In a recent published report, Kenneth Research has updated the market report for Location Analytics Market for 2024 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2024- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2024, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2024. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2024. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2024. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2024 till March 2024 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Location Analytics Market products.
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Kenneth Research, in its repository of market research reports, have recently added a report on Location Analytics Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2024 2030. The Global Location Analytics Market was valued at USD 8.32 billion in 2016 and is projected to reach USD 36.48 billion by 2025, growing at a CAGR of 17.58% from 2017 to 2025. The Location Analytics Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide.
According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
Moreover, backed by the increasing demand for high-speed internet amongst the individuals, organizations operating in the field of telecom are increasingly working on deploying 5G network technology, as this technology provides internet access at very high speeds. By 2025, it is estimated that as many as 1.2 billion of total internet connections will account to 5G. Further, one-third of the world is projected to be covered with 5G connectivity by the end of 2030.
The Global Location Analytics Market was valued at USD 8.32 billion in 2016 and is projected to reach USD 36.48 billion by 2025, growing at a CAGR of 17.58% from 2017 to 2025.
Location analytics is the process or the ability to gain insight from the location or geographic component of business data. Location analytics is often a visual way of interpreting and analyzing the information being portrayed by the data when used in conjunction with a geographical information system. This can be done for both real-time geographical data and historical geographical data. Location analytics solution helps the organizations with several benefits including – visualization within existing business system, easy collaboration and security, high scalability, geographic information enrichment, and spatially shows patterns, trends and utilizes data to improve decision making.
The Final Report will cover the impact analysis of COVID-19 on this industry:
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Sample Infographics:
Market Dynamics:
1. Market Drivers
1.1 Need for predictive analytics for business
1.2 Emergence of IoT
1.3 Rising adoption by small and medium businesses
1.4 Increasing demand for real-time location data analytics
1.5 Growing need of asset management across industry
1.6 Rising amount of spatial data and significance for competitive intelligence
2. Market Restraints
2.1 Concerns for security and privacy
2.2 Increasing number of location data analytics vendors
2.3 Poor connectivity and data integration
2.4 Increasing initial setup cost and low return on investment
2.5 Lack of technical expertise and awareness
Market Segmentation:
The Global Location Analytics Market is segmented on the component, deployment model, application, vertical, and region.
1. By Component:
1.1 Software
1.1.1 Database Management System
1.1.2 Socio-Demographic Data
1.1.3 Geocoding and Reverse Geocoding
1.1.4 Content Accelerator and Geofencing
1.1.5 Data Integration and Extract, Transform, and Load
1.1.6 Reporting and Visualization
1.1.7 Thematic Mapping and Spatial Analysis
1.2 Services
1.2.1 Managed services
1.2.2 Data Maintenance and Creation
1.2.3 System Integration and Deployment
1.2.4 Consulting Services
2. By Deployment Mode:
2.1 On-cloud
2.2 On-premises
3. By Application:
3.1 Workforce Monitoring
3.2 Risk Management
3.3 Customer Management
3.4 Remote Monitoring
3.5 Emergency Response Management
3.6 Supply Chain Planning and Optimization
3.7 Predictive Assets Management
3.8 Sales and Marketing Optimization
3.9 Inventory Management
4. By Vertical:
4.1 Healthcare
4.2 Government and Defense
4.3 IT and Telecom
4.4 Banking, Financial Services, and Insurance (BFSI)
4.5 Transportation and Logistics
4.6 Retail Consumer Goods
4.7 Manufacturing
4.8 Energy and Utilities
4.9 Others
5. By Region:
5.1 North America (U.S., Canada, Mexico)
5.2 Europe (Germany, UK, France, Rest of Europe)
5.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
5.4 Latin America (Brazil, Argentina, Rest of Latin America)
5.5 Middle East & Africa
Competitive Landscape:
The major players in the market are as follows:
1. IBM Corporation
2. SAP
3. Microsoft Corporation
4. Cisco Systems
5. Tibco Software Inc.
6. SAS Institute, Inc.
7. Alteryx, Inc.
8. Pitney Bowes
9. Oracle Corporation
10. Galigeo
11. ESRI (Environmental Systems Research Institute)
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
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RESEARCH METHODOLOGY OF VERIFIED MARKET INTELLIGENCE:
Research study on the Global Location Analytics Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
To know more about the Research Methodology of Verified Market Intelligence and other aspects of the research study, kindly get in touch with our sales team
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