Location Intelligence Market Future Growth & Latest Trends

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