Market Size of Location Analytics Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 19.70 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | North America |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Location Analytics Market Analysis
The Location Analytics market is expected to register a CAGR of 19.7% during the forecast period (2021 - 2026). Moreover, the COVID-19 impact had a varying degree of impact on the location analytics market, primarily due to the diverse effect of the pandemic on the end-user industries that deploy the services. Overall, the market was impacted negatively, although solid recovery is expected to drive the demand for location analytics over the forecast period.
- Location analytics has emerged significantly during the past few years. It is increasingly being used for locating friends in an area, locating the nearest restaurant, or advertising deals to shoppers in the nearby area. It gives users access to relevant and up-to-date information about their surroundings and allows businesses to update their customers regarding their orders. All these location analytics applications offer a dynamic user experience, providing a convenient method for interacting business enterprises with customers.
- The fastest developing positioning methods are based on a combination of mobile positioning and satellite-based GPS. With more widespread methods, like global cell identity (CGICTA) and enhanced observed time difference (E-OTD), the practical precision falls in the range of 50-1000 m. These technologies create opportunities for the end-users based on the accuracy needed for specific applications' location identification.
- With the arrival of cloud and IoT systems, companies are now automating most of their operations. The healthcare sector is also anticipated to witness a more significant number of applications. The increasing IoT applications, devised with healthcare requirements, are supposed to contribute to the growth of the market study for the healthcare vertical. For instance, Texas Health saved USD 412,000 using the real-time location-based system, as medical equipment is now readily located and maintained.
- The rise in all the customer-facing industries has led to the introduction to wi-fi location analytics system that allows the customers to connect through on-site wi-fi, which opens a direct channel of communication that enables the retail centers and similar others to understand their customers better and accordingly, deliver products as per the customer's needs. Understanding the customer's needs via this method helps maximize retail output and retail services. Different analytics solutions are pretty popular now, such as web analytics. Location-based analytics will become the need of the hour for designing and measuring the experiences of customers. Soon, location analytics solutions will become commonplace in the marketplace.
- Furthermore, many retail firms are implementing Location analytics in their marketing strategy. For instance, Walgreens uses Location analytics to encourage customer loyalty by pushing a notification that lets users open their app every time they enter a specific area. The user can further view promotional offers by looking at their account details. The implementation of Location analytics in retail is, thus, promoting the market.
Location Analytics Industry Segmentation
Location analytics is a computer or mobile application that provides information based on the device's location and user, primarily through portable mobile devices, such as smartphones and mobile networks. The precision of the location analytics primarily depends on the software used in the mobile communication system and is tracking anything present indoor and outdoor. Further, to arrive at the overall market projections, the study analyzes the impact of COVID-19 and the investment scenario and other macro-economic factors.
By Geography | |
North America | |
Europe | |
Asia Pacific | |
Latin America | |
Middle East and Africa |
Location Analytics Market Size Summary
The Location Analytics market has experienced significant growth and is poised for further expansion, driven by the increasing integration of mobile positioning and satellite-based GPS technologies. These advancements enable precise location identification, creating opportunities across various sectors. The market's growth is further fueled by the rise of cloud and IoT systems, which facilitate automation in operations, particularly in the healthcare sector. The adoption of location analytics in customer-facing industries, such as retail and e-commerce, is enhancing consumer engagement through personalized experiences and targeted marketing strategies. This trend is evident in the implementation of Wi-Fi location analytics systems and mobile apps that analyze consumer behavior based on geographic location, allowing businesses to tailor their offerings and improve service delivery.
The competitive landscape of the Location Analytics market is characterized by a moderate level of fragmentation, with numerous vendors offering solutions globally. Key players are engaging in strategic partnerships and mergers to enhance their market presence and leverage technological advancements. The market is witnessing innovations such as cloud-based applications and AI-driven analytics, which are reshaping business strategies and operational efficiencies. Regions like Japan and India are emerging as significant contributors to market growth, supported by robust internet penetration and a burgeoning automotive industry. These developments underscore the market's potential, encouraging vendors to expand their service portfolios and capitalize on the growing demand for location-based insights across various industries.
Location Analytics Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Increasing Use of Spatial Data and Analytics in Various Industries
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1.1.2 Growing Propensity of Consumers Toward Applications that Use Location Data
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1.2 Market Restraints
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1.2.1 Data Privacy Issues and Growing Regulations
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2. MARKET SEGMENTATION
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2.1 By Geography
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2.1.1 North America
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2.1.2 Europe
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2.1.3 Asia Pacific
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2.1.4 Latin America
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2.1.5 Middle East and Africa
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Location Analytics Market Size FAQs
What is the current Location Analytics Market size?
The Location Analytics Market is projected to register a CAGR of 19.70% during the forecast period (2024-2029)
Who are the key players in Location Analytics Market?
Microsoft Corporation, SAS Institute Inc., Google LLC, TomTom International BV and HERE Technologies are the major companies operating in the Location Analytics Market.