Location Intelligence Market Research, Key Players, Analysis And Forecast 2027: Grand View Research Inc.

 

The global location intelligence market size is expected to reach USD 32.8 billion by 2027, expanding at a CAGR of 15.2 % according to a study conducted by Grand View Research, Inc. Growing penetration of smart devices coupled with the rising demand for data-rich location solutions to increase customer engagement and drive operational efficiency is expected to bolster the growth. Increasing penetration of network infrastructure and smart devices paired with rising digitalization has enabled organizations to collect user information, which in turn is anticipated to further spur the market growth.

In contrast to its related industries like consumer electronics and semiconductors, the data center and communications infrastructure industry is expected to be more buoyant with continued strategic investments made to support the increased network traffic and data usage for remote working during the lockdown phase. From school closures necessitating students to use virtual offerings (Google Classroom ) to the governments using business analytics services (Power BI) for communicating virus updates, the demand for communication services and related infrastructure has witnessed an unprecedented rise amidst the global pandemic. Digital services including telemedicine are expected to remain popular even after the pandemic is contained, thereby ensuring strong growth in the communication infrastructure industry. The report will account for Covid19 as a key market contributor.

Location intelligence is a subcategory of the IoT concept that enables businesses to identify consumer trends, customer behavior, and a variety of information regarding niche markets for the organizations to make better decisions, deliver better products and services, and to mitigate the uncertainties in the market. Organizations are incorporating real-time location monitoring capabilities in various devices, especially smartphones, for monitoring and recording the geographic position of consumers to be able to analyze trends, improve customer experience, and optimize business operations. Owing to the benefits offered, organizations are more inclined toward the implementation of location intelligence services thus spurring the market growth.

To Request Sample Copy of this report, click the link:

https://www.grandviewresearch.com/industry-analysis/location-intelligence-market/request/rs1

Additionally, the booming smartphone and smart devices industry in the Asia Pacific (APAC) region is expected to drive the growth of the location intelligence market. The steady rise in investments in IoT technologies, an increasing number of smartphone users, and rising spending on connected devices in APAC countries are the factors predicted to fuel the market expansion over the forecast period. However, the lack of network infrastructure, data privacy concerns, lack of awareness, and other operational challenges and risks can hinder growth.

Location Intelligence Market Report Highlights

·         North America accounted for the largest market share in 2020, owing to the highest adoption of IoT and the presence of key players such as Google, Apple, Qualcomm, HERE, Bosch, and GE

·         The European Commission is heavily investing in IoT infrastructure and location intelligence technologies thereby aiming to accelerate the regional growth

·         The Asia Pacific is expected to experience the fastest growth over the forecast period, owing to the rising number of smartphone users, enhancement of networking technologies, increasing number of service providers, and rise of social media

·         The transportation and logistics vertical segment accounted for over 19% of the market share in 2020. The rising adoption of innovative location intelligence tools, owing to rapid technological advancements in network communication, location determination techniques, and sensor technologies is expected to influence the growth

·         2020, Sales and marketing optimization and customer management applications account for market shares of over 20% and 17% respectively. These applications enable organizations to assess spending patterns, consumer behavior, and forecast sales enabling them to optimize profitability

Location intelligence helps detect risks, patterns, and opportunities for businesses with the help of physical geography, demographics, and data pertaining to the location. Other benefits of location intelligence include predictive analytics, risk management, real-time tracking of patterns and trends, and streamlining services and operations of companies. This factor is anticipated to fuel the adoption of location intelligence services across organizations driving the overall market. Rising demand for location intelligence data to enhance business operations and to deliver personalized services is expected to further spur the growth.

Smartphones allow businesses to access dynamic location data, such as information on customers’ whereabouts, their preferences, duration of their stay, and frequency of visits. These dynamic location data enable organizations to predict customer behavior and their buying patterns, which can help in better decision making. The increased use of mobile devices for commercial transactions has been an emerging trend over the last decade. The adoption of new technologies and increasing investments in infrastructure have resulted in the development of numerous Business-to-Consumer (B2C) and Business-to-Business (B2B) applications. The widespread use of various mobile applications and enhanced location sharing capabilities of mobile devices have revolutionized the way services are being delivered to the end-users.

Companies, such as Google, ESRI, Qualcomm, AT&T, Intel, and Apple are making significant investments in location intelligence technologies. The solutions providers are integrating real-time location monitoring capabilities in devices, such as smartphones, vehicles, and aircraft. These tools enable businesses to identify consumer trends and behavior and collect a variety of information on niche markets enabling better decision making, delivering better products and services, and mitigating the uncertainties in the market. Thus, the need to optimize business operations and cost efficiency have increased demand for location intelligence tools across various industries, which is anticipated to accelerate market growth.

Have a Query? Ask Our Expert:

https://www.grandviewresearch.com/inquiry/5189/ibb

The market is highly competitive in nature, owing to the presence of prominent players, such as Pitney Bowes Inc.; Apple Inc.; Qualcomm Technologies; Wireless Logic; HERE Technologies; Bosch Software Innovations GmbH; and Trimble Inc. The solution providers are focusing on mergers and acquisitions with smaller and emerging technology companies to gain significant market share through augmenting their service and product portfolios. To put this into perspective, IBM’s collaboration with Mapbox enabled the Watson platform users to gather geodata and track a variety of location data.

Intel’s acquisition of Basis and Google’s acquisition of Nest enabled these companies to enter into the location intelligence and IoT market. Furthermore, the companies highly investing in R&D and collaborating with research institutes to develop new innovative products, such as SAP Geographical Framework that enable organizations to integrate location data using GIS technologies and enrich business applications.

Grand View Research has segmented the global location intelligence market on the basis of application, service, vertical:

Location Intelligence Application Outlook (Revenue, USD Million, 2016 - 2027)

·         Workforce Management

·         Asset Management

·         Facility Management

·         Risk Management

·         Remote Monitoring

·         Sales & Marketing Optimization

·         Customer management

·         Others

Location Intelligence Service Outlook (Revenue, USD Million, 2016 - 2027)

·         Consulting

·         System Integration

·         Others

Location Intelligence Vertical Outlook (Revenue, USD Million, 2016 - 2027)

·         Retail and Consumer Goods

·         Government & Defense

·         Manufacturing & Industrial

·         Transportation & Logistics

·         BFSI

·         IT & Telecom

·         Utilities & Energy

·         Media & Entertainment

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information:www.grandviewresearch.com