Overview
The global location analytics market is growing continually. The market growth attributes to the spurring rise in the retail market and growing focus on customer satisfaction needs and adoption of technologies. Besides, the proliferation of smartphones, IoT devices, and the Internet drive market growth. Moreover, advances in analytical capabilities in location detection, transactional data, and geographical information system escalate the growth of the market.
According to Market Research Future (MRFR), the global Location Analytics Market Research would reach over 31.13 billion by 2030, registering 16.5% CAGR throughout the forecast period (2021-2030). The expansion of existing 3G/4G and 5G connectivity technologies are some of the factors fuelling the location-based services market. Similarly, upgrades in location intelligence, mobile location analytics, and emergency response management technology foster the growth of the location analytics industry.
Additionally, increasing uptake of mobile location analytics increase the location analytics market size. The penetration of the IoT platform that helps organizations enhance their business operations by providing customer interaction enhances the market valuation figure. The adoption of thematic mapping, data integration, and spatial analysis is growing tremendously, accelerating market growth in turn.
With the growing adoption of location analytics in rising numbers of BFSI and IT & telecom companies, the market has a positive outlook in the years to come. On the other hand, issues related to security concerns, privacy, and database errors are major factors projected to impede market growth.
Nevertheless, rapidly increasing social media platforms have accelerated the demand for location analytics to track user interactions on these sites. The increasing importance of web analysis and data analytics, alongside advances in predictive analysis, boosts the market demand.
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Global Location Analytics Market – Segmentation
The report is segmented into four dynamics;
By Component: Software (Geocoding, Reverse Geocoding, Thematic Mapping, Reporting, Data Integration, Spatial analysis, others) and Services.
By Deployment: On-premises and Hosted.
By End-users: BFSI, IT & Telecommunications, Retail, Healthcare, Government, Transportation, Energy & Utilities, Government, and others.
By Regions : Asia Pacific, North America, Europe, and the Rest-of-the-World.
Global Location Analytics Market – Competitive Analysis
Numerous players form a competitive landscape in the location analytics market. These players adopt aggressive strategic initiatives such as innovation, mergers & acquisitions, and brand reinforcement. They continuously launch analytics and services in developing economies to take advantage of the economic growth in these regions.
Location Analytics Market – Regional Analysis
North America dominates the global location analytics market. The largest market share attributes to the increasing adoption of Wi-Fi location analytics and emerging technologies. Besides, high investments in developing cloud-based solutions and other related technologies increase the location analytics market size.
The region is home to advanced communication technology providers with strong data mapping and data integration services, impacting the regional market growth. The North American location analytics market is projected to retain its dominance throughout the estimated period.
The location analytics market in the Asia Pacific region is gradually emerging as a promising market globally. Factors such as the demand for home-based solutions and technological advantages boost the growth of the regional market. Additionally, the increasing adoption of geocoding and reverse geocoding, alongside the rising deployments of cloud-based services, influences the region's market growth.
The proliferation of smartphones provides enormous opportunities across businesses. The increasing use of navigation services and location-based advertising in the region offers better scope for the APAC countries to advance in location-based services.
Japan, China, and India are rapidly growing APAC countries anticipated to demonstrate a rapid growth rate through the forecast period. The APAC location analytics market is expected to create a substantial revenue pocket over the forecast period.
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Location Analytics Market Research Report: Information by Technology (Hall Effect, Magneto Resistive, Variable Reluctance), By Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2030
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