware, Service, Vertical, and Region” and “Geomarketing Market By Software (Location and Predictive Analytics, Reporting, and Geofencing), Services, Technology (Wi-Fi, Bluetooth, Beacons, NFC, and GPS), Location (Indoor, and Outdoor), Deployment Mode, Vertical, and Region – Global Forecast to 2023”.
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