The net worth of the location intelligence market share is projected to rise from USD 18.85 billion in 2023 to USD 81.74 billion or more by 2033. The market is projected to expand at a CAGR of 15.8% from 2023 to 2033.
The banking, financial services, and insurance (BFSI) industry is using location data more and more to identify fraud, draw attention to legal costs, and advertise special offers. Commercial places like stadiums, hotels, and airports offer way-finding alerts, quicker product delivery, and efficient queue management to improve the consumer experience.
As more people become aware of its benefits, location intelligence is being used more and more in EV charging stations, 5G networks, and drone analytics. The education and training industry requires professionals who can make judgement calls.
Market growth is anticipated to be accelerated by the rising popularity of location-based applications and web mapping services. As more firms use spatial data and look for predictive analysis solutions globally. This market is therefore anticipated to expand quickly. Social media is also gaining popularity as a way to interact with clients and get their input directly.
Key Takeaways from Market Study
- The location intelligence market is expected to record a CAGR of 15.8% over the forecast period.
- It is estimated that the location intelligence market in North America is expected to remain strong during the forecast period, with 33% of total revenue.
- Sales & Marketing Optimization applications is likely to dominate the global market with a share of more than 19.5%.
- The system integration category segment dominated the industry and accounted for over 45% of the total market revenue.
- It is expected that the market in China is likely to demonstrate a high level of growth by 2033.
The Location Intelligence Market Segmentation by Category
By Vertical:
- BFSI
- Government & Defense
- Retail & Consumer Goods
- IT & Telecom
By Application:
- Workforce Management
- Asset Management
- Facility Management
- Risk Management
- Remote Monitoring
- Sales & Marketing Optimization
- Customer management
By Service:
- System Integration
- Consulting
By Region:
- North America
- Latin America
- Europe
- The Middle East and Africa
- East Asia
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