The extensive amount of data available on the internet today has resulted in businesses not being able to acquire the right kind of information. All the details that are processed online such as events, people, or transactions are marked geographically and for a company to be able to extract this data requires location related data. The process of attaching a geographical location to the data provided is known as location analytics.
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COVID-19 Impact on the Global Location Analytics Market
The entire world endured a rough patch due to the COVID-19 virus as it led to a breakdown of the entire system. Right from healthcare to manufacturing industries, each sector had to undergo severe losses that resulted in shut down of multiple companies. Additionally, the travel ban was one of the major causes for the supply chain being affected as the transport of various raw materials and other products couldn’t be fulfilled.
The global location analytics market gained momentum during this time as the use of location analytics technology was beneficial in various causes. The location data that was extracted helped various health agencies as well the government in pinpointing and creating an outline of the total number of fatalities, active cases, as well as hotspots for the COVID-19 infections. This form of technology is also used by retailers to provide tailored products and information to customers using their geospatial data.
Key Developments in the Industry
Several industries are working on building up their presence in the market while also involving in researchwhich is a part of the efforts. The innovative methodologies by organizations of creating better products are also used, keeping in mind satisfaction of customers or companies in terms of quality.
For instance, in February 2021, Geospatial from Skyhook, a world renowned location technology expertwas acquired by Place IQ, a provider of data and technology for critical businesses which include location data, analytics and insight for marketing decisions. The acquisition is set to contribute to providing precise data such as commercial foot traffic metrics or consumer segmentation.
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Similarly, Esri, a globally recognized expert in location intelligence initiated the use of their ArcGIS enterprise for Microsoft’s Tactical Edge Platform. In June 2019 they announced that cloud service technology can be used by defence professionals to ensure safety in case of domestic emergencies.
Forecast Analysis of the Global Location Analytics Market
The latest report by Research Dive, states that the global location analytics market is predicted to witness a surge in revenue of $38,078.9 million at a steady CAGR of 15.8% from 2020-2028. The North American region is set to dominate the market due to the multiple technological advancements. Additionally, the rising number of start-ups in the North America region has also led to the market growth.
Spatial data has become crucial for understanding varying business trends which make it necessary for companies to analyze it to overcome hurdles. Customer queries pertaining to space assignment information are also resolved with the help of spatial data. It also proves to be useful in audits, design reviews and space related projects. These factors have contributed to the immense growth of the global location analytics market. However, the risk associated with the theft of personally identifiable information (PII) grows exponentially with the increase in the collection of location data. This is one of the primary restraining factors limiting the growth of the market.
The growth of the Internet of Things (IoT) devices has led to a vast number of intertwined devices which increase the use of location data. Businesses manufacturing IoT devices need to make efficient and effective use of location analytics to maintain their market foothold. This has provided an opportunity of growth for the location analytics market.
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Furthermore, various key players such as Esri, SAP SE, SAS Institute, Microsoft, Tom Tom, Precisely, IBM Corporation, Oracle, and Cisco Systems have been working to implement even better versions of the location analytics technology by creating new products, initiating mergers, partnerships and more, which is estimated to help the market grow in the coming years.
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