Location Analytics Market, by Component (Solutions and Services), Location Type (Indoor Location and Outdoor Location), Application, Deployment Mode (On-Premises, Cloud), Organization Size, Industry Vertical, and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The global Location Analytics Market size is projected to reach a CAGR of 13.1% from 2023-2030.
Location analytics or geo-analytics is the method of generating insights by analyzing location data. It adds geographical data to the data assets of a business to extract more valuable insights. In all industries, business data, such as the data about people, transactions, assets, and events, often comprises a geographic component, which when added to an analysis of performance may unlock new related insights. Location analytics provides an organization with spatial analytics as well as other analytics abilities to understand the data through a location-specific perception and optimize business practices and enable predictions accordingly. It helps businesses to make more informed decisions that can improve both effectiveness and efficiency.
The growth of the global location analytics market is mainly driven by the proliferation of smartphones and an upsurge in the 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 the retail sector fuels the market growth. Additionally, the emergence of advanced technologies in the field of GIS, and the integration of AI with location analytics are expected to provide lucrative opportunities for market growth during the location analytics market forecast period.
On the other hand, consent and privacy concerns may hamper the market growth to some extent.
The spread of the COVID-19 pandemic resulted in increased adoption of location intelligence solutions to manage to change business scenarios. These solutions help businesses analyze, map, and share data in terms of the location of their customers. Additionally, healthcare and government organizations implemented location-based solutions for vaccination drives to carry out successful COVID-19 public health strategies. The use of location analytics is expected to aid enterprises in coping with the uncertainties induced by the pandemic.
The pandemic had a considerable impact on businesses globally, with nations like India and China bearing the brunt of the virus's outbreak. This led to an increase in smartphone usage worldwide, which in turn saw a surge in location analysis solutions. In particular, the Government of India has leveraged this technology to great advantage in tracking COVID-positive patients and conducting effective contact tracing. The pandemic has underscored the criticality of location-based services, and it is expected that the geospatial technology market will continue to grow in the foreseeable future. The market growth is fueled by several factors, including but not limited to, the growing usage of spatial data and analytical tools, the increasing adoption of location analytics for asset management across various industries, and the rise in the adoption of location analytics in the retail sector. These factors have led to the expansion of the market and increased demand for location analytics solutions.
North America to Dominate the Market