It is projected that the location analytics market would grow at a robust 14.8% CAGR from 2023 to 2033. Although the market is projected to be valued at US$ 20.66 billion in 2023, it is predicted to surpass a market share of US$ 82.14 billion by 2033.
The market for location-based system solutions is being driven by the growing use of smartphones and location-based appliances. In addition, real-time tracking, delivery, and regional forecasting services are becoming more and more popular in the market.
Government authorities for geospatial and geographical research are fueling the demand for location-based technologies. The integration of AI, machine learning, internet of things with location analytics is thriving the market growth.
Authorities that deal with weather forecasting, climate change, and population density also flourish the growth of the location analytics market. These systems increase the scalability and agility of any business through segregated data representation.
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Healthcare services also consume the market as it tracks the hospitals, patient number, and medical emergency through location tracking. These systems also support the productivity of corporate setups to clarify location-based statistics and empower the company with better decision-making power.
Key Points
- The North American market holds the dominant space in the location analytics market. The market growth is attributed to the growing competition amongst businesses along with the flourishing expansion of automotive integration. The new road traffic management solution through location analytics also helps the market bloom.
- The Asia Pacific location analytics market is also an important regional market. The regional growth is attributed to the improved market expansion and the huge smartphone using population
- Europe with expanding tourist activities provides the automotive industry with an option for location-tracking systems.
- The remote monitoring segment is likely to thrive in the application type category as it thrives on factors like increasing international businesses and remote work prospects. The segment is expected to gain 10% by 2032
- The transportation and logistics segment tops the industrial vertical category while it held 25% by 2022. The growth of this is fueled by the integration of automotive technology along with higher consumer usage.
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Competitive Landscape
The key competitors focus on building systems with higher accuracy along with the elements like consumer information and number-based data. Key competitors also merge, acquire, and partner with other companies to increase the GPS enhancements, supply chain, and distribution channel. The key players in the market are ALTERYX, ESRI, GOOGLE LLC, HERE TECHNOLOGIES, HEXAGON, Microsoft Corporation, Oracle Corporation, PITNEY BOWES, SISENSE INC, SYNCSORT, IBM, and Quppa.
Recent Market Developments
- American tower along with the Oracle corporation introduced its ready-to-use services for workloads and location-based data. This is likely to offer valuable, actionable insights for businesses.
- Google introduced location intelligence with advanced frontier for data-driven success that is likely to impact the sales funnel positively for any personalized business.
Key Segments
By Component:
- Solution
- Geocoding & Reverse Geocoding
- Thematic Mapping & Spatial Analysis
- Reporting & Visualization
- Service
- Professional Service
- Managed Service
By Location Positioning:
- Outdoor Positioning
- Indoor Positioning
By Application:
- Risk Management
- Customer Experience Management
- Remote Monitoring
- Supply Chain Planning & Optimization
- Emergency Response Management
- Location Selection & Optimization
By Industry Verticals:
- Transportation & Logistics
- Retail
- BFSI
- IT & Telecom
- Healthcare
- Energy & Utilities
- Manufacturing
By Region:
- North America
- Latin America
- Europe
- Asia Pacific (APAC)
- The Middle East & Africa (MEA)
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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