Location Analytics Market worth $29.9 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Dec. 6, 2021 /PRNewswire/ -- According to a research report "Location Analytics Market with COVID-19 Impact Analysis, by Component (Solutions and Services), Location Type (Indoor Location and Outdoor Location), Application, Deployment Mode, Organization Size, Industry Vertical, and Region - Global Forecast to 2026", published by MarketsandMarkets™, the Location Analytics Market size is projected to grow from USD 15.7 billion in 2021 to 29.9 USD billion in 2026, at a Compound Annual Growth Rate (CAGR) of 13.8% during the forecast period.
The location analytics industry is driven by increasing use of spatial data and analytical tools. However, rising in the use of location-based applications and use of location data and analytics to fight COVID-19 further contributes to the growth of the Location Analytics Market.
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Based on the Component, solution segment to account for a larger market size during the forecast period
The Location Analytics Market has been segmented by two components: solution and services. The deployment of location analytics has witnessed an increase in adoption, as serves a variety of purposes, such as Data Integration and ETL and Reporting and Visualization. The growing adoption of location analytics across all major verticals, such as Manufacturing, Government & Defense, Media & Entertainment, Transportation & Logistics, Energy & Utility, Telecom & IT, Healthcare, Pharma, and Lifesciences, Tourism & Hospitality, Banking & Financial Services, Insurance, Real Estate, Education.
Based on deployment mode, cloud segment to hold the largest market size during the forecast period
Cloud computing refers to the storage, management, and processing of data via networks of remote servers, which are typically accessed via the Internet. According to Statista, cloud computing would generate more than USD 300 billion in revenue in 2020 as a component of IT services. At the same time, PwC shows the COVID-19 crisis has accelerated the cloud transition even further as per data during the first quarter of 2020, cloud spending increased by 37% to USD 29 billion. The increasing generation of data leads to various challenges for several organizations. These challenges include storage, privacy, and affordability.
Based on application, risk management segment to hold the largest market size during the forecast period
The Location Analytics Market based on application is segmented into risk management, emergency response management, customer experience management, remote monitoring, supply chain planning and optimization, sales and marketing optimization, location selection and optimization, and others (predictive asset management and inventory management). The ability to anticipate risks and avoid them, as well as take smart risks to increase value, can be made possible by analyzing relevant data to understand present scenarios and predict future events. Companies can integrate location analytics with customers' location-based data and product offerings based on cities to find relevant solutions and manage risks. Location analytics also helps spot patterns, detect hidden trends, and avoid delays by using visual interfaces provided by companies such as Esri and Galigeo.
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Based on location type, outdoor location segment is to hold the largest market size during the forecast period
Organizations make use of outdoor location analytics to monitor their immovable assets for reducing costs. Airlines can determine the exact location of their planes and accordingly inform arrival time to passengers in case of delays. The major applications for outdoor locations are geomarketing and advertising, asset tracking, personal tracking, customer location tracking, fleet tracking, freight management, route optimization and planning, mapping discovery and infotainment, geographic event alerts, and defense management
Based on vertical, the healthcare, pharma and life science segment is expected to grow at a higher CAGR during the forecast period
Location analytics are gaining acceptance among all verticals to improve profitability and reduce overall costs. The major verticals adopting location analytics solutions are Retail, Manufacturing, Government & Defense, Media & Entertainment, Transportation & Logistics, Energy & Utility, Telecom & IT, Healthcare, Pharma, and Lifesciences, Tourism & Hospitality, Banking & Financial Services, Insurance, Real Estate, Education. Healthcare, pharma and life science, by vertical segment, is expected to grow at a higher CAGR during the forecast period
Based on organization size, SMEs segment to grow at the highest CAGR during the forecast period
The SMEs are organizations with an employee strength of less than 1,000. SMEs are also implementing location analytics solutions that enable better orientation in the complex building providing location-based analytics and tracking functionalities. Location analytics is one of the most important for SMEs as it helps in determining not only external market conditions but also the internal scope for action. It helps to optimize operational practices and evaluate RoI decisions while taking over a new site of business.
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North America to hold the largest market size during the forecast period
North America is estimated to account for the largest market share during the forecast period. In North America, remote monitoring and risk management are considered highly effective by most organizations and verticals. On the other hand, Europe is gradually incorporating these advanced solutions within its enterprises. APAC is witnessing a substantial rise in the adoption of location analytics owing to the increasing digitalization and rising demand for centrally managed systems.
Major Location analytics vendors include IBM (US), Google (US), Oracle (US), Microsoft (US), Esri (US), SAS (US), Precisely (US), SAP (Germany), CISCO (US), TomTom (Netherlands), Hexagon (Sweden), Zebra Technologies (US), Alteryx (US), HERE (US), Purple (UK), Galigeo (France), Geomoby (Western Australia), Quppa (Finland), CleverMaps (Czech Republic), IndoorAtlas (Finland), Lepton Software (India), CARTO (US), TIBCO (US), Sparkgeo (Canada), PlaceIQ (US), Ascent Cloud (US), Foursquare (US), MapLarge (Georgia), SedimentIQ (US), Ariadne Maps (Germany), Locale.ai (India), Geoblink (Spain), Nrby (US), Mapidea (Portugal), GapMaps (Australia), LocationsCloud (US). These market players have adopted various growth strategies, such as partnerships, collaborations, and new product launches, to expand have been the most adopted strategies by major players from 2019 to 2021, which helped companies innovate their offerings and broaden their customer base.
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