The global location analytics market was valued at USD 8.8 billion in 2018 and is expected to reach USD 24.4 billion in 2026, growing at a CAGR of 13.2% during the forecast period. Location analytics is a process of gathering real-time business data and arranging it in a geographical information system to analyse spatial tools. The data analysed in this tool consists of geographical component.
Based on location type, the indoor locations segment is expected to grow at the highest CAGR of around 18 % during the forecast period
Based on application, the retail segment is accounted for the largest share in the market and held for around 37% of the total market, in 2018
North America predicted to register almost 40% share of the global location analytics market in 2018
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In May 2019, Esri released a new software ArcGIS 10.7 in order to provide unified solution to its customers
In June 2018, Cisco acquired July Systems which offers cloud-based location services
Location analytics industry is in the evolution phase with multiple service providers investing substantially to develop compatible solutions. The rapid growth of the retail industry saw the entry of several industry players who provide more emphasis on improving the consumer experience. One of the key applications of location analytics is disaster prevention and analysing scientific data regarding current and past natural disasters. Based on these data points, several governments have already implemented anti-flooding measures. Location analytics has been successfully implemented to avert the dangers of the earthquake as well. This analytics tool uses components such as cameras, mobile devices, sensors, among others in order to enable organizations across various industry verticals. Location analytics uses global positioning systems (GPS) to combine spatial data with traditional business intelligence (BI) data.
Rising demand for location analytics in applications such as risk management and remote monitoring in emerging countries is the key factors attributed to the market growth. Furthermore, government initiatives to enhance data collection is also expected to fuel market growth during the forecast period. On the other hand, stringent regulations imposed on data privacy owing to an increased threat of data theft and lack of uniform regulatory norms are some of the factors which are proving to be major hindrance to this market. However, the growing adoption of location analytics along with social media for customer engagement is expected to create major growth opportunities during the forecast period.
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