Location Intelligence Market Surpasses USD 18.5 Billion, Anticipates Robust 14.9% CAGR in Next Decade
According to marketresearch.biz, location intelligence offers growth opportunities in enhanced logistics and supply chain operations, leading to cost reduction, faster delivery, and improved efficiency. Additionally, it supports environmental surveillance and sustainability by tracking critical factors such as air quality and water levels, aiding conservation efforts and promoting eco-conscious resource management.
New York, Oct. 18, 2023 (GLOBE NEWSWIRE) — With a predicted CAGR of 14.9% from 2023 to 2032, the global location intelligence market, which was valued at USD 18.5 billion in 2022, is expected to experience rapid expansion reaching USD 71.7 billion by 2032.
The Internet of Things (IoT), digitization, and the exponential growth in business data quantities are all credited with driving the broad usage of location intelligence. To gain a competitive edge, identify consumer trends, and improve BI capabilities, multinational organizations are deliberately integrating location information with BI and advanced analytics.
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Location intelligence is proving to be essential for fraud detection, the identification of genuine transactions, and targeted product marketing in the Banking, Financial Services, and Insurance (BFSI) industry. By providing smooth navigation, quick product delivery, and other features, it is also transforming customer interactions at crucial locations like stadiums, hotels, and airports.
Because of its disruptive potential, location intelligence is being used more and more in a variety of fields, such as drone analytics, 5G networks, and EV charging infrastructure. Demand for services like clinic location optimization and expediting hiring procedures in the education and training industry are anticipated to increase.
But there are obstacles ahead, particularly in terms of trust and data security awareness. Cyberattacks are becoming more frequent, installation prices are rising, and operational difficulties are potential barriers. Manufacturers and service providers need to implement rigorous security procedures in order to allay these worries. But as companies throughout the world adjust to the post-pandemic reality, location technology has become an essential tool, assuring the market’s steady expansion over the course of the projection period.
- Marketing and sales optimization applications holds a market share of over 21%, altering marketing tactics and enabling effective facility management.
- With over 44% of the overall revenue, system integration services dominate the global market for location information.
- The transportation and logistics business contributes an astounding 19.6% of total income in location intelligence market.
- North America has dominated the market, accounting for more than 35.0% of all sales.
Measures for Effective and Reliable Cybersecurity
An example of an infrastructure digital twin that provides a complete picture of connection points is electrical grids. Thanks to this, security professionals can now anticipate probable attack routes. One can resolve their data centralization issue with block chain technology. It ensures the secure, encrypted dissemination and updating of certain data blocks simultaneously.
Block chain is becoming relevant in spatial technology in addition to its well-known use in cryptocurrencies like bitcoin. It is necessary for remote earth observation and tracking satellite communications.
Data Multiplication and Integration
The wealth of information provided by location-based data, which is growing exponentially as a result of the proliferation of IoT devices and mobile applications, may be very advantageous to businesses. Location intelligence, which offers crucial insights into customer behaviour, market changes, and operational efficiency, can help organizations combine and analyse this data. Businesses can, for instance, use this interface to improve store placement depending on customer traffic.
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High Installation Costs
Solutions for location intelligence can have a significant initial investment cost. This could be off-putting, particularly for startups or businesses with little resources.
Due to the high implementation costs, smaller firms may not have access to location intelligence. This may put businesses at a competitive disadvantage when compared to larger rivals who can afford the expenditure.
Logistics and Supply Chain Optimisation
Location information facilitates fleet management, product tracking in real time, and route optimization. This results in reduced operational costs, improved delivery speed, and enhanced supply chain efficiency, benefiting businesses and the environment.
Environmental Surveillance and Sustainability
Location intelligence is crucial for tracking environmental variables such as air quality, water levels, and deforestation. This data supports conservation efforts and sustainable resource management, contributing to a more eco-conscious and responsible approach to our natural surroundings.
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|Market Value (2022)||US$ 18.5 Billion|
|Market Size (2032)||US$ 71.7 Billion|
|CAGR (from 2023 to 2032)||14.9% from 2023 to 2032|
|North America Revenue Share||35.0%|
|Historic Period||2016 to 2022|
|Forecast Year||2023 to 2032|
North America has been the market leader with more than 35.0% of the overall sales. This dominance is attributed to giants of the industry like Bosch, Qualcomm, GE, HERE, Apple, and Google, which have a significant impact through their innovative IoT and location intelligence solutions. This stronghold is expected to continue growing for the duration of the predicted time. The smartphone business in North America is also forecast to grow gradually, given the 80% smartphone penetration rate anticipated in 2022. Along with rapid adoption of new technologies, the region also boasts a top-notch IT infrastructure and solid connection. North American and international consumers of location intelligence software primarily come from the United States and Canada, the two nations with the greatest market shares.
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Optimization of sales and marketing applications are expected to rule the location intelligence market by 2023, holding over 21% of the market share and continuing to do so for the duration of the projection. By utilizing pertinent location data, this application sector not only accelerates marketing and sales operations but also enables ongoing monitoring and management of inventory, energy use, and facility temperatures. Additionally, location intelligence gives management the power to keep an eye on employees both locally and remotely, making tasks like tracking employee performance and planning asset maintenance easier. This increase in interest in location intelligence products has the potential to improve operational effectiveness across industries.
System integration dominates the global location intelligence market in terms of services, accounting for nearly 44% of total revenue. This increase in demand is linked to the growing IoT usage and reliance on location-based data, which calls for the seamless integration of various data sources. By effectively obtaining essential data, system integrators play a significant role in assisting diverse sectors in leveraging location intelligence. They are crucial in this industry because they are skilled at processing both spatial and non-spatial data. Additionally, a strong CAGR of 16% is anticipated for consultancy services, which will provide important insights and use cases for the successful integration of location intelligence technology across sectors. These services contribute to increased operational effectiveness, decreased fuel usage, and timely delivery needs from customers.
By accounting for a sizeable 19.6% of total revenue in 2023, the transportation and logistics industry became the leading force in terms of end-users. Through the provision of precise geographic coordinates and the use of the current routable road network to calculate journey times and distances, location intelligence plays a crucial role in this industry. It provides several route alternatives, drive-time estimations, and real-time traffic monitoring. Location intelligence also helps the retail sector overcome significant obstacles by facilitating analyses such as sales analysis, anticipating demand, and market size assessment. Through its many uses, this game-changing technology transforms business processes in the logistics, retail, and transportation industries.
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Segments Covered in the Report
- Remote Monitoring
- Risk Management
- Sales & Marketing Optimization
- System Integration
- Transportation and Logistics
- Retail and Consumer Goods
- Government and Defence
- Manufacturing and Industrial
- IT and Telecom
- North America
- Latin America
- Middle East & Africa
Competitive Landscape Analysis
Businesses are using location analytics to improve communication across teams as well as location tracking technologies to monitor employee interactions and activities. To keep a competitive edge, strategic methods like mergers and acquisitions, worldwide expansion, and alliances are being used. Businesses also spend money on research and development to create innovative, superior tools that will give them a competitive edge. They build complete consumer profiles by utilizing a variety of technologies to examine historical purchases, spending patterns, customer loyalty, and geographic information. Due of their ability to deliver timely, targeted offers based on customer choices.
Key Market Players
- Autodesk, Inc.
- Bosch Software Innovations GmbH
- HERE Technologies
- MDA Corp.
- Navizon, Inc.
- Pitney Bowes, Inc.
- Qualcomm Technologies, Inc.
- Supermap Software Co., Ltd
- Tibco Software, Inc.
- Trimble, Inc.
- Trueposition, Inc.
- Wireless Logic
- HERE Technologies debuted HERE Anonymizer in July 2023 as a privacy-focused tool for handling both historical and real-time location data in self-hosted environments.
- In July 2023, Trimble introduced the Trimble Terra Office add-in to enable the integration of TerraFlex field data gathering software with GIS systems for enhanced location intelligence capabilities.
- For seamless remote monitoring and asset tracking, Qualcomm Technologies introduced the Qualcomm 212S Modem and Qualcomm 9205S Modem chipsets in June 2023.
- Autodesk Forma will be made available in May 2023, marking a significant advancement in cloud-driven building design. The design process is sped up by this program using automation, analytics, and machine learning.
- HERE Technologies and Iteris established a multi-year strategic partnership in March 2023. The goal of this strategy was to integrate a larger selection of HERE’s location-based services, including HERE Maps, HERE Traffic Products, and HERE platform services, with Iteris’ ClearMobility Platform.
- Incognia, a company that specializes in location identity, debuted a brand-new function in January 2023 dubbed Suspicious Locations. In order to detect suspicious areas, this improved feature combines accurate location signals with equipment. Suspicious locations are sites where dangerous equipment congregate, according to the company’s definition.
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This results in reduced operational costs, improved delivery speed, and enhanced supply chain efficiency, benefiting businesses and the environment.
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