Location Analytics Market to Grow Gradually by Achieving a Valuation of USD 64.85 Billion with a CAGR of 15.0% during the Forecast Period

The location analytics market size is projected to grow from USD 21.15 billion in 2024  to USD 64.85 billion by 2032. As per a report by Fortune Business Insights™ titled, ”Location Analytics Market Size, Share & COVID-19 Impact Analysis, By Component (Solution and Services), By Location Type (Indoor and Outdoor), By Deployment (On-Premises and Cloud), By Application (Disaster and Emergency Response Management, Sales and Marketing Optimization, Supply Chain Management, Customer Experience Management, Risk Assessment and Mitigation, and Others), By Vertical (BFSI, Transportation and Logistics, Government and Defense, Tourism and Hospitality, Manufacturing, Healthcare, Retail, IT and Telecommunications, and Others), and Regional Forecast, 2024-2032.” The market stood at USD 18.30 billion in 2023. It is set to exhibit a CAGR of 15.0% during 2024-2032.

Economic Decline to Hamper Market Growth Owing to Minimal Adoption of These Solutions

The demand for location analytics solutions has risen due to the outbreak of the COVID-19 pandemic. The market decreased slightly in 2020. This is caused due to the minimal adoption of these solutions among verticals. Several prominent market players recorded an economic downturn and an adverse impact on revenue growth.

Growing Adoption of Location-Based Applications among Several Industries to Favor Market Growth

The increase in digitization, businesses are relying on data to provide the best customer services and thereby grow their business revenues. Businesses may use the ability to envision spatial data to manage further their business plans, such as appropriate pricing strategies, determining regional priorities, and peak buying periods.

Precisely Acquired Transverse to Drive their Business Growth

Precisely acquired Transverse, a location and data provider analytics with an expertise in spatial data management, processing, and analysis. This acquisition provides businesses with software as a service, analysis capabilities, and data enrichment enabling them to define their spatial context better to make more confident business decisions.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/location-analytics-market-102041

Competitive Landscape:

Importance of Prominent Players in Developing Advanced Location Analytics Solutions to Support Market Competition

The key market players, such as Google LLC (Alphabet Inc.), Esri, Microsoft Corporation, Zebra Technologies Corporation, IBM Corporation, HERE Technologies, and others, are engaging in mergers and partnerships to back their position in the market.

For instance, In February 2023, HERE Technologies, in partnership with Cognizant, delivered analytics to Cognizant’s customers in the logistics, manufacturing, and automotive industries, & as retail and real-time location information.

Notable Industry Development:

• December 2022: TomTom stated the formation of the Overture Maps Foundation, together with Amazon Web Service (AWS), Meta, and Microsoft. Interoperability of open map data is a goal of this collaborative effort under the leadership of the Linux Foundation.

List of the Companies Profiled in the Report:

• Microsoft Corporation (U.S.)
• Google LLC (Alphabet Inc.) (U.S.)
• Zebra Technologies Corporation (U.S.)
• Esri (U.S.)
• Hexagon AB (Sweden)
• Here Technologies (Netherlands)
• Precisely (US)
• SAP SE (Germany)
• TomTom (Netherlands)
• SAS Institute Inc. (U.S.)

Further Report Findings:

• North America is anticipated to dominate the location analytics market growth. The growth is supported by the rising demand for geospatial and intelligence analytics solutions among industry verticals such as retail, government, defense, and others.
• Asia Pacific is expected to witness the highest CAGR during the projected period.
• Europe is expected to showcase a subsequent CAGR. The European Space Agency’s (ESA) projects, consisting of The Copernicus Program, aim to provide users with a user-friendly geographic information system environment.

Table of Segmentation: