The location analytics market is expected to develop at a robust 14.8% CAGR between 2023 and 2033. Although the market is expected to be worth $20.66 billion in 2023, it is expected to grow to a market share of $82.14 billion by 2033.
The rising popularity of smartphones and location-based gadgets is propelling the market for location-based system solutions. In addition, real-time tracking, delivery, and regional forecasting services are gaining popularity in the industry.
Government authorities for geospatial and geographical research are fueling the demand for location-based technologies. The integration of AI, machine learning, internet of things with location analytics is thriving the market growth.
Authorities that deal with weather forecasting, climate change, and population density also flourish the growth of the location analytics market. These systems increase the scalability and agility of any business through segregated data representation.
Healthcare services also consume the market as it tracks the hospitals, patient number, and medical emergency through location tracking. These systems also support the productivity of corporate setups to clarify location-based statistics and empower the company with better decision-making power.
Key Points
- The North American market holds the dominant space in the location analytics market. The market growth is attributed to the growing competition amongst businesses along with the flourishing expansion of automotive integration. The new road traffic management solution through location analytics also helps the market bloom.
- The Asia Pacific location analytics market is also an important regional market. The regional growth is attributed to the improved market expansion and the huge smartphone using population
- Europe with expanding tourist activities provides the automotive industry with an option for location-tracking systems.
- The remote monitoring segment is likely to thrive in the application type category as it thrives on factors like increasing international businesses and remote work prospects. The segment is expected to gain 10% by 2032
- The transportation and logistics segment tops the industrial vertical category while it held 25% by 2022. The growth of this is fueled by the integration of automotive technology along with higher consumer usage.
Competitive Landscape
The key competitors focus on building systems with higher accuracy along with the elements like consumer information and number-based data. Key competitors also merge, acquire, and partner with other companies to increase the GPS enhancements, supply chain, and distribution channel. The key players in the market are ALTERYX, ESRI, GOOGLE LLC, HERE TECHNOLOGIES, HEXAGON, Microsoft Corporation, Oracle Corporation, PITNEY BOWES, SISENSE INC, SYNCSORT, IBM, and Quppa.
Recent Market Developments
- American tower along with the Oracle corporation introduced its ready-to-use services for workloads and location-based data. This is likely to offer valuable, actionable insights for businesses.
- Google introduced location intelligence with advanced frontier for data-driven success that is likely to impact the sales funnel positively for any personalized business.
Key Segments
By Component:
- Solution
- Geocoding & Reverse Geocoding
- Thematic Mapping & Spatial Analysis
- Reporting & Visualization
- Service
- Professional Service
- Managed Service
By Location Positioning:
- Outdoor Positioning
- Indoor Positioning
By Application:
- Risk Management
- Customer Experience Management
- Remote Monitoring
- Supply Chain Planning & Optimization
- Emergency Response Management
- Location Selection & Optimization
By Industry Verticals:
- Transportation & Logistics
- Retail
- BFSI
- IT & Telecom
- Healthcare
- Energy & Utilities
- Manufacturing
By Region:
- North America
- Latin America
- Europe
- Asia Pacific (APAC)
- The Middle East & Africa (MEA)
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