BANGALORE, India, June 24, 2022 /PRNewswire/ -- The Location Analytics Market is segmented by Type (Software, Service), By Application (BFSI, Healthcare and Life Sciences, Government and Utilities, Retail and Consumer Goods, Telecommunications and IT, Transportation and Logistics, Others) : Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Software Category.

The global Location Analytics market is projected to reach USD 39350 million by 2028, from USD 14630 million in 2021, at a CAGR of 15.0% during 2022-2028.

Major factors driving the growth of the Location Analytics market

The market for location analytics is growing due to rising applications in BFSI, healthcare, retail, telecommunication, and transportation industry. The widespread penetration of smart devices and better connectivity enhances network services.

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TRENDS INFLUENCING THE GROWTH OF THE LOCATION ANALYTICS MARKET

Smartphones provide useful location data about consumers' needs and buying patterns both offline and online which can be leveraged by businesses to improve their user experience. Location intelligence combines website visits and browsing history along with a person's physical store presence to gain detailed insights on their purchasing journey. Consumers want up-to-date reliable information like opening hours, special hours for senior citizens, curbside pickup, and whether masks are required. Targeted advertising can be pushed to a specific section of the audience based on their location. For example, location intelligence can push a digital display ad of a sports-themed restaurant chain to a group of sports fans that drive past a particular billboard on game day.

The BFSI industry will positively impact the growth of the location analytics market. Automation software coupled with location intelligence algorithms provides greater visibility into overall banking operations like individual branch performance, comparison and visual mapping of areas under or overserved. BFSI companies will benefit greatly through thematic mapping offering a holistic snapshot of the business, forecasting profitable areas with a visual representation of demographic data through heat maps, and targeted marketing campaigns with upselling or cross-selling. This directly enhances the service quality.

The location of a patient is vital information for public and private healthcare providers. Ambulances have a set time for arrival as speed is crucial for saving lives. Location analysis is used for calculating drive time and full coverage dispatch through visualizing newer road networks. Clinics and private hospitals can expand into new areas with high demand. Authorities extract extensive datasets related to patient addresses, blood samples, and the number of confirmed cases to provide answers to important questions like - the place of an outbreak, environmental issues, eating behavior, and patterns of the disease. These factors will boost the growth of the location analytics market during the forecast period. 

Government and public organizations are shifting to location intelligence as it helps to serve the public better ensuring citizen safety during emergencies. Police forces can be deployed at appropriate locations where crime statistics are high. Citizens can easily visit their local council website and use the mapping system to gain information on nearby waste collection, school catchment areas, nature reserves, and leisure activities. This reduces the pressure on the government's service support team and improves efficiency. Such factors will drive the growth of the location analytics market in the coming years.

Customer retention is a huge challenge for telecom operators. Important geographic information provides context-based data on cell tower infrastructure optimization, service improvement, and much more. A unique address identifier provides seamless communication with each individual consumer. This improves the efficiency of the customer support system. Such factors will boost the growth of the location analytics market during the forecast period.

Location intelligence tools, geo coordinates, and high-precision interactive apps help logistical companies calculate the distances of planned shipments, driver safety, route optimization, traffic density, weather condition, road networks, etc. Fleet managers use location analytics data to minimize the delivery time to end-users through exact location mapping with 2D physical outlines. This will push the location analytics market forward in the upcoming years.

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LOCATION ANALYTICS MARKET SHARE ANALYSIS

Based on product, the software segment is expected to dominate in the location analytics market share with 75%. This is due to continuous innovations that are solving users' location-related problems efficiently.

Based on application, the retail and consumer goods segment will be the most lucrative owing to large scale use by retailers for tracking consumer buying behavior and strategizing targeted marketing campaigns.  

Based on region, North America will grow the highest with a share of 45% due to the high demand for location intelligence from end-user industry verticals. 

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Key Players :

• SAP SE
• IBM Corporation
• Oracle Corporation
• Microsoft Corporation
• Google Inc.
• Tableau software
• SAS Institute
• TIBCO Software Inc.
• Information Builders
• Pitney Bowes
• MicroStrategy

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SIMILAR REPORTS:

- The global location-based services market size was valued at US$ 36.35 billion in 2020 and is projected to reach US$ 318.64 billion in 2030 with a CAGR of 24.3% during the review period.

- The global Real Time Location Systems in Sports (RTLS) market size is projected to reach US$ 7248.6 million by 2027, from US$ 831 million in 2020, at a CAGR of 35.6% during 2021-2027.

- The global Digital Signage market size is estimated to be worth US$ 11080 million in 2022 and is forecast to be a readjusted size of US$ 14510 million by 2028 with a CAGR of 4.6% during the review period.

- The global Real-Time Location System Solutions market size is projected to reach US$ 14020 million by 2028, from US$ 4616.9 million in 2021, at a CAGR of 16.9% during 2022-2028.

- The global Location Analytics Software market size is projected to reach US$ 38740 million by 2028, from US$ 14630 million in 2021, at a CAGR of 14.7% during 2022-2028.

- The global Location of Things market size is projected to reach US$ 116000 million by 2028, from US$ 20810 million in 2021, at a CAGR of 27.3% during 2022-2028.

- The global Network Analytics market size is projected to reach USD 3167.6 Million by 2028, from USD 1061.3 Million in 2021, at a CAGR of 16.4% during 2022-2028.

-  The global big data analytics in retail market size was valued at US$ 4854 million in 2020 and is projected to reach US$ 25560 million by 2028 registering a CAGR of 23.1% from 2021 to 2028.

- The global Warehouse Management Systems Market Size was valued at USD 2.4 Billion in 2020, and is projected to reach USD 10.6 Billion by 2030, growing at a CAGR of 16.3% from 2021 to 2030.

- The global healthcare analytics market size was valued at $23.51 billion in 2020 and is projected to reach $96.90 billion by 2030, growing at a CAGR of 15.3% from 2021 to 2030.

- The global Drone Analytics market size is projected to reach US$ 2931.6 million by 2028, from US$ 1070.7 million in 2021, at a CAGR of 15.4% during 2022-2028.

- The global big data and business analytics market size was valued at $198.08 billion in 2020, and is projected to reach $684.12 billion by 2030, growing at a CAGR of 13.5% from 2021 to 2030.

- The global Embedded Analytics market size is projected to reach USD 62100 Million by 2028, from USD 28890 Million in 2021, at a CAGR of 11.4% during 2022-2028.

- The global video analytics market size was valued at $4,102.0 million in 2019 and is projected to reach $21,778.0 million by 2027, registering a CAGR of 22.7% from 2020 to 2027.

- The global big data analytics in education market size was valued at US$ 13.58 billion in 2020 and is projected to reach US$ 57.14 billion by 2030 registering a CAGR of 15.3%.

- The global Marketing Analytics market size is projected to reach US$ 6162 million by 2028, from US$ 2959.1 million in 2021, at a CAGR of 10.9% during 2022-2028.

- The global Retail Analytics market size is projected to reach US$ 4514.8 million by 2027, from US$ 2471 million in 2020, at a Compound Annual Growth Rate (CAGR) of 9.0% during 2021-2027.

- The global Building Automation market size is projected to reach USD 59630 Million by 2028, from USD 40980 Million in 2021, at a CAGR of 5.4% during 2022-2028.

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