Dublin, Oct. 23, 2020 (GLOBE NEWSWIRE) -- The "Location Analytics Market - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The Global Location Analytics Market Size is Expected to Grow from USD 13.8 Billion in 2020 to USD 26.7 Billion by 2025, at a CAGR of 14.1%
Location analytics is a process or the ability to gain insights from the location or geographic component of business data. It is focused on thematic mapping and spatial analysis for business analytics. Location analytics solutions have simple mapping and spatial analysis capabilities that work directly with business analytics packages and enterprise data systems, without custom integration efforts.
The location analytics industry is driven by the increasing use of spatial data and analytical tools. However, the rising need of predictive analytics for businesses and the growing use of location-based applications further contributes to the growth of the location analytics market.
Sales and marketing optimization segment to grow at a higher CAGR during the forecast period
The location analytics market based on application is segmented into risk management, emergency response management, customer experience management, remote monitoring, supply chain planning and optimization, sales and marketing optimization, location selection and optimization, and others (predictive asset management and inventory management). The sales and marketing optimization segment is expected to grow at a rapid pace during the forecast period.
Location analytics can help analyze campaign responses for sales and marketing optimization based on different demographics, individual time merchandising, and the time when campaigns get maximum responses. The sales and marketing information, when plotted on maps, can help understand customer preferences based on their surroundings and products purchased leading to its adoption in the sales and marketing optimization segment.
Indoor location segment to grow at the highest CAGR during the forecast period
The location analytics market by location type has been segmented into an outdoor location and indoor location. Indoor location technologies modernize the use of smartphones by incorporating GPS and other positioning technologies with style mapping, which provides navigation services inside malls, megastores, offices, airports, casinos, universities, and hospitals leading to the growth of the location analytics market across the globe in this segment.
APAC to grow at the highest CAGR during the forecast period
Asia Pacific (APAC) is expected to grow at the highest CAGR of 14.9% during the forecast period. The existence of a large population, introduction of emerging technologies, and high growth in countries such as China, India, Australia, Japan, Singapore, and Hong Kong are the major factors contributing to the growth of the location analytics market in the region. Moreover, the region provides opportunities for small analytics vendors to introduce their innovative location analytics solutions. All these factors are responsible for the expeditious growth of the location analytics market in APAC.
Major vendors offering location analytics solutions and services across the globe are SAS Institute (US), Oracle (US), Esri (US), IBM (US), and Precisely (US), among others.
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