MarketsandMarkets forecasts the global Location Analytics Market size to grow from USD 10.6 billion in 2019 to USD 22.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 16.6% during 2019–2024.
Major factors, such as increasing use of spatial data and analytical tools, rising need of predictive analytics for businesses, and growing use of location-based applications among consumers, are expected to drive the growth of the global location analytics market. Spatial data helps customers resolve queries related to space assignment information, provides data used in audits, and designs reviews and other space-related projects. These factors increase the use of spatial data in various verticals. The location analytics software assists companies in processing huge amount of spatial data and provides companies with real-time analysis about the changing customer needs, business trends, and regulations and compliances.
The solutions segment is expected to have a higher market share during the forecast period. Location analytics is being widely implemented across Small and Medium-sized Enterprises (SMEs) and large enterprises. The solutions segment can be considered as the most beneficial component needed to generate high-level insights from location data. Organizations have started mapping business data with geographic locations to enhance their insights into tabular data. Maps can be used as a common language to effectively understand and communicate data. The solutions used in location analytics normally focus on simple mapping and spatial analysis capabilities, which work with business analytics and enterprise data systems.
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The outdoor location segment is projected to have a higher market share during the forecast period. The need for outdoor location-based applications is growing, owing to their implementation in transportation and logistics, retail, and manufacturing verticals. 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. Major applications for outdoor locations are geo-marketing 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.
In terms of geographic coverage, the global location analytics market has been segmented into 5 major regions, namely, North America, Asia Pacific (APAC), Europe, Middle East and Africa (MEA), and Latin America. APAC is expected to record the highest growth rate during the forecast period, as the region comprises developed and emerging economies, such as Australia, China, and India. APAC is expected to experience the highest growth rate during the forecast period. The growth is expected to be driven by factors, such as increasing use of spatial data and analytical tools, rising need of predictive analytics for businesses, and growing use of location-based applications among consumers.
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The major location analytics market vendors include SAS (US), Esri (US), Oracle (US), Pitney Bowes (US), Microsoft (US), Galigeo (France), Cisco (US), IBM (US), Purple (UK), GeoMoby (Australia), Alteryx (US), CleverAnalytics (Czech Republic), IndoorAtlas (Finland), Lepton Software (India), and Quuppa (Finland). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global location analytics market. New product launches, partnerships, and agreements have been the most adopted strategies by the major players from 2017 to 2019, which helped them innovate their offerings and broaden their customer base.
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