- Proliferation of smartphones and upsurge in usage of GPS-enabled devices, growing usage of spatial data and analytical tools, increasing adoption of location analytics for asset management across various industries drive the global location analytics market
PORTLAND, Ore., March 18, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Location Analytics Market by Component (Software and Services), Location Type (Indoor and Outdoor), Deployment Mode (On-premise and Cloud), Application (Remote Monitoring, Sales & Marketing Optimization, Asset Management, Risk Management, Facility Management, and Others) Industry Vertical (BFSI, Retail & Consumer Goods, Healthcare, Hospitality, Transport & Logistic, Government, IT & Telecom, Media and Entertainment, and Others), and Region: Global Opportunity Analysis and Industry Forecast, 2020-2027" According to the report, the global location analytics industry was estimated at $10.29 billion in 2019, and is anticipated to hit $31.13 billion by 2027, registering a CAGR of 15.5% from 2020 to 2027.
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Drivers, restraints, and opportunities:
Proliferation of smartphones and upsurge in usage of GPS-enabled devices, growing usage of spatial data and analytical tools, increasing adoption of location analytics for asset management across various industries, and rise in adoption of location analytics in retail sector drive the global location analytics market. On the other hand, consent and privacy concerns restrain the growth to some extent. Nevertheless, emergence of advanced technologies in the field of GIS, and integration of AI with location analytics are expected to create multiple opportunities in the industry.
Impact of Covid-19 Pandemic on Location Analytics Market:
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The software segment to dominate by 2027:
Based on component, the software segment contributed to more than three-fifths of the global location analytics market share in 2019, and is projected to rule the roost by the end of 2027. The growing need across the businesses to see trends on maps and graphics to optimize certain business opportunities drive the growth of the segment. On the other hand, the services segment would manifest the fastest CAGR of 16.8% throughout the forecast period. This is de to an extensive adoption of services among end users, as it ensures effective functioning of location analytics software throughout the process.
The transport and logistics segment to maintain the dominant share:
Based on industry vertical, the transport and logistics segment accounted for nearly one-fifth of the global location analytics market revenue in 2019, and is anticipated to lead the trail by 2027. The advent of digitalization fuels the need for location analytics in the transport & logistic industry, owing to its ability to offer customized marketing strategy solutions. Simultaneously, the healthcare segment would garner the fastest CAGR of 22.4% from 2020 to 2027. This is attributed to rise in need to use maps and demographic data to identify vulnerable populations and disease surveillance with consistent, accurate, and latest data to enable informed decisions that may lead to improved site performance and outcomes.
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Asia-Pacific, followed by North America, to rule the roost:
Based on geography, North America held the major share in 2019, generating around two-fifths of the global location analytics market. This is due to continuous technological advancements in location-based services field and enhanced financial support for technology development from the government in this province. At the same time, the same Asia-Pacific region would also showcase the fastest CAGR of 18.8% during the forecast period. This is owing to the factors such as the growth in number of industries, such as manufacturing, construction, real estate, tourism, and others; increase in adoption of smartphones and location-enhanced marketing; and integration of location-based search with social networking websites.
Key players in the industry:
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