The global location analytics market is anticipated to witness outstanding growth in the 2020–2028 timeframe. Rising implementation of location analytics solutions across various industrial sectors is driving the growth of the market. The outdoor location sub-segment, sales & marketing optimization sub-segment, on-premise sub-segment, transport & logistic sub-segment, and solutions sub-segment are projected to be at the forefront. The North America market is anticipated to dominate the market.
New York, USA, Oct. 26, 2021 (GLOBE NEWSWIRE) -- Research Dive has added a new report on the global location analytics market to its repository. The report states that the market is projected to gather $38,078.9 million by 2028, rising at a CAGR of 15.8% from 2020 to 2028. This study delivers detailed insights into the present lookout and future perspective of the global market. The report is drafted by proficient market analysts and guarantees to be a dependable source of statistics and comprehensive market insights for new players, investors, stakeholders, leading market players, shareholders, etc.
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COVID-19 Pandemic Impact on the Global Location Analytics Market
The outbreak of COVID-19 pandemic in 2020 has had a positive impact on the growth of the global location analytics market. Locational data is being widely used in the monitoring of state emergency services for providing useful information for better planning of strategies amidst the pandemic period. This technology is significantly helping government and healthcare centers in mapping the active as well as confirmed cases of COVID-19.
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Factors Impacting the Global Location Analytics Market Growth
The growth of the global location analytics market is mainly attributed to the significant rise in the use of location analytics software to regulate huge quantities of geographic data and obtain real-time insights into company trends, shifting customer preferences, and regulatory and compliance requirements. Moreover, increasing applications of Internet of Things (IoT) and the growing volumes of data produced by linked devices are expected to bring in lucrative opportunities for the market growth all through the forecast period. However, chances of legal and privacy risks associated with improper management of location analytics software is projected to deter the growth of the market.
The report segments the global location analytics market into application type, deployment type, component type, location type, vertical type and region.
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Outdoor Location Sub-Segment to Observe Accelerated Growth
The outdoor location sub-segment of the location type segment is anticipated to observe rapid growth and surpass $25,831.1 million in the forecast period. This growth is majorly because of the rising development of several outdoor apps that make use of geo-spatial and positioning solutions.
The sales & marketing optimization sub-segment of the application type segment is anticipated to lead the market by garnering $8,118.9 million in the forecast period. This growth is mostly due to the surging preference for the usage of location intelligence services in sales and marketing applications as they help organizations in analyzing customer spending patterns, behavior, and estimate sales.
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On-premise Sub-Segment to Lead the Market
The on-premise sub-segment of the deployment type segment is expected to hold a leading position in the market by gathering $16,338.3 million in the estimated period. This growth is majorly because of the surging demand for on-premise corporate application software owing to its advanced data privacy and security.
Solutions Sub-Segment to Grab Highest Market Share
The solutions sub-segment of the component type segment is anticipated to hold the leading share of the market and surpass $19,773.1 5 million in the forecast period. This growth is majorly because spatial analysis is expected to observe increased usage in the solution market owing to its various viewpoint competences.
The transport & logistic sub-segment of the vertical type segment is anticipated to observe rapid growth and surpass $4,384.3 million in the forecast period. This growth is majorly because of the rising e-commerce industry and surge in reverse logistics processes and trade agreements.
North America Region to Grab Highest Market Share
The report scrutinizes the global location analytics market across numerous regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the North America region market is estimated to dominate the global market by gathering $10,791.2 million in the projected period. The growth of this region market is primarily because of the increasing technology advances, improved industry standards for location-based technology, and increased government support for implementation of location analytics software in this region.
Major Players in the Global Location Analytics Market
2. SAP SE
3. SAS Institute
8. IBM Corporation
10. Cisco System
For instance, in July 2021, INRIX, Inc., a front-runner in mobility analytics, launched INRIX IQ Location Analytics, a powerful cloud-based LBS application that offers investors, retailers, and other business experts the insights to open novel stores, surge revenues, and boost return on investment.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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