The Location Analytics by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Location Analytics , The location analytics market size has grown rapidly in recent years. It will grow from $20.88 billion in 2023 to $23.83 billion in 2024 at a compound annual growth rate (CAGR) of 14.1%. The growth in the historic period can be attributed to integration of gps technology in smartphones, rise of location-based services (lbs), implementation of geographic information system (gis), increasing use of location analytics in retail for targeted marketing, adoption of location-based analytics in supply chain management
The location analytics market size is expected to see rapid growth in the next few years. It will grow to $41.76 billion in 2028 at a compound annual growth rate (CAGR) of 15.1%. The growth in the forecast period can be attributed to expansion of location analytics in internet of things (iot), growing demand for real-time location intelligence, integration of location analytics with artificial intelligence (ai), adoption of location analytics in smart cities infrastructure, increasing use of location-based analytics in healthcare. Major trends in the forecast period include development of indoor location analytics solutions, emphasis on privacy and ethical use of location data, integration of augmented reality (ar) with location analytics, use of location analytics for predictive analytics, implementation of location analytics in risk management and security.
Increasing use of spatial data and analytical tools is expected to propel the growth of the location analytics market going forward. By incorporating layers of geographic data such as traffic, weather, geography, and others, spatial data and analytical tools improve understanding, insights, decision making, and prediction. Location data has the power to forecast demand, identify supply chain disruptions, facilitate infrastructure planning, and more. For instance, according to Impact Networking, a US-based integrated business technology company, the average return on investment for enterprises using business intelligence and analytics is 1300%. Therefore, the increasing use of spatial data and analytical tools drives the location analytics market growth.
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The location analytics market covered in this report is segmented –
1) By Location Type: Outdoor Location, Indoor Location
2) By Component: Solutions, Services
3) By Deployment Mode: On Premise, Cloud
4) By Application: Risk Management, Customer Experience Management, Remote Monitoring, Supply Chain Planning and Optimization, Emergency Response Management, Location Selection And Optimization, Other Applications
5) By Industry Vertical: Transportation And Logistics, Retail, BFSI, IT And Telecommunication, Healthcare, Energy and Utilities, Manufacturing, Other Industry Verticals
The integration of artificial intelligence solutions has emerged as a key trend in the location analytics market. An AI-fueled approach to location intelligence can help in automating processes, detecting patterns within large sets of data, and making predictions. Developers can incorporate these insights into their applications and businesses using AI, which understands the features of location data. For instance, in November 2021, Noogata, an Israel-based no-code artificial intelligence (AI) data analytics company, launched an AI-based location analytics library for bricks and mortar insights. This enables sales and marketing directors to use AI to acquire actionable insights, such as creating and scoring leads for future sales prospects, by gaining a better understanding of the places that are relevant to their company.
The location analytics market report table of contents includes:
1. Executive Summary
2. Location Analytics Market Characteristics
3. Location Analytics Market Trends And Strategies
4. Location Analytics Market – Macro Economic Scenario
5. Global Location Analytics Market Size and Growth
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26. South America Location Analytics Market
27. Brazil Location Analytics Market
28. Middle East Location Analytics Market
29. Africa Location Analytics Market
30. Location Analytics Market Competitive Landscape And Company Profiles
Top Major Players:
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