Pune, Oct. 14, 2020 (GLOBE NEWSWIRE) -- The global location analytics market size is expected to gain momentum by reaching USD 25.48 billion by 2027 while exhibiting a CAGR of 13.0% between 2020 and 2027. This is attributable to factors such as the increasing adoption of advanced location analytics-based application across the retail sector and the significant emergence of ecommerce platforms across the globe. This information is published by Fortune Business Insights, in its latest report, titled, “Location Analytics Market Size, Share & COVID-19 Impact Analysis, By Component (Solution, Services), By Location Type (Indoor, Outdoor), By Deployment (Cloud, On-Premises), By Application (Disaster and Emergency Response Management, Sales and Marketing Optimization, Supply Chain Management, Customer Experience Management, Risk Assessment and Mitigation, Others), By Vertical (BFSI, Transportation & Logistics, Government & Defense, Tourism and Hospitality, Manufacturing, Healthcare, Retail, IT and Telecommunications, and Others), and Regional Forecast, 2020-2027.” The report further observes that the market stood at USD 9.70 billion in 2019.

Surging Demand for Location-based Services to Track Patients amid COVID-19

The widespread effects of the global pandemic have put a tremendous stress on the healthcare services. The increasing rate of COVID-19 patients is propelling the medical institutions to adopt advanced technologies to track and analyze the patient count. This is driving the demand for location intelligence services that is expected to bode well for the market in the forthcoming years.

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Location analytics is a vital tool that extracts valuable insights from business data by including the geolocation information. They are widely adopted to analyze transactional data such as logistics, sales, and supply chains across several industrial applications. They further add a new dimension to aid businesses draft effective sales strategies by contextualizing required figures and reduce operational costs largely.
What does the Report Include?

The market report includes a detailed assessment of various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive research into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several research methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2020 and 2027. 

DRIVING FACTORS

Increasing Adoption of Location Intelligence in Retail Sector to Aid Growth

The increasing adoption of advanced technologies such as cloud and artificial intelligence (AI) has surged the competition amongst retail companies. The retail sector is witnessing a paradigm shift in the handling of operations and services as the players are focusing on developing effective sales strategies by adopting location analytics to deliver best customer services. The emergence of ecommerce is further propelling the demand for advanced location intelligence services to track, monitor, and manage operations. These factors are expected to positively contribute to the growth of the global location analytics market during the forecast period.


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SEGMENTATION

Outdoor Segment to Dominate the Market Owing to Increasing Adoption of Geospatial Services

The outdoor segment, based on location type, is expected to experience a significant growth backed by increasing adoption of geospatial and positioning services to gain insights on weather forecast, geographical maps, and land mapping by the companies during the forecast period.

REGIONAL INSIGHTS

Presence of Established Geospatial Service Providers in North America to Augment Growth

Among all the regions, North America is expected to experience an exponential growth in the global location analytics market in the forthcoming years. The growth is attributable to the presence of established location analytics manufacturers that provide advanced geospatial services in the countries such as the U.S. The region generated USD 3.21 billion in 2019 in terms of revenue.

The market in Asia-Pacific is expected to showcase a considerable growth owing to the increasing government investments to develop location analytics-based geographical information system (GIS) applications between 2020 and 2027.



COMPETITIVE LANDSCAPE:

Major Companies Focus on Product Expansion to Strengthen Their Positions and Boost Sales Revenue

The global location analytics market is fragmented by the presence of major companies that are striving to maintain their stronghold by expanding their location analytics services to cater to the growing demand from the enterprises. In addition to this, other key players are adopting strategies such as merger and acquisition, collaboration, and partnership to strengthen their positions in the fiercely competitive market in the forthcoming years.

Industry Development:

List of the Companies Profiled in Location Analytics Market:


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Detailed Table Of Contents

Continued...


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