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.
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.
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.
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Location
Intelligence Market Report Highlights
- North America accounted for
the largest market share in 2019, 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
2019. 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
- 2019, 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
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Location
Intelligence Market Segmentation
Grand View Research has segmented
the global location intelligence market on the basis of application, service,
vertical, and region:
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
Location
Intelligence Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- The U.S.
- Canada
- Mexico
- Europe
- The U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Asia Pacific
- China
- India
- Japan
- South Korea
- South America
- Brazil
- Argentina
- Middle East & Africa
(MEA)
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 info visit @ https://www.grandviewresearch.com
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