Major players in the location analytics market are Alteryx Inc, Cisco Systems Inc. , CleverMaps , Environmental Systems Research Institute Inc. (ESRI), GaliGeo, Google LLC, Here technologies, Hexagon, Indoor Atlas ltd, Lepton Software , Microsoft corporation, Pitney Bowes Inc.
New York, June 06, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Location Analytics Global Market Report 2022" - https://www.reportlinker.com/p06284128/?utm_source=GNW
, PlaceIQ , Precisely, Purple, SAP, SAS Institute Inc., Sparkgeo Consulting Inc, TIBCO Software Inc, Tom Tom, Zebra Technologies Corporation., CARTO, GapMaps, Hardcastle GIS, Locale.ai , Mapidea , Newgrove Limited, Orbica, and Placense.
The global location analytics market is expected to grow from $16.15 billion in 2021 to $18.75 billion in 2022 at a compound annual growth rate (CAGR) of 16.1%. The location analytics market is expected to grow to $32.35 billion in 2026 at a CAGR of 14.6%.
The location analytics market consists of sales of location analytics services by entities (organizations, proprietors, partnerships) that contain a geographical component of the data which allows for new dimensions of analysis and insights.Location analytics uses visualization and analysis of geospatial data.
This is most commonly used for transactional data including sales, logistics, and supply chains to add a new dimension that helps contextualize specific figures and show the flow of items, sales, and supplies with depth and distance.
The main location types in location analytics include outdoor location and indoor location.The outdoor location enables the identification of prospective customers based on the online behavior, visualizing of location data and other factors, helping companies in geo-marketing, asset management, planning of business for further by understanding the behavior of consumers.
The different components include solutions, and services and are deployed in various modes such as on-premise and cloud. It is used in numerous applications including risk management, customer experience management, remote monitoring, supply chain planning and optimization, emergency response management, location selection and optimization, others and implemented in several verticals such as transportation and logistics, retail, BFSI, IT & telecommunication, healthcare, energy and utilities, manufacturing and others.
North America was the largest region in the location analytics market in 2021. The regions covered in the location analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Increasing use of spatial data and analytical tools is expected to propel the growth of the location analytics market going forward.The spatial data and analytical tools enhance the understanding, insights, decision making, and prediction by adding layers of geographic data such as traffic, weather, geography, and others.
Location data has the power to forecast demand, identify supply chain disruptions, facilitate infrastructure planning, and others.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%.
Also, according to a 2020 survey by Forbes, an American business magazine, 75% of retailers regarded location intelligence (LI) as crucial for their revenue growth strategy. Therefore, the increasing use of spatial data and analytical tools drives the growth of the location analytics market.
The integration of artificial intelligence solutions has emerged as a key trend in the location analytics market.An AI-fuelled 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.
In August 2019, Salesforce, a US-based technology, and software company acquired Tableau for a deal amount of $15.7 billion. Salesforce will be able to extract more value from Tableau’s data as a result of this acquisition, allowing it to make better business decisions and provide more intelligent customer experiences. The acquisition will also help enterprises with digital transformation by allowing them to access data from across Salesforce’s whole business and expose deeper insights to drive intelligence, make better decisions, create better customer experiences, and accelerate innovation. Tableau is a US-based software analytics company that provides location-based analytics, software analytics, and big data analytics and thus helps its customers analyze, visualize, and share information.
The countries covered in the location analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
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