Selbyville, Delaware, Jan. 24, 2023 (GLOBE NEWSWIRE) —
The location analytics market valuation is expected to surpass USD 75 billion by 2032, as reported in a research study by Global Market Insights Inc.
The robust need for retailers to understand consumer preferences is primarily boosting the market revenue. By identifying customer purchasing trends across different demographics, location analytics solutions enable merchants to plan and create useful marketing campaigns. It allows businesses to understand customer requirements and launch products or services accordingly. Such software uses tags and beacons for indoor positioning to track personnel and devices efficiently. User tracking helps brands understand how customers are reacting to their products and what improvements can be implemented.
The location analytics market from the service segment is anticipated to record a steady growth rate of nearly 15% from 2023 to 2032. The rapid increase in the use of numerous interconnected technologies, including GPS/GNSS systems, scanners, and cameras has facilitated the need for efficient integration and maintenance of these systems. The awareness regarding the advantages of these technologies will influence the need for location analytics services. A major advantage of this service is that it allows businesses to reduce costs as they gain insights and tackle potential issues before they occur.
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The energy and utility segment of the location analytics market is estimated to witness over 10% CAGR up to 2032. With the increasing use of wireless technologies and equipment to assure safety and security, location analytics solutions are predicted to witness commendable deployment across the sector. Location-based mapping solutions help experts conduct site analyses to increase the efficiency of energy infrastructures like wind and solar energies.
The location analytics market from geocoding and reverse geocoding segment accounted for 45% revenue share in 2022. As the demand for businesses to evaluate and convert both geographic coordinates are on the rise, the geocoding and reverse geocoding solution segment is set to observe the market growth. Geocodes help companies analyze their clients and assess risk before targeting, managing portfolios, and investing in their networks. It allows companies to understand the challenges and opportunities that will open by taking on a new client.
Latin America location analytics market share to cross USD 14 billion by 2032, attributed to the rising use of remote sensing technologies in industries like disaster management, agriculture, and urban development. The penetration of smartphones and the desire for location-based marketing will speed up the expansion of the regional market.
Major location analytics industry participants are Cisco Systems Inc., Esri Global, Inc., HERE Global, B.V., Galigeo SAS, GeoMoby, Google LLC, IBM Corporation, PlaceIQ, Inc., Microsoft Corporation, Purple WiFi, SAP SE, and Oracle Corporation.
For Instance, in June 2022, Esri Global Inc., introduced the ArcGIS geoanalytics engine, enabling spatial analysis for huge data. It offers cloud-of-choice functionality that integrates with pre-existing analysis workflows without the need for further hardware or expertise. Integration of the ArcGIS geoanalytics engine will help businesses manage supply chains, optimize operations, and provide better customer service.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Location analytics market 360º synopsis, 2018 – 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM)
2.3 Regional trends
2.4 Component trends
2.5 Location positioning trends
2.6 Application trends
2.7 Industry vertical trends
Chapter 3 Location Analytics market Insights
3.2 Impact of COVID-19 outbreak
3.2.1 North America
3.2.3 Asia Pacific
3.2.4 Latin America
3.2.5 Middle East & Africa
3.3 Location analytics industry ecosystem analysis
3.3.1 Platform providers
3.3.2 Service providers
3.3.3 Cloud service providers
3.3.5 Profit margin analysis
3.3.6 Vendor matrix
3.4 Technology & innovation landscape
3.4.1 Real time data streaming
3.4.2 Location intelligence based social media
3.4.3 Autonomous mobility
3.5 Regulatory landscape
3.6 Patent analysis
3.7 Investment portfolio
3.8 Key initiatives and news
3.9 Industry impact forces
3.9.1 Growth drivers
188.8.131.52 Rising use of spatial data and analytical tools
184.108.40.206 Growing need of geographic predictive analytics
220.127.116.11 Increasing use of location-based applications among consumers
18.104.22.168 Growing uptake of location analytics technology in disaster management applications
22.214.171.124 Integration of location-based mapping systems with business intelligence systems
3.9.2 Industry pitfalls & challenges
126.96.36.199 Lack of uniform regulatory norms
188.8.131.52 High initial cost of deployment
3.10 Growth potential analysis
3.11 Porter’s analysis
3.11.1 Bargaining power of supplier
3.11.2 Bargaining power of buyer
3.11.3 Threat of new entrant
3.11.4 Threat of substitution
3.12 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.