The location intelligence market was valued at US$ 9.22 Bn in the year 2018 and expected to reach US$ 36.68 Bn by the year 2027, expanding at a CAGR of 16.7% during the forecast from 2019 to 2027.
“Increasing Application of Analytical Tools and Spatial Data expected to boost the demand for Location Intelligence during the Forecast Period”
Location intelligence is used to collect data generated via Internet of Things (IoT) devices and geographic information system embedded devices. This helps businesses to recognize consumer trends & behavior and generate insights that supports businesses to find opportunities for expansion. Moreover, increasing investments from the companies of various sectors for analytical solutions is one of the factor that drives the market growth. However, cyber-attack may affect stored data which led to privacy concern. Aforementioned factors have critically impacted the overall location intelligence market growth in the recent past. Strategic initiatives and technological investments in this field are some of the factors that are expected to propel the market growth during the forecast period.
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“Consulting Service expected to grow at a Rapid Rate during the Forecast Period”
The system integration segment accounted for the largest market share of over 45% in 2018. 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.
Location intelligence consist of multiple functionalities that includes geocoding, mapping and analytics, enterprise tax management, and asset management among others. As the demand for spatial data increasing, this is directly boosting the growth of cloud-based software segment for storing data and accessing data as per the requirement. Companies are integrating real-time monitoring abilities that are accessible on handy devices for analyzing trends and improving consumer experience. In this, map based visualization and map with dashboard are the features for which, the adoption of location intelligence is increasing amongst the companies. These factors are expected to aid the growth of location intelligence market during the forecast period.
The global location intelligence market is a fragmented market with the presence of large number of small and large players.
- On May 20, 2019, UberMedia, the leading provider of aggregated mobile location data and intelligence, today announced the beta launch of Vista AI, a fully anonymized mobile location intelligence platform that delivers actionable insights to businesses without compromising accuracy or quality.
- On May 01, 2018, GeoSpock launched a new location intelligence platform. The new platform is used to explore the potential of smart city development, online advertising and mobility through Location Intelligence (LI) analytics functionality – including dynamic filtering, movement tracking, dataset comparisons, and geofencing.
Key Market Movements:
- Globally, the location intelligence market projected to witness a CAGR of 16.7% during the forecast period from 2019 to 2027
- System integration service dominated the global location intelligence market in 2018. However, consulting service seeks lucrative growth during the forecast period.
- The sales and marketing optimization application segment accounted for the largest market share of over 20% in terms of revenue in 2018. 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 transportation and logistics vertical accounted for over 19% market share in 2018 owing to 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.
- North 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.
List of Companies Covered:
- Pitney Bowes Inc.
- Apple Inc.
- Qualcomm Technologies
- Wireless Logic
- HERE Technologies
- Bosch Software Innovations GmbH
- Trimble Inc.
- SAS Institute Inc.
- Oracle Corporation
- Microsoft Corporation
- Lepton Software
- IBM Corporation
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