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Location Intelligence Market- Consulting Service expected to grow at a Rapid Rate during the Forecast Period

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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.

Market Insights

“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.

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