According to a recent report published by Allied Market Research, titled, “Location Analytics Market By Component, Location Type, Deployment Mode, Application, Industry Vertical and Region: Opportunity Analysis and Industry Forecast, 2020-2027,” The global location analytics market size was valued at $10.29 billion in 2019, and is projected to reach $31.13 billion by 2027, registering a CAGR of 15.5% from 2020 to 2027.
The growth of the global location analytics market is mainly driven by proliferation of smartphones and upsurge in usage of GPS-enabled devices. In addition to this, factors such as growing usage of spatial data and analytical tools, increasing adoption of location analytics for asset management across various industries, and rise in adoption of location analytics in retail sector fuels the market growth. Moreover, increase in the adoption of location-based services during COVID-19 pandemic fueling the market growth. However, consent and privacy concerns may hamper the market growth to some extent. On the other hand, emergence of advanced technologies in the field of GIS, and integration of AI with location analytics is expected to provide lucrative opportunities for the location analytics market growth during location analytics market forecast period.
In 2019, the global location analytics market was dominated by the software segment, and is expected to maintain its dominance in the upcoming years, due to surge in adoption of location analytics in the organization to provide personalized and integrated products and services to customers. The location analytics software allows companies of all sizes to gain a competitive advantage with mapping tools for business. However, the services segment is expected to witness the highest growth, due to an extensive adoption of services among end users, as it ensures effective functioning of location analytics software throughout the process.
By location type, the global location analytics market share was dominated by the indoor segment in 2019 and is expected to maintain its dominance in the upcoming years, due to the extensive usage of smart devices and smartphones which are integrated with advanced location-based services. However, the outdoor segment is expected to witness the highest growth, due to the increasing adoption of location based marketing/advertising by the organizations to target consumers at a person-level with offline or online messaging based on physical location.
The COVID-19 outbreak has low impact on the growth of the location analytics market, as the adoption of location intelligence or analytics is increased to understand the impact of COVID-19 on consumer behavior and the economy. On the other hand, healthcare systems are experiencing an unprecedented level of demand for location data, with numerous countries having to inspect medical facilities, including primary care clinics, hospitals, and retirement homes to analyze care capacity and vulnerability. For instance, in March 2020, to help public health agencies as well as other organizations to initiate their response, Esri launched ArcGIS Hub Coronavirus Response template with complimentary six-month ArcGIS Online subscription for ArcGIS Hub. ArcGIS Hub is a framework used for building websites to analyze and visualize crisis in the context of population and assets of community or organization.
Furthermore, businesses across the globe are planning to come back stronger; hence, location analytics software adoption would help them to map COVID-19 density zones to plan their business operations accordingly. For instance, in May 2020, Transerve Technologies, a provider of geospatial solutions launched a solution to map COVID-19 density zones using remote sensing and geospatial technologies.
Key Findings Of The Study
- By component, in 2019 the software dominated the location analytics market size. However, the services segment is expected to exhibit significant growth during the forecast period.
- On the basis of location type, the indoor segment accounted for the highest revenue in 2019, however, the outdoor segment is expected to witness highest growth rate in the forecasted period.
- Depending on deployment mode, the on-premise generated the highest revenue in 2019. However, the cloud segment is expected to witness highest growth rate in the near future.
- On the basis of application, the remote monitoring segment accounted for the highest revenue in 2019, however, the asset management segment is expected to witness highest growth rate in the forecasted period.
- On the basis of industry vertical, the retail & consumer goods segment accounted for the highest revenue in 2019, however, the IT & telecom segment is expected to witness highest growth rate in the forecasted period.
- Region wise, the location analytics market was dominated by North America region. However, Asia-Pacific is expected to witness significant growth in the upcoming years.
Some of the key location analytics industry players profiled in the report include Alteryx, Esri, Google LLC, HERE Technologies, Hexagon, Microsoft Corporation, Oracle Corporation, Pitney Bowes, Sisense Inc., Syncsort, Trimble Inc. This study includes market trends, location analytics market analysis, and future estimations to determine the imminent investment pockets.