Location Analytics Market Worth $26.89 Billion by 2027, Growing at a CAGR of 11.1% From 2020- Exclusive Report by Meticulous Research®

Location Analytics Market Worth $26.89 Billion by 2027, Growing at a CAGR of 11.1% From 2020- Exclusive Report by Meticulous Research®

PR Newswire

REDDING, Calif., July 1, 2021

REDDING, Calif., July 1, 2021 /PRNewswire/ -- According to a new market research report "Location Analytics Market by Component, Location, Application (Risk Management, Supply Chain, Customer Management) Industry (Smart Cities, Healthcare, Retail, Government, Logistics, Utilities, Agriculture, BFSI) and region – Global Forecast to 2027", published by Meticulous Research®, the location analytics market is expected to grow at a CAGR of 11.1% from 2020 to 2027 to reach $26.89 billion by 2027.

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Location analytics refers to the combination of geographic data on infrastructure, assets, environment, and transportation along with business operations and customers' data to retrieve powerful insights and make effective decisions based on them. With consistent growing investments in locations analytics, the adoption of location analytics across different indoor and outdoor applications across different industry verticals significantly increased in the past few years.

The growth of the overall location analytics market is majorly driven by the factors such as rising usage of spatial data and analytics tools by several industries such as retail & consumer products and healthcare, consistent innovation in geospatial technologies driven by the investments by major players, and growing need for predictive analytics for businesses to survive the cut-throat competition. In addition, the rise in the adoption of social media for customer engagement offers promising opportunities for the stakeholders in the location analytics market. Increasing use of location-based applications among different consumer segments is the latest trend observed in the location analytics market.

On the other hand, lack of awareness towards the benefits of location analytics, data security, and privacy concerns, along with the need of high initial investment, are causing hindrances to the growth of the market to some extent.

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The overall location analytics market is segmented based on component, location type, application, industry vertical, and geography.

Based on component, the location analytics market is segmented into solutions and services. In 2020, the solutions segment accounted for the largest share of the overall location analytics market. This segment is also slated to grow with the fastest growth rate from 2020 to 2027. The large share and fast growth of this segment is mainly attributed to the ability of software to manage and improvise efficiency by streamlining operations and provide a complete view of numerous business applications. The incorporation of software along with cloud-based storage, security, and platform services is projected to drive the market for the software segment in the forecast period.

Based on application, the location analytics market is segmented into risk management, supply chain optimization and planning, sales and marketing optimization, facility management, remote monitoring, emergency response management, customer experience management, and others (predictive asset management and inventory management). In 2020, location analytics for sales and marketing optimization commanded the largest share of the overall location analytics market. The large share of this segment is primarily attributed to the growing need of enterprises to enhance their sales by undertaking location and consumer specific marketing and advertisements campaigns. Thus, the rise in the adoption of location analytics for sales and marketing, and optimization is projected to remain dominant over the next 5-7 years.

Based on location type, the location analytics market is segmented into indoor analytics and outdoor location analytics. In 2020, the indoor analytics segment accounted for the largest share of the overall location analytics market. Factors such as perpetual growth in the usage of smartphones and mobile devices integrated with high-tech location based services have helped indoor location analytics to emerge as a dominating segment. Furthermore, growing developments in technology and investments in modernized infrastructure are poised to foster the growth of indoor type location analytics, and hence, the segment is also expected to grow with the fastest growth rate over the coming years.

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Based on industry vertical, the location analytics market is segmented into infrastructures and smart cities, retail and consumer goods, government and defense, industrial manufacturing, transportation and logistics, energy and utilities, telecom and IT, agriculture, media & entertainment, healthcare, and BFSI. In 2020, the transportation and logistics segment commanded the largest share of the overall location analytics market. The growing significance of spatial analytics in the transportation industry to overcome ambiguity with the help of better data understanding and intelligent decision-making has enabled the transportation industry to account for the largest share. However, growing adoption for indoor location analytics and increasing investments in digitalization of the retail sector is anticipated to drive the location analytics market for the retail industry in the next few years.

Based on geography, the location analytics market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2020, North America commanded the largest share of the global location analytics market. The large share of this region is primarily attributed to the presence of major location analytics companies and their focus on developing advanced location analytics technology backed by consistent funding provided by local governments for location analytics advancements.

The key players operating in the global location analytics market are Google LLC (U.S.), SAP SE (Germany), IBM Corporation (U.S.), TIBCO Software, Inc. (U.S.), Oracle Corporation (U.S.), Alteryx, Inc. (U.S.), SAS Institute, Inc. (U.S.), Microsoft Corporation (U.S.), ESRI (U.S.), Precisely (U.S.), Hexagon AB (Sweden), GaliGeo (France), Trimble, Inc. (U.S.), and Pitney Bowes, Inc. (U.S.) among others.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/location-analytics-market-5150

Scope of the Report

Location Analytics Market, by Component

Location Analytics Market, by Location Type

Location Analytics Market, by Application

Location Analytics Market, by Industry Vertical

Location Analytics Market, by Geography

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