The global location analytics market size is expected to gain momentum by reaching USD 36.22 billion by 2028 while exhibiting an impressive CAGR of 20.3% between 2021 to 2028. In its report titled “Location Analytics Market, 2021-2028,” Fortune Business Insight mentions that the market stood at USD 11.80 billion in 2020.
In
recent years the geospatial services have become very popular. It is highly in
demand in various business applications such as retail and others.
Moreover, innovative technologies such as Cloud Computing, Artificial
Intelligence (AI) Internet of Things (IoT), Blockchain, and Big Data are
playing an important role in widening the application area of location
analysis. Thus, involvement of such advanced technologies in location system is
expected to drive the market during the forecast period.
List of Key Market Players Profiled in Global Location Analytics Report
- Microsoft Corporation (New Mexico, U.S.)
- Google LLC (Alphabet Inc.) (California, U.S.)
- Zebra Technologies Corporation (Illinois, U.S.)
- Esri (California, U.S.)
- Precisely AB (Gothenburg, Sweden)
- SAP SE (Weinheim, Germany)
- International Business Machines Corporation (New York, U.S.)
- Pitney Bowes (Connecticut, U.S.)
- TomTom (Amsterdam, Netherlands)
- SAS Institute Inc. (North Carolina, U.S.)
- Oracle Corporation (California, U.S.)
- Cisco Systems, Inc. (California, U.S.)
- Hexagon Software (Stockholm, Sweden)
- GaliGeo (Paris, France)
- Here Technologies (Amsterdam, Netherlands)
- Geomoby (West Perth, Australia)
- Alteryx (California, U.S.)
- IndoorAtlas Ltd. (Oulu, Finland)
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What does the Report Provide?
The
market for location analytics report provides a detailed analysis of several
factors such as the key drivers and restraints that will impact growth.
Additionally, the report provides insights into the regional analysis that
covers different regions, contributing to the growth of the market. It includes
the competitive landscape that involves the leading companies and the adoption
of strategies by them to introduce new products, announce partnerships, and
collaboration that will further contribute to the market growth.
Driving
Factor
Rising
Adoption of Geospatial Tools to Cater Targeted Products to Fuel the Market
Growth
The rising digitization
has made businesses rely over applications that provide them with data to know
their customer’s behavior. As by combining the location data, business knows consumer’s
location that helps them in catering targeted products, know the regional
demand ratio of specific products as well as provide consumers guidance to
nearby shops based on their needs. For instance, in May 2018, a leading
technology and location intelligence company, Pitney Bowes Inc., announced the
launch of their latest version of MapInfo Pro. This new version will help in
providing custom solutions for businesses and analysts for simplified user
interfaces with robust GIS software, thereby driving location analytics market
growth.
Read a Detailed Summary of This
Report:https://www.fortunebusinessinsights.com/location-analytics-market-102041
COVID-19 Impact
The
global economy felt a state of shock due to the virus outbreak. Due to the
pandemic situation the market declined marginally in 2020 due to sudden
lockdown to curb the virus’s spread. However, several key players around the
world are working on using location-based systems to track down the movement of
COVID-19 positive patients. For instance, The Indian Ministry of Healthcare
launched ‘AarogyaSetu,’. It is a Bluetooth and location service-based
smartphone application that helps in knowing the nearby location of COVID-19
positive patients, thus helping in keeping users safe. The market is
expected to boom back again in upcoming years.
Regional
Insights
North
America to Remain at Forefront Backed by Rising Demand for Location Intelligence Solutions
North America is expected
to remain at the forefront and hold the highest position market during the
forecast period owing to rising demand for location intelligence solutions by
government, defense, retail, and others. During the pandemic times, the
government relied heavily on such geolocation tools to track down people's
social distance. For instance, in March 2020, The U.S. government collaborated
with Google, Facebook, and others to help them in locating people suffering
from viruses. The market stood at USD 4.52 billion in 2020.
Asia Pacific is expected
to showcase a significant solar tracker market share. This is attributable to
the rising industrialization in developing economies such as China and India.
Additionally, increased investment on IT infrastructure, and availability of
low-cost smartphones promoting the regional market.
Competitive
Landscape
Key
Players Focus on Collaborations to Strengthen the Market Growth
The
market is consolidated by major companies striving to maintain their position
by focusing on new acquisitions and collaborations. For instance, in February
2019, TomTom consumer electronics company based in Amsterdam, collaborated with
Microsoft Corporation to bring its traffic and map data on Microsoft’s cloud
services. Moreover, other key players are adopting proactive strategies
such as new partnerships, mergers, and new product launches to favor the
market's growth in the upcoming years.
Industry
Development
January
2021 –The global leader in location
technology, Esri announced the launch of ArcGIS Platform. This platform will
help in integrating location capabilities in certain applications. This
geospatial platform uses web frameworks and APIs of their preference, and thus
allow developers access to Esri's efficient position services.
Read Press Release: https://www.fortunebusinessinsights.com/press-release/location-analytics-market-9547
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