The location analytics market is projected to see notable growth in the coming years owing to rising demand to draw out additional insights from the geolocation information of business data. Location analytics solutions allow enterprises to combine both location as well as sales data to map profitable locations. Additionally, advanced capabilities including mapping and analytical tools further assist professionals in examining business information much more proficiently, supporting business growth as a result.
Global Market Insights, Inc., estimates that the location analytics market would surpass a $35 billion valuation by 2027.
Rising demand for reporting and visualization solutions
Based on component, the reporting and visualization solution segment is anticipated to grow substantially over the forthcoming period. The location analytics solution is generally used to visualize as well as report business data, together with geographic components. Various firms are also customizing their geospatial reports for select decision making in business. The organizations are further stressing on extracting various actionable insights from spatial data, while leveraging location analytics solutions reporting capabilities.
Healthcare sector driving the market trends
In terms of healthcare as an industry vertical, the demand for location analytics has increased considerably over the past few years. Additionally, with the unforeseen outbreak of the COVID-19 pandemic, geospatial data usage has become more important than ever. Numerous companies are providing advanced location-related platforms to private as well as public healthcare agencies.
Citing an instance, in June 2020, in collaboration with the Ministry of Health, Saudi Arabia, Esri Saudi Arabia launched a COVID-19 related dashboard having geography-based statistical data. The dashboard also gives real-time information related to location to analyze as well as monitor the COVID-19 cases across the country.
Strategic initiatives
New product developments and recent advancements in location analytics are enhancing the global industry outlook. To cite an instance again, in January 2021, PlaceIQ, the firm building a novel model of consumer behavior with location insights as well as data, announced that its intelligence is now available to Bloomberg Data License clients through Bloomberg Enterprise Access Point. Bloomberg clients would be able to layer in the difficulties of foot traffic into their analysis to get a complete picture of consumer behavior as well as trends. The dataset given by PlaceIQ would now offer coverage for around 250+ tickers and 4,000 brands across six key verticals.
In yet another instance in January 2021, Fulcrum, announced the incorporation of its no-code mobile application platform with a renowned provider of location intelligence software, Esri.
As a consequence, the rich location-based data of Fulcrum can then be utilized in products like Esri ArcGIS to surge productivity, mainly for asset management inspectors, safety inspectors, and quality assurance teams, among others, to enhance location intelligence and data integration in cross-functional teams along with managing field teams much more efficiently.
Rising demand in North America
On the geographical front, North America is anticipated to come up as a strong regional contender. As per statistics, the North American location analytics market size may cross $9 billion by 2027. Rising demand for location-related insights for decision making across organizations in the U.S. and Canada will favor the regional market outlook. Increasing efforts by numerous startups to invest in advanced location analytics technologies will also help push the North American industry outlook.
For example, recently, in January 2022, location analytics startup Placer.ai raised $100 million to step up its overall funding to $1 billion. The company plans to invest this amount in expanding its consumer pool and bring in more physical and digital data sets, leading to more use cases for its technology.
SAP SE, Microsoft Corporation, Cisco Systems, Inc., Esri Global, Inc., and Google, LLC among many others are operating in the location analytics market.
