New York, USA, June 01, 2021 (GLOBE NEWSWIRE) -- A recently published report by Research Dive states that the global location analytics market is predicted garner a significant revenue of $38,078.9 million at a steady CAGR of 15.8% from 2020-2028.
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Market Dynamics:
There is vast amount of data present on the web today, which is creating problems as many business intelligence tools aren’t able to effectively analyze and put together data. This has led to many organizations switching to the use of location-based data that will assist in providing proper data to those who need it. This is highly important especially to understand businesses that are constantly evolving in terms of trends and challenges. This has led to the growth of the global location analytics market.
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The exchange of any data between two entities that is available online, especially sensitive data could be at a major risk. Identity theft is one of the most commonly occurring cybercrimes as a lot of information isn’t shared securely. This risk is one of the primary restraints for the market growth.
The utilization of Internet of Things (IoT) along with the increasing amount of data via various connected devices has primarily resulted in the adaptation of location analytics solutions. It has made the process of adding more value to any business easier with the help of location-based data that is rising slowly. This is one of the factors that can help in providing agrowth opportunity for the global market.
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Segmental Analysis:
The report classifies the market into the following categories based on application type, deployment type, component type, location type, vertical type, and region.
By Application Type, the Remote Monitoring Sub-segment is Set to Dominate the Market
The remote monitoring sub-segment is set to garner revenue of $8,552.4 by 2028. This is mainly because remote monitoring provides a wide-range of advantages including better productivity, amplification of security, and reduced total ownership cost. These have been the major factors responsible for the growth of the remote monitoring sub-segment.
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By Deployment Type, the Cloud Sub-Segment is Set to Gain the Highest Market Share
The cloud network sub segment is set to experience a rise in revenue from $5,365.9 million in 2020 to over $21,740.6 million by 2028. It provides a more flexible and functional way of providing data, which has led to many organizations opting for it. This has been the main reasons for the growth of the sub-segment.
By Component Type, the Solutions sub-segment is Predicted to Garner the Highest Revenue
The solutions sub-segments is set to garner revenue of $19,773.1 million from 2020-2028. Many businesses have been gravitating towards using spatial analysis as it providesclearer perspective capabilities which assist in sorting through any location based issues. This has been a prominent reason for the growth of the solutions sub-segment.
By Location Type, the Outdoor Location sub-segment is Predicted to Lead in the Market
The outdoor location sub-segment expected to gain revenue of $25,831.1 million by 2028. This growth is credited to the substantial use of multichannel marketing centres that use data for customer location tracking, data mapping, management of transport and logistics and many more.
By Vertical Type, the Transport and Logistic Sub-segment is Set Gain Momentum in the Market
The transport and logistics sub-segment set to garner revenue of $4,384.3 million by 2028. The e-commerce sector has grown immensely over the past couple of years. This growth along with the rising agreements related to trade as well as reverse logistics have been the primary factors for the growth of the transport and logistics sub-segment.
Impact of COVID-19 on the Global Location Analytics Market
The pandemic has caused wide scale interference in the way things normally worked. This also includes the healthcare sector as it wasn’t able to handle the burden of the sudden increase in the number of patients. There was also a major shortage of resources such as masks, sanitary materials, masks and more. The location analytics technology is able to help in such a case during COVID-19 pandemic by helping in the efficient collection and sharing of information about these resources to people
Regional Analysis
According to the report, the North American region is set to garner the highest revenue of $10,791.2 million by 2028. This growth is due to the presence of and introduction on more start-ups into the market that are also bringing in their own innovations and technological developments.
Key Players of the Market
As per the report, some of the noteworthy brands working on helping the market grow further are listed below:
• Google
• Precisely
• IBM Corporation
• Oracle
• Cisco Systems
• Esri
• SAP SE
• SAS Institute
• Microsoft
• TomTom
For instance, in June 2019, Esri, a renowned pioneer in the field of location intelligence stated that the Tactical Edge Platform by Microsoft will use the ArcGIS Enterprise in their two primary services namely – Microsoft Azure and Azure Cognitive Services. This technology exhibits how the defence professionals can use the cloud service in case of any domestic emergencies.
The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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