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Industry Insights, Market Size, CAGR, High-Level Analysis: Location Intelligence MarketThe global location intelligence market size was valued at USD 10.6 billion in 2019 and is expected to expand at a CAGR of 15.2% over the forecast period. Factors, such as the growth in portable navigation devices, web-mapping services, and smartphone applications are significantly contributing to the market growth. Furthermore, increasing investments in IoT, growing penetration of smart devices, and network infrastructure are the other factors expected to bolster the market. According to GSMA, the total number of IoT connections accounted for 9.1 billion in 2018 and is expected to reach over 25.2 billion by 2027. Location intelligence helps detect risks, patterns, and opportunities for businesses with the help of physical geography, demographics, and data pertaining to location. Other benefits of location intelligence include predictive analytics, risk management, real-time tracking of patterns and trends, and streamlining services and operations of companies. This factor is anticipated to fuel the adoption of location intelligence services across organizations driving the overall market. Rising demand for location intelligence data to enhance business operations and to deliver personalized services is expected to further spur the growth. Smartphones allow businesses to access dynamic location data, such as information on customers whereabouts, their preferences, duration of their stay, and frequency of visits. These dynamic location data enable organizations to predict the customer behavior and their buying patterns, which can help in better decision making.Increased use of mobile devices for commercial transactions has been an emerging trend over the last decade. The adoption of new technologies and increasing investments in infrastructure have resulted in the development of numerous Business-to-Consumer (B2C) and Business-to-Business (B2B) applications. The widespread use of various mobile applications and enhanced location sharing capabilities of mobile devices have revolutionized the way services are being delivered to the end-users. Companies, such as Google, ESRI, Qualcomm, AT&T, Intel, and Apple are making significant investments in location intelligence technologies. The solutions providers are integrating real-time location monitoring capabilities in devices, such as smartphones, vehicles, and aircraft. These tools enable businesses to identify consumer trends and behavior and collect a variety of information on niche markets enabling better decisions making, delivering better products and services, and mitigating the uncertainties in the market. Thus, the need to optimize business operations and cost efficiency has increased demand for location intelligence tools across various industries, which is anticipated to accelerate the market growth. However, lack of network infrastructure, data privacy concerns, lack of awareness, and other operational challenges and risks can hinder the growth of the location intelligence market. Several connected devices gather personal information and tracks live location of users which puts it at the risk of misuse by hackers and such other elements for fraudulent and criminal activities, which is may adversely affect the growth in the forthcoming years.
Application Insights of Location Intelligence MarketThe location intelligence tools have a variety of applications such as workforce management, asset management, facility management, risk management, remote monitoring, sales & marketing optimization, customer management and others. The sales and marketing optimization application segment accounted for the largest market share of over 20% in terms of revenue in 2019. Thus, the use of these services in sales and marketing applications enables assessment of consumer behavior, spending patterns, and forecast sales, allowing the companies to optimize their profitability of the business. The companies can use the location data and other information obtained from various sensors and smart devices to infer the consumer patterns and trends. It can be used by various companies to plan their future marketing campaigns and improve their product placement, thereby building a customer-centric business for enhancing the overall customer experience. Thus, location intelligence can help businesses by offering capabilities to visualize and analyze spatial data for improving customer experience, reducing costs, and enhancing overall productivity. Many industries, such as utility and energy, retail, transportation, telecom, and manufacturing are integrating location intelligence tools with their assets, business processes, and products such as fleet, manufacturing facilities, and utility lines. The aggregated system with location intelligence can deliver the overarching functionality helping organizations to increase the productivity and profitability.
Service Insights of Location Intelligence MarketThe system integration segment accounted for the largest market share of over 45% in 2019. Many industries seek help from system integrators to integrate location intelligence tools with their assets, business processes, and products to be able to collect a variety of information which can be further analyzed to infer meaningful insights. System integration segment is projected to witness the highest demand in near future, owing to the increasing need to integrate new data sources with the rising adoption of IoT and the ever-increasing location-based data. The consulting segment is expected to expand at a CAGR of approximately 14% over the forecast period. Location intelligence helps consult the companies to gather, analyze, and examine relevant information and offer a more accurate opinion to other organizations. Various industries take advice for integrating location intelligence tools with their business processes from location intelligence and IoT consulting firms.
Vertical InsightsLocation intelligence solutions are gaining popularity and being adopted across several industries, owing to the potential applications and operational benefits an organization can achieve. The transportation and logistics vertical accounted for over 19% market share in 2019. Rising need for effective and productive logistics and transportation is on the rise, owing to the growth of vehicles, rise in population, rapid urbanization along with depleting availability of land resources. Transportation and logistics professionals across the world have understood and implemented the use of Location Intelligence to address these challenges effectively. Retail and consumer goods segment is expected to expand at a CAGR of approximately 15% over the forecast period. Retailers are streamlining operations of their brick and mortar stores in order to provide better customer services. Moreover, retailers are modernizing the operational activities by going online to seek greater customer attention thereby increasing their revenues. Thus, location intelligence plays a pivotal role in managing retail applications that help offer enhanced customer experience. Furthermore, it assists retailers to understand the customer preferences and buying behavior across both commercial and personal lines. Other verticals are also incorporating location intelligence to offer differentiated products and optimize business process. This technology helps organizations identify trends, customer preferences, and customer buying patterns so that they can deliver customized solutions in a shorter period to the customers.Location intelligence allows BFSI organizations to enhance understanding of economic conditions, risk, and customer interaction using spatial models based on geodemographic. It helps improve performance and profitability by sharing analyzed data, patterns correlations between data sets, and forecast actual trends.
Regional Insights of Location Intelligence MarketNorth America held the largest market share in 2019, owing to the presence of key location intelligence and IoT organizations, such as Google, Apple, Qualcomm, HERE, Bosch, and GE. The region is characterized by the robust IT infrastructure, better connectivity, and rapid adoption of new technologies. According to GSMA, in 2018, the number of mobile internet users in North America was 282 million 2018 and is expected to reach 326 million by 2027. This factor is expected to generate growth avenues for the market in the forthcoming years. However, Asia Pacific is expected to register the fastest growth over the forecast period, owing to the rising number of smartphone users, advancements in networking technologies, increasing number of service providers, and rise of social media. Various organizations and service providers are trying to introduce new services and products to acquire a larger share of the developing market. This factor is anticipated to fuel the regional market growth over the forecast period.
Market Share Insights of Location Intelligence MarketThe market is highly competitive in nature, owing to the presence of prominent players, such as Pitney Bowes Inc.; Apple Inc.; Qualcomm Technologies; Wireless Logic; HERE Technologies; Bosch Software Innovations GmbH; and Trimble Inc. The solution providers are focusing on mergers and acquisitions with smaller and emerging technology companies to gain significant market share through augmenting their service and product portfolios. To put this into perspective, IBMs collaboration with Mapbox enabled the Watson platform users to gather geodata and track a variety of location data. Intels acquisition of Basis and Googles acquisition of Nest enabled these companies to enter into the location intelligence and IoT market. Furthermore, the companies highly investing in R&D and collaborating with research institutes to develop new innovative products, such as SAP Geographical Framework that enable organizations to integrate location data using GIS technologies and enrich business applications.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Location Intelligence Market Research ReportThis report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends from 2016 to 2027 in each of the sub-segments. For the purpose of this study, this market research report has segmented the global location intelligence market report based on application, service, vertical, and region:
Location Intelligence Application Outlook (Revenue, USD Million, 2019 - 2030)
- Workforce Management
- Asset Management
- Facility Management
- Risk Management
- Remote Monitoring
- Sales & Marketing Optimization
- Customer management
Location Intelligence Service Outlook (Revenue, USD Million, 2019 - 2030)
- System Integration
Location Intelligence Vertical Outlook (Revenue, USD Million, 2019 - 2030)
- Retail and Consumer Goods
- Government & Defense
- Manufacturing & Industrial
- Transportation & Logistics
- IT & Telecom
- Utilities & Energy
- Media & Entertainment
- Location Intelligence
Table of Contents Chapter 1. Methodology and Scope 1.1. Research Methodology 1.2. Research Scope & Assumptions 1.3. List of Data Sources 1.4. List of AbbreviationsChapter 2. Executive Summary 2.1. Market Summary 2.2. Location Intelligence Market, 2016 - 2027Chapter 3. Market Variables, Trends & Scope Outlook 3.1. Market Segmentation 3.2. Market Size and Growth Prospects, 2014 - 2027 3.3. Value Chain Analysis | read more...