USD 13.9 billion
Report ID:
SQMIG45D2076 |
Region:
Global |
Published Date: June, 2024
Pages:
165
|Tables:
151
|Figures:
78
Orthopedic Implant Market was valued at USD 24.15 billion in 2022 and is expected to rise from USD 25 billion in 2023 to reach a value of USD 32.92 billion by 2031, at a CAGR of 3.5% during the forecast period (2024–2031).
Location analytics, often known as geoanalytics, is the process of extracting insights from location data. It incorporates geographical data with a company's data assets in order to extract more valuable insights. In all industries, company data, such as information on people, transactions, assets, and events, frequently includes a geographic component, which, when combined with a performance analysis, can provide new relevant insights. Location analytics provides an organization with spatial analytics as well as other analytics capabilities for understanding data through a location-specific perception, optimizing business procedures, and enabling predictions. It enables firms to make better-informed decisions, which can boost both effectiveness and efficiency.
The increasing investments in the Internet of Things (IoT) and the growing adoption of smart devices and network services are driving the market for location intelligence, as it enables smarter applications and improved connectivity.
US Location Analytics Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 13.9 billion
Largest Segment
Outdoor
Fastest Growth
Outdoor
Growth Rate
15.6% CAGR
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The Global Location Analytics Market is segmented based on component, location type, deployment mode, application, industry vertical, and region. Based on component, the market is segmented into Solution (Type [Geocoding & Reverse Geocoding, Data Integration & ETL, Reporting & Visualization, Thematic Mapping & Spatial Analysis and Other], Deployment [on-premises and Cloud]) and Services (Professional Services [ Consulting Services, Deployment & Integration and Training, Support, and Maintenance] and Managed Services. Based on location type, the market is segmented into Indoor, Outdoor. Based on deployment mode, the market is segmented into On-premise and Cloud. Based on application, the market is segmented into Risk Management, Emergency Response Management, Customer Experience Management, Supply Chain Planning & Optimization, Sales & Marketing Optimization, Location Selection & Optimization and Other. Based on industry vertical, the market is segmented into BFSI, Retail & E-consumer, Manufacturing, Healthcare & Life science, Agriculture, Automotive Transportation & Logistic, Government & Defense, Energy & Utility, IT/ITES, Telecommunication, Media & Entertainment, and Others. Based on region, the market is categorized into North America, Latin America, Europe, Asia-Pacific, and MEA.
Analysis by Location Type
The outdoor segment dominated the market and is anticipated to maintain its dominance throughout the forecast period. Outdoor analytics solutions help businesses to find prospective clients based on online customer behavior, shopping experiences, and visualization of location data. Mapping and geographical data are being included into the services of business intelligence and analytics software companies. Understanding customer behavior will help businesses with geo-marketing and advertising, asset management, and business planning.
Furthermore, the indoor market is expected to develop at the fastest CAGR over the forecast period. Indoor analytics solutions allow corporations and government agencies to display data received from indoor devices such as cell phones and Wi-Fi networks in order to assist businesses in making business choices. Moreover, indoor industry solutions assist firms with real-time mapping, indoor location monitoring, and asset tracking.
Analysis by Application
Risk Management is the dominating the market, as the business are increasingly using location-based insights to make their decisions. With the increasing usage of location-based data, the concern regarding the privacy is also increasing. At the same time, ensuring accuracy of these data is also very important as inaccurate data can lead to inaccurate data driven insights. Risk management can help companies to validate and verify their data sources along with privacy and data concerns. Therefore, the factors like ensuring data accuracy, compliance with privacy regulations, surmounting technological limitations, and developing resistant and reliable business models are driving the dominance of this segment. Only these practices will enable extracting the true potential of geospatial data to help achieve sustainable success across different industries.
Supply chain planning and optimization is said to be the fastest growing segment as the businesses are increasingly understanding the role played by an efficient supply chain planning. Due to growing globalisation and rapid e-commerce expansion, better supply chain planning improves customer satisfaction. It caters to the demand for streamlined operations and cost reductions, enabling faster adoption of location analytics in this segment. Also, advanced technologies backing up this segment in terms of real-time presence of visibility and data-driven decision-making, such as AI, machine learning, and predictive analytics, can be beneficial in the improvement of inventory management, demand forecasting, and logistics. From minimizing disruptions and trimming down operational costs to responding swiftly to changes within the markets, these innovations sustain the rapid growth of this segment.
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North America is predicted to dominate the growth of the global location analytics market share. The rising demand for position intelligence and geospatial analytics solutions in industries such as government, defense, retail, and others is fueling the expansion. For example, the United States Government cooperated with Google LLC, Meta Platforms, Inc. (Facebook), and other technology providers and health professionals to deploy analytics tools in March 2020. This has aided organizations in combating viral spread by exploiting location data acquired from individuals, including tracking people's social distancing behavior.
Asia Pacific is expected to register the fastest CAGR over the forecast period. The growth has been driven by a significant increase in the adoption of location intelligence solutions by governments in the area for public safety concerns. For example, Quadrant.io, a major location intelligence provider, formed the Asia Pacific Data Alliance (APDA) in June 2020, which includes over 100 consultancy, geospatial, and data analytics firms. The program enabled prominent corporations, governments, and researchers to have access to mobile location data in order to limit the risks associated with virus propagation.
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Location Analytics Market Driver
Rising use of spatial data and analytical tools across multiple verticals
Restraints
Legal considerations with geo privacy and sensitive data
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The Location Analytics Market is highly competitive due to the numerous vendors offering analytics solutions to both domestic and international markets. The market appears to be moderately fragmented, with major vendors pursuing strategies such as mergers and acquisitions, strategic partnerships, and others to expand their reach and remain competitive in the market.
Location Analytics Market Top Players Company Profiles
Location Analytics Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
According to our global location analytics market analysis, the increased emphasis of organizations on spatial environment variables such as infrastructure, sociocultural, and topographic characteristics is enabling geographic predictive analytics to flourish in the market. For effective analysis, geospatial data analytics makes use of unique IDs and geographic coordinates. By establishing data visualization and spatial models, this gives accurate trend predictions and modeling. The prediction of maintenance needs, production deadlines, and infrastructure assessment are driving the market need for spatial predictive analytics.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 24.15 billion |
Market size value in 2031 | USD 32.92 billion |
Growth Rate | 3.5% |
Base year | 2023 |
Forecast period | 2024–2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Location Analytics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Location Analytics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Location Analytics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Location Analytics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG45D2076