Location analytics involves the interpretation and analysis of information based on geographic locations that can be gathered with the help of GPS systems, cameras, sensors in mobile devices, etc. Location analytics can be extremely useful for disaster management systems, as it can help prevent disasters and identify the areas prone to disasters by utilizing real-time data and historical data. It can also play a crucial role in the military, by helping to keep a watch on the activities and movements of the opponents.
Apart from military and disaster management, location analytics has found wide acceptance in businesses and organizations as well. It can help identify patterns of activities on the basis of location, which in turn, can help improve business outcomes. By leveraging location analytics, companied can find out the geographical location that is more profitable to them. This is the reason why the adoption of location analytics has been increasing across various businesses and enterprises.
The global location analytics market is projected to register an impressive CAGR of 16.6% during 2019 to 2024. The global market will receive a major thrust from the emergence and growing adoption of IoT, availability of market and competitive intelligence, and increasing volume of spatial data.
The use of location analytics for supply chain planning and optimization will increase considerably in the coming years, as it helps organizations visualize and manage their supply chain more efficiently. This will drive the growth of the global location analytics market over the coming years.
The global market will also be positively affected by factors such as the increasing use of spatial data and analytical tools, increasing use of location-based applications by consumers, and growing need for predictive analytics for business. However, the growth of the market may get slowed down to some extent due to data privacy issues, high initial cost of deployment, and the absence of uniform regulatory norms.
In 2019, North America is holding the largest share in the global location analytics market and this trend is likely to continue for the next few years. The growth of this regional market will be driven by technological advancements, support provided by governments, and proliferation of startups providing location-based technologies.
The European market is expected to hold the second largest share in the global market, owing to the increasing adoption of location analytics by customers and various enterprises in the region, along with growing R&D activities in location analytics. On the other hand, the Asia-Pacific location analytics market is projected to register the highest CAGR in the coming years due to the growing popularity of location-based games in countries like China.
The major vendors operating in the global location analytics market are, SAS, Oracle, Microsoft, ESRI (Environmental Systems Research Institute), Tibco Software, Inc., Pitney Bowes, Galigeo, IBM, Cisco, Purple, Alteryx, GeoMoby, IndoorAtlas, CleverAnalytics, Quuppa, and Lepton Software.