Location Analytics Market
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Location Analytics Market size exceeded USD 18 billion in 2022 and is projected to expand at more than 15% CAGR from 2023 to 2032.
Location analytics solutions and services are expected to see a surge in demand on the back of the growing need for geospatial information data and location-based services across enterprises. With the emerging impacts of climate change and other global warming issues, the need to monitor geographic changes is fueling the need for geospatial information. By fusing spatial data with conventional business intelligence data, location analytics allows firms to keep track of the present business situation. This improves the efficiency of the business to a higher level as they can predict shortcomings beforehand.
The high initial investment costs of location analytics and GIS technology are hampering the industry growth. The software requires many different components to carry out tasks like information storage, modification, summarization, querying, and visualization, making it complicated to use. Companies need qualified, skilled, and trained employees to understand and use this software to its full potential. Finding such employees or training the existing ones is an expensive investment for companies. This high cost of deployment could restrict the business growth in the long run.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Location Analytics Market Size in 2022: | USD 18 billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 - 2032 CAGR: | 15 |
| 2023 Value Projection: | USD 75 billion |
| Historical Data for: | 2018 to 2022 |
| No of Pages: | 330 |
| Tables, Charts & Figures: | 467 |
| Segments Covered: | Component, Location Positioning, Application, Industry Vertical |
| Growth Drivers: |
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| Pitfalls Challenges: |
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Location analytics market from the reporting & visualization solution segment is poised to record nearly 15% growth rate between 2023 and 2032. The need for reporting and visualization solutions is driven by the rising demand for customized geospatial reports for specific business decision-making. This approach is used to view and report business data and geographic components which helps in making improvements in future forecasts, marketing plans, and budget planning.
The remote monitoring application segment is predicted to observe over 10% gains through 2032. The demand for location analytics solutions and services for remote monitoring is on a rise because of the need to monitor geographically scattered business locations and facilities. Utilizing location analytics allows businesses to protect their workspace in real-time from potential hazards.
The transportation & logistics segment accounted for 25% of the location analytics market share in 2022 due to the growing importance of remote monitoring of transport workflows, there is a considerable increase in the demand for these solutions across the sector. Businesses can utilize location analytics to visualize their routes, examine various factors, and decide in real time how to use their fleets of vehicles more efficiently. In case of emergencies, these systems are also helpful for finding a missing truck from the fleet, analyzing any damages, etc.
Europe location analytics market is predicted to hold more than 20% of the revenue share by 2032 owing to the widespread use of GPS systems for collecting location-based data and the uptake of inexpensive sensors. The adoption of these solutions across several sectors like transport, logistics, communication, delivery systems, etc. is influencing the business expansion. To offer sustainable services, logistics service providers in the region are introducing new business models and strategies.
Top participants operating in the global location analytics industry include ::
New collaboration activities is enabling these firm to develop new products and services. For instance, in 2021, Wipro and HERE teamed up to offer location-based services across several industry verticals. Through this collaboration, they worked on developing
Unlike other industry verticals, the location analytics market witnessed positive growth during the COVID-19 pandemic. Location analytics was highly used for monitoring emergency services to provide useful information in order to plan better strategies. This technology significantly helped government and healthcare centers to map the active as well as confirmed cases of COVID-19. The pandemic also accelerated the cloud transition.
Market Insights, By Component
Market Insights, By Location Positioning
Market Insights, By Application
Market Insights, By Industry Vertical
The above information has been provided for the following regions and countries:
The market size of location analytics crossed USD 18 billion in 2022 and is expected to observe more than 15% gains through 2032.
Europe location analytics market is poised to hold a share of over 20% by 2032 due to the widespread use of GPS systems for collecting location-based service data and the uptake of inexpensive sensors.
Key players operating in the industry include Microsoft Corporation, PlaceIQ, Inc., Purple WiFi, SAS Institute, TomTom B.V., TIBCO Software, Inc., and Zebra Technologies Corporation.
The reporting & visualization solution segment is predicted to record a CAGR of over 15% between 2023 and 2032 as it helps make improvements in marketing plans, and budget planning.