CHICAGO, Nov. 06, 2019 (GLOBE NEWSWIRE) — Based on the insights in the report titled, “Location Analytics Market by Component (Solutions and Services), Location Type (Indoor Location and Outdoor Location), Application (Remote Monitoring, Risk Management), Vertical (Retail, Media and Entertainment), and Region – Global Forecast to 2024”, by MarketsandMarkets, the global location analytics market size is likely to reach USD 22.8 billion by 2024 from an estimated value of USD 10.6 billion in 2019. Increasing penetration of IoT, a growing volume of spatial data across various verticals, and increasing focus on competitiveness are driving the growth of the market.
The location analytics market is divided into two segments, namely, solutions and services. Presently, the solutions segment held a higher market share, and the trend is expected to continue during the forecast period. Solutions and services help enterprises localize, analyze, and act on changing business conditions and trends. Companies have started to invest in location analytics for increasing agility and overall operational productivity, understanding business trends in a better way, and reducing operational costs.
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By solution, the geocoding & reverse geocoding segment is expected to hold the largest location analytics market share by 2024. The geocoding and reverse geocoding solution helps businesses across industries map coverage, acquire new customers, and identify competitors to determine prime target areas for promotional activities. The integration of geocodes with points and parcel data helps identify all potential customers that organizations can easily support through their infrastructure. The factors above have significantly increased the demand for the geocoding and reverse geocoding solution.
By service, the consulting segment is expected to hold the largest location analytics market share by 2024. Consulting services play a vital role in improving vendor performance while delivering location analytics solutions. As most of the organizations lack the technical expertise to deploy and manage data, consulting service providers offer ways to overcome problems. The consulting services outline the process of seamlessly deploying and migrating business applications and corporate data across centralized data centers residing on-premises as well as in the cloud.
The outdoor location segment is expected to hold a larger location analytics market size in 2019 as compared to the indoor location segment. Organizations make the use of outdoor location analytics to monitor their immovable assets for reducing costs. Airlines can determine the exact location of their planes and accordingly inform arrival time to passengers in case of delays. Major applications for outdoor locations are geo-marketing and advertising, asset tracking, personal tracking, customer location tracking, fleet tracking, freight management, route optimization and planning, mapping discovery and infotainment, geographic event alerts, and defense management.
The use of location analytics is explicitly seen in applications, wherein specific departments in organizations can get useful information from location data. Location analytics-based applications, along with associated services, ensure the optimal level of location security in enterprises. The remote monitoring segment is estimated to hold the largest size of the location analytics market in 2019. The sales and marketing optimization segment is expected to grow at the CAGR during the forecast period. Location analytics solutions help enterprises uncover new markets, new audience niches, and areas for future development. Moreover, they help monitor market trends and consumer behavior for formulating marketing strategies.
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The media & entertainment vertical is expected to grow at the highest CAGR during the forecast period in the global location analytics market. Location-based technologies assist media and entertainment companies in managing their distribution networks, targeting advertising campaigns, and obtaining customer analytics. Location analytics helps locate tweets, photos, and videos based on their street locations, topographies, and community-based maps. Social data can be integrated with safety assets, city infrastructure, utility networks, weather, automated vehicle locations, and map data. The real-time feature of location analytics creates a more adaptive approach to marketing and enables businesses to change their marketing and engagement in real-time for meeting consumers’ needs. Location analytics offers the audience engagement and customer engagement applications to media and entertainment companies.
North America is projected to hold the largest market share in 2019, whereas APAC is likely to grow at the highest CAGR. The early adoption of advanced technologies, government initiatives, and the proliferation of startups offering location-based technologies are increasing the growth of the location analytics market in North America. China is undergoing a rampant transformation in the areas of telecommunication and IT. Location-based games are becoming popular in China. Therefore, businesses and location-based technology app developers are focusing on gaming as an important sales channel. For instance, Rovio, a developer of location-based video games, has teamed up with McDonald‘s to offer the location-based editions of Angry Birds in fast-food restaurants. The unique in-restaurant game features, such as exclusive game modes, stages, and power-ups, from China, are not available anywhere else in the world.
Leading vendors in the global location analytics market are SAS Institute (US), Oracle (US), Esri (US), IBM (US), Pitney Bowes (US), and many others. The players offer solutions to track company data in a specific area. Hence, the solutions assist them in analyzing the data from various sources by using data analytics techniques.
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