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  July 2nd, 2021 | Written by

Location Analytics Market: Top Key Trends that will Boost the Industry Growth through 2026

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  • North America's location analytics market is predicted to be worth $8 billion by the end of the forecast period.
  • Canada will play a vital role in encouraging the rise in demand for location analytics solutions in North America.

The global location analytics market size is poised to expand at substantial CAGR during the forecast period. Location analytics uses advanced technologies like Artificial Intelligence, Natural Language Processing (NLP), and Machine Learning (ML). They are used to find out the location data of customers to provide customized solutions for all their personal and business needs.

Enterprises across the world are increasing their focus on collecting dynamic location data to identify the preferences and tastes of the customers. This piece of information is quite useful for them as it helps to create effective marketing strategies. It even helps in identifying patterns in customer behavior and purchases which eventually assists them in making more informed decisions in the future.

The invention of GPS and GIS technologies has taken the world by storm. These are some of the most sought-after technologies to track down any location, no matter how far it may be. Based on the data about the number of times the customer has visited a place and the frequency of taking the same route, marketing companies provide customized suggestions that help customers take informed and timely decisions.

Some of the trends that will positively impact global location analytics market growth are as follows:

Rising use of GPS and GIS technologies in Europe:

Europe’s location analytics market will reach a valuation of more than $7 billion by the year 2026, according to market experts. GPS and GIS technologies are some of the most sought-after and advanced technologies and have seen a period of boom in demand among young consumers in the region in the past decade.

The main reasons for this are that these technologies help in location tracking, transferring real-time information to businesses and monitoring and tracking consumer behavior and buying patterns. Industries across the region like banking, insurance and retail are not essentially location-based industries but do take location tracking into consideration while processing insurance claims during natural calamities. They make use of the precise geographic coordinates to find out the area of disaster and work accordingly.

Scope of location analytics services in Europe:

The location analytics services segment will showcase strong growth in the coming years, according to market reports. Governments in countries like Italy, Germany and the UK are increasingly using location analytics in various industries like defense, construction, transportation and retail. Location-based marketing is on the rise in these countries as customers nowadays prefer to get customized information to make more informed decisions while purchasing their products. The adoption of smartphones by the younger generation is adding to the demand for location analytics services in the region.

Europe BFSI segment will boost demand for location analytics:

Out of all the segments undergoing digital transformation, the BFSI segment will contribute significantly towards the rise in demand for location analytics solutions in Europe. The banking sector is increasingly adopting location intelligence technologies to help in carrying out various activities like increasing safety in monetary transactions, route analysis, record management of customers and ATM network management.

Outdoor positioning location analytics use in North America:

North America’s location analytics market is predicted to be worth $8 billion by the end of the forecast period.

The outdoor positioning segment will play a vital role in the overall advancement of the location analytics market in North America. Companies that operate at different locations have to use geographic analytics to get in-depth insights and make sound business decisions. Advanced analytics are being used by businesses to make plans for outdoor spaces. This kind of positioning even helps companies track objects and customers with the help of real-time locations.

Use of thematic mapping and spatial analysis in Canada:

Canada will play a vital role in encouraging the rise in demand for location analytics solutions in North America. The thematic mapping and spatial analysis segment in the Canadian market will experience substantial growth in the coming years as these tools are being increasingly used in the field of business intelligence.

With the help of thematic maps and spatial analytics, businesses can get a visual representation of their future action plans. In November 2020, the New Brunswick Department of Transportation and Infrastructure (NB DTI) was awarded for its creative use of GIS and location analytics to identify problems in road construction and having long-term plans for changing old culverts.

Google is another example of product innovation as its product, Google Maps, has an AR-enabled Street View mode that helps the user find real-time directions and custom recommendations as well.

Effective supply chain planning application in APAC:

Location analytics market size in Asia Pacific is reported to reach more than $8 billion by 2026. The supply chain planning and optimization segment will contribute significantly towards boosting location analytics services use in the future. There are several obstacles that supply chain organizations have to face while transporting raw materials or finished goods from one place to the other. With the use of location-based analytics, these problems can be effectively sorted out and delays in delivery can be greatly reduced.

For example, the Philippines National Economic and Development Authority, in May 2020, announced the launch of advanced location analytics solutions to identify the disruptions in supply chain management during the COVID-19 pandemic. This greatly helped the officials to manage their supply chain operations and work in a more efficient manner, with the help of real-time data and visibility.

Role of COVID pandemic in APAC location analytics market:

The COVID-19 pandemic greatly affected different businesses across the world with countries like India and China being adversely affected by the virus outbreak. This resulted in tremendous rise in smartphone usage across the region, leading to increased use of location analytics solutions. The Government of India has immensely benefited from the use of this as it has helped the officials in conducting effective contact tracing of people who have come in contact with COVID positive patients.

Some of the key organizations providing location analytics solutions and services across the globe are Cisco Systems Inc., Alteryx Inc., Esri Global Inc., HERE Global, Google LLC, IBM Corporation, SAP SE and many others.