There is a discernible increase in the number of connected devices that include computers, mobile phones, and other household appliances. This is leading to a robust growth potential in the location intelligence & location analytics market that is poised to attain an impressive global market size of $28.17 billion by the end of 2023 as the demand is estimated to observe a remarkable compound annual growth rate (CAGR) of 23.4% during the forecast period of 2018 to 2023, according to a market intelligence report by IndustryARC’s analyst.
The location intelligence & location analytics market research report is comprised of scrutinized pricing environment in various regions of the world along with fact, figures, and statistics that provide a peek into the market and help to fathom the current challenges and growth opportunities that are foreseeable in the future. The report is titled, “Location Intelligence & Location Analytics Market: By Organization (Small Enterprises, Medium Enterprises and Large Enterprises), By Service (Consulting Services, System Integration Services, Managed Services); By Industry (Retail, Consumer, BFSI, Real Estate, Travel, Transportation & Logistics, Manufacturing), By Geography - Forecast (2018-2023).”
Location Intelligence & Location Analysis Market: Leading Segments
According to the geographical study by the market analyst, Americas had the highest location intelligence market revenue owing to the proliferated digitalization that has created a gamut of opportunities for the vendors that are capitalizing on the demand. Moreover, the logistics sector is taking a leap towards the digital side, and location analytics is playing a crucial part in the same. Americas that include North American countries such as the US, Canada, Mexico, and South American countries such as Brazil have a world-class technological infrastructure which is the reason location analytics market is observing a robust growth potential in the region. Americas is projected to have a lucrative market size of $11.2 billion by the end of 2023.
The location intelligence market is segmented on the basis of the end-user industries that include consumers, banking and financial services, travel, real estate, transportation and logistics, and others. The key application in the location analytics market is found to be in the transportation & logistics industry, and it is projected to grow with a substantial CAGR of 22.2% through to 2025. The travel sector will also observe an appreciable growth potential in the future owing to the incremented implementation of location analytics in the same.
Location Intelligence & Location Analytics Market: Trends and Growth Drivers
- The Need for Real-Time Analytics –
The logistics and travel industry is going through disruption, and there is a need for real-time analytics in order to make precise predictions about the turnaround or delivery time. This is giving rise to an augmented application of location technology in the sectors which is, in turn, creating a myriad of opportunities in the location analytics market.
- The Application of Location Analytics for a Better Customer Journey –
The current trend in the retail and E-commerce sector is creating a need for improving the customer journey, and the customers need transparency with the vendors. Apparently, customers are kept in the loop for information pertaining to the location of their consignment, which is driving the location intelligence market.
- Internet of Things (IoT) Growth Disrupting the Location Analytics Market –
IoT has successfully penetrated in all the sectors, and with the growing usage of mobile devices, the location intelligence market is surely poised to observe a lot of opportunities emerging in the future. The cloud location analytics is also observing rapid growth which is disrupting the location analytics market.
- The Advent of Spatial Intelligence Software –
Businesses worldwide are now leveraging spatial intelligence software which is a business intelligence solution that helps to analyze maps and spatial data, thereby identifying the relationship between certain objects on the basis of their physical locations.
Location Intelligence & Location Analytics Market: Competitive Landscape
Some of the key companies identified in the location intelligence and location analytics market research report that are crusading for greater market share are Pitney Bowes Inc., Oracle Corporation, SAP SE, IBM Corporation, Caliper Corporation, TIBCO Software Inc., Galigeo SAS, Teradata Corporation, Tableau Software, ESRI, and others.
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