According to the report published by Allied Market Research, the global location analytics market was pegged at $10.29 billion in 2019 and is expected to garner $31.13 billion by 2027, manifesting a CAGR of 15.5% from 2020 to 2027.
The growth of the global location analytics market is mainly driven by the proliferation of smartphones and the upsurge in the usage of GPS-enabled devices.
In addition to this, factors such as growing usage of spatial data and analytical tools, increasing adoption of location analytics for asset management across various industries, and rise in adoption of location analytics in retail sector fuels the market growth.
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Moreover, an increase in the adoption of location-based services during the COVID-19 pandemic fueled the market growth. However, consent and privacy concerns may hamper the market growth to some extent.
On the other hand, emergence of advanced technologies in the field of GIS, and integration of AI with location analytics is expected to provide lucrative opportunities for the location analytics market growth during the location analytics market forecast period.
Impact of the Covid-19 Pandemic on the Location Analytics Market:
- The adoption of location analytics has increased during the outbreak of COVID-19 mainly to understand the impact of COVID-19 on consumer behavior and the economy.
- On the other hand, healthcare systems have experienced an extraordinary level of demand for location data, with multiple countries having to inspect medical facilities, including primary care clinics, hospitals, and retirement homes to examine care capacity and vulnerability.
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Based on components, the software segment dominated the market with more than three-fifths of the global market share in 2019, and is projected to lead by the end of 2027. However, the services segment is expected to exhibit the fastest CAGR of 16.8% throughout the forecast period.
Based on industry vertical, the transport and logistics segment held lion’s share, holding nearly one-fifth of the global location analytics market revenue in 2019, and is expected to be dominant by 2027. On the other hand, the healthcare segment is anticipated to manifest the fastest CAGR of 22.4% from 2020 to 2027.
Based on geography, the market across North America held the major share in 2019, with around two-fifths of the global market. Conversely, the Asia-Pacific region is projected to portray the fastest CAGR of 18.8% during the forecast period. The report also studies regions including Europe and LAMEA.
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Major market players profiled in the report include Microsoft Corporation, Oracle Corporation, Pitney Bowes, Sisense Inc., Syncsort, Trimble Inc., Alteryx, Esri, Google LLC, HERE Technologies, and Hexagon.
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