Location Intelligence Market to Surge at 15.3% CAGR, Reaches US$ 79.8 Billion by 2033: Fact.MR Study
Increasing deployment in the transportation industry and rapid digitization are key trends driving location intelligence market growth.
Rockville, Dec. 12, 2023 (GLOBE NEWSWIRE) — According to a new study published by Fact.MR, a market research and competitive intelligence provider, the worldwide Location Intelligence Market is anticipated to grow at a remarkable CAGR of 15.3% from 2023 to 2033. With the global market presently valued at US$ 19.2 billion, it is expected to reach an impressive revenue of US$ 79.8 billion by the end of 2033.
Location intelligence has found broad applications across various industries and services, promising substantial business opportunities for service providers in the future. The escalating number of ‘near me’ queries on search engines underscores the increasing demand for advanced location intelligence solutions and services throughout the forecast period.
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Key Segments of Location Intelligence Industry Research Report
|By End Use
Role of IoT Devices and Smartphones
The increasing use of Internet of Things (IoT) devices and smartphones worldwide has heightened the significance of location intelligence. Data from these devices enables retailers and businesses to comprehend demographic trends in specific regions, facilitating fine-tuning of business and marketing strategies. Utilizing location analytics to track consumer behavior and deploy location-based advertising is expected to further drive the location intelligence market share in the years ahead.
Market Dynamics in the United States: High Smartphone Proliferation Driving Growth
The United States stands as the most lucrative market for location intelligence providers in North America, driven by the widespread proliferation of smartphones and the adoption of advanced technologies. The presence of leading location intelligence providers in the country is a crucial factor expected to boost demand.
The rising emphasis on security and risk management, coupled with the growing use of advanced technologies by small and medium businesses, is projected to further drive market development in the United States, especially in industries such as BFSI and transportation.
High Demand in Europe: United Kingdom and Germany Leading the Way
In Europe, the demand for location intelligence is expected to be driven by the widespread adoption of automation and intelligent technologies in businesses. Implementation of business location intelligence solutions by both SMEs and large enterprises, particularly in Germany and the United Kingdom, creates favorable market conditions.
The increasing adoption of digital technologies, smartphone penetration, and the popularity of IoT devices are additional factors fueling the demand for location intelligence platforms across European countries.
Asia Pacific: Investment Potential Amid Growing Digitization and Urbanization
Asia Pacific presents an attractive investment opportunity for location intelligence providers due to the increasing disposable income and smartphone adoption fostering digitization.
Supportive digital transformation initiatives by governments in countries such as Japan, India, China, and Korea are poised to enhance market potential in the region. Rising investments in network infrastructure and the integration of technology in the transportation sector further contribute to the demand for location analytics in Asian countries.
Key location intelligence enterprises are strategically prioritizing the development of innovative solutions to enhance revenue streams and establish a competitive edge within the market.
- In January 2023, Incognia, a prominent location identity organization, introduced a groundbreaking feature known as ‘Suspicious Locations.’ This innovative addition combines precise location signals with device information to identify locations deemed suspicious. Incognia defines a suspicious location as an area where potentially risky devices congregate.
- Similarly, in September 2022, AirSage Inc., an American telecommunications company specializing in collecting and analyzing location data, unveiled its latest offerings. The new solutions are designed to cater to the diverse location intelligence needs of businesses, regardless of their industry vertical or size. Known as ‘Tailored Solutions,’ this customizable suite provides valuable assistance to organizations operating in the marketplace.
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|Value Projection (2033)
|USD 79.8 Billion
|Growth Rate (2023-2033)
|No. of pages
|No. of Tables
|No. of Figures
Market Dominance in Location Intelligence Services: A Focus on System Integration
In the realm of location intelligence services, the pivotal player capturing substantial market share is system integration, establishing an authoritative stance within the marketplace.
The market classifies location intelligence services into distinct categories, including system integration, consulting, and others.
The escalating penetration and adoption of emerging technologies result in the continuous incorporation of new data sources into location-based systems. This trend is anticipated to be a primary driver fuelling the demand for system integration in the forthcoming decade. The growing emphasis of businesses on integrating location intelligence with other advanced technologies and systems is poised to further amplify the need for robust system integration solutions.
As of 2022, the system integration segment has secured a commanding share, constituting approximately 45% of the global industry landscape. Simultaneously, the demand for consulting services is forecasted to undergo substantial expansion, projecting an impressive Compound Annual Growth Rate (CAGR) of 16% throughout the forecast period.
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Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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