Global Location Analytics Market

Location Analytics Market Size, Share, Growth Analysis, By Component(Software, Services), By Location Type(Indoor, Outdoor), By Deployment Mode(On-premise, Cloud), By Application(Remote Monitoring, Sales & Marketing Optimization), By Industry Vertical(BFSI, Retail & Consumer Goods) - Industry Forecast 2024-2031

Report ID: SQMIG45D2076 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 151 | Figures: 78

Location Analytics Market Dynamics

Location Analytics Market Driver

  • Rising use of spatial data and analytical tools across multiple verticals

The availability of massive amounts of fragmented location-based data across all sectors has caused issues with data correlation and analysis using standard BI tools. Spatial data and analysis are thought to be critical for businesses to comprehend shifting business trends and difficulties across regions. This information is propelling the market forward. The spatial data assists clients in resolving space assignment-related problems, as well as providing data for audits, design reviews, and other space-related initiatives. These characteristics boost the utilization of geographical data in a variety of industries. Location analytics solutions help businesses process massive amounts of geographical data and give real-time analysis of changing customer needs, business trends, and regulations and compliances. For example, in the retail vertical, geographical data assists businesses in uncovering the relationship between stores, items, wants, preferences, and consumer types across various characteristics and metrics. These characteristics and metrics have an impact on overall sales performance. Tracking stock levels also allows merchants to efficiently manage warehouse deliveries to ensure optimal store stocking.

Location Analytics Market Restraint

  • Legal considerations with geoprivacy and sensitive data

The deliberate or unintentional abuse of location data can have substantial legal ramifications for both corporations and customers. When location data is disclosed in conjunction with other personal information, privacy problems arise. Consumer privacy concerns are important in the processing of location data since several regulatory restrictions can limit access to location data without the user's agreement. Individuals concerned about the security of their location-based data can decline to allow some geospatial analytics tools to obtain essential location data. Government rules and regulations oversee data processing, location sharing, the use of location-based information, and data storage. The European Union's (EU) General Data Protection Regulation (GDPR) is the EU's first concerted effort to protect citizens' Personally Identifiable Information (PII). Companies that collect data must follow regional legislation and seek authorization from each consumer. Organizations' access to consumer location data is constrained, limiting their usage of geospatial data analytics solutions. As a result, individual concerns regarding geo privacy and sensitive data are increasing, limiting the growth of the worldwide location analytics market in the coming years.

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Location Analytics Market size was valued at USD 13.9 billion in 2019 and is poised to grow from USD 16.09 billion in 2023 to USD 51.25 billion by 2031, growing at a CAGR of 15.6% in the forecast period (2024-2031).

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. 'Microsoft Corporation', 'IBM Corporation', 'Cisco Systems, Inc.', 'Oracle Corporation', 'SAP SE', 'SAS Institute, Inc.', 'Pitney Bowes Inc.', 'Galigeo SAS', 'Alteryx, Inc.', 'Trimble Inc.', 'ESRI Inc.', 'TIBCO Software Inc.', 'Hexagon AB', 'Caliper Corporation', 'Precisely, Inc.', 'TomTom International BV', 'PlaceIQ, Inc.', 'MapLarge, Inc.', 'Foursquare Labs, Inc.', 'CartoDB Inc'

Rising use of spatial data and analytical tools across multiple verticals

AI and machine learning (ML) technologies have grown in popularity in recent years. AI and ML-enabled location data is used to generate pattern recognition and position signatures from the data it receives. Furthermore, the technologies are employed to create high-definition (HD) maps and practical simulators to view data. To gain a competitive advantage, major corporations are proactively investing in AI and machine intelligence. For instance, in October 2021, Google LLC improved its Google maps SDKs for Android to improve user experience, such as supporting drivers in making deliveries and assisting stores in visually checking an order's delivery address.

North America is predicted to dominate the growth of the 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.

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Global Location Analytics Market

Product ID: SQMIG45D2076