Location Analytics Market Outlook – Key Drivers, Industry Analysis & Forecast
Category: #business  By Rahul Varpe  Date: 2021-10-13
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Location Analytics Market Outlook – Key Drivers, Industry Analysis & Forecast

Top 3 major trends boosting location analytics market outlook over 2020-2026

As organizations across the world embark on their digital transformation journey, the global location analytics market is recording consistent growth in consort with advancements in the IoT (Internet of Things) and other location-related technologies. In recent years, enterprises worldwide are adopting location-based analytics technologies to analyze insights gathered from numerous data sources such as sensors, cameras, social media sites, mobile devices, and GPS devices.

Location analytics solutions help companies to combine both location and sales data to map profitable areas. These companies have also been leveraging location analytics technologies to compare sales revenue based on territories and marketing campaigns. Besides, cutting-edge capabilities including mapping and analytics tools are assisting professionals to evaluate business information efficiently, predominantly accelerating location analytics market growth over the forecast period.

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A study conducted at Global Market Insights suggests that the location analytics market is expected to exceed USD 30 billion by 2026

Top 3 trends accelerating location analytics market

Increasing adoption across the healthcare sector

The global location analytics market is essentially gaining traction across the healthcare sector. The ongoing COVID-19 pandemic has significantly accelerated the usage of geospatial data. Besides, industry participants are rolling out cutting-edge location-based platforms for private and public healthcare agencies.

Citing an instance to highlight the same, in June 2020, ESRI Saudi introduced a new COVID-19 related dashboard with location-based information to assist Saudi Arabia’s Ministry of Health. The dashboard offers real-time location-based data to analyze and monitor COVID-19 cases across the nation. Such initiatives are likely to accelerate location analytics market trends over the forecast period.

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Increasing demand across the Asia Pacific

Asia Pacific location analytics market is expected to record significant growth over the forecast period on the back of growing demand for location-based insights technologies. Companies in the region, including Japan, India, and China, are adopting location-based analytics technologies for informed decision making. Citing an instance to highlight the same, in June 2020, ZENRIN, a Japanese location data provider, collaborated with Here Technologies to offer location data services to enterprise customers. Under the collaboration, the firm used the Here’s Marketplace platform to cater to customers with location-related data.

Surging partnerships among Industry participants and government agencies

While talking about the competitive landscape, it is pivotal to mention that companies operating in the location analytics market are partnering with government defense agencies to provide them a comprehensive suite of location analytics technologies.

For instance, in July 2020, the UK’s defense ministry collaborated with the location analytics market to form a three-year strategic geospatial partnership. Through this partnership, the company will assist the defense ministry in strategizing land, air, and maritime technology services. The firm offered its exclusive suite of ArcGIS and supportive services to aid MOS’s location-based defense decision-making.

Aided by initiatives like the aforementioned, studies suggest that the location analytics market will record lucrative proceeds over the ensuing years. Notably, companies such as Google LLC, Cisco Systems, Microsoft Corporation, SAP SE, and ESRI are currently at the forefront global over the ensuing years.
 

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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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