PUBLISHER: The Business Research Company | PRODUCT CODE: 1499876
PUBLISHER: The Business Research Company | PRODUCT CODE: 1499876
Location intelligence entails the process of extracting valuable insights and comprehension from geographical or location-specific data to discern patterns, trends, relationships, and behaviors associated with particular locations or regions. This intelligence amalgamates geographic information system (GIS) technology with business intelligence tools, empowering organizations to make informed decisions through spatial analysis. It aids organizations in optimizing operations, targeting customers more effectively, mitigating risks, and discovering new opportunities.
The primary components of the location intelligence market comprise software and services. Software encompasses digital programs and applications utilized for analyzing and visualizing location-based data, enabling informed decision-making for businesses and organizations. Various deployment modes, such as on-premise and cloud, cater to different location types, including indoor and outdoor usage across diverse applications such as workforce management, asset management, facility management, risk management, remote monitoring, sales and marketing optimization, customer management, and others. Industrial verticals served by location intelligence encompass retail and consumer goods, government and defense, manufacturing and industrial sectors, transportation and logistics, banking, financial services, and insurance (BFSI), information technology (IT) and telecommunications, utilities and energy, as well as media and entertainment.
The location intelligence market research report is one of a series of new reports from The Business Research Company that provides location intelligence market statistics, including the location intelligence industry global market size, regional shares, competitors with a location intelligence market share, detailed location intelligence market segments, market trends and opportunities, and any further data you may need to thrive in the location intelligence industry. This location intelligence market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The location intelligence market size has grown rapidly in recent years. It will grow from $15.99 billion in 2023 to $18.20 billion in 2024 at a compound annual growth rate (CAGR) of 13.8%. The expansion observed in the historical period can be attributed to several factors, including the emergence of digital mapping technologies, heightened demand for real-time location data, the trend of urbanization, a growing emphasis on environmental conservation efforts, and an increasing need for location-based fraud detection solutions.
The location intelligence market size is expected to see rapid growth in the next few years. It will grow to $30.74 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%. The projected growth in the forecast period can be attributed to several factors, including the heightened adoption of location intelligence solutions, an increasing demand for real-time location data, a growing focus on developing smart cities, the emergence of location-based analytics tools, and the expanding utilization of location intelligence within the agriculture sector. Major trends anticipated in the forecast period include the integration of Internet of Things (IoT) technologies, the development of AI-powered location intelligence platforms, the utilization of blockchain technology, the incorporation of location-based augmented reality experiences, and a growing adoption of cloud-based solutions.
The growth of the location intelligence market is expected to be driven by the increasing adoption of IoT and connected devices in the foreseeable future. IoT and connected devices comprise a network of physical devices embedded with sensors, software, and connectivity, enabling them to gather and exchange data. This rise in adoption is attributed to advancements in technology, cost efficiencies, data-driven insights, industry acceptance, and consumer demand for convenience. Devices equipped with location sensors within the IoT ecosystem track the real-time location of assets such as vehicles, equipment, or inventory. Location intelligence systems then analyze this data to monitor asset movements, optimize routes, prevent theft or loss, and ensure efficient asset utilization. For example, a report by Ericsson in September 2023 indicated that global IoT connections had reached 15.7 billion connections and were projected to grow by 16% to reach 38.9 billion connections by 2029. Additionally, data from the GSM Association in January 2022 predicted a surge in global Internet of Things (IoT) connections to 23.3 billion by 2025, up from 15.1 billion connections in 2021. Therefore, the increasing adoption of IoT and connected devices is a key driver of the location intelligence market's growth.
Leading companies in the location intelligence market are concentrating on the development of AI-powered solutions, such as PrivacyCheck, to enhance their competitiveness. PrivacyCheck utilizes artificial intelligence algorithms to assess location-based data and offer critical insights to businesses and organizations. For instance, Gravy Analytics, a US-based company specializing in location-based business intelligence, introduced PrivacyCheck in October 2022. This technology aids enterprises in ensuring that sensitive location data generated within their systems is not shared or sold. Key features of PrivacyCheck include its capability to identify and eliminate sensitive location data from organizational systems, seamless integration into existing systems without sharing precise location data externally, and customizable configuration options to meet specific privacy requirements.
In January 2023, Precisely, a US-based software firm, acquired Transerve to further strengthen its position in providing geospatial data and analysis to businesses. This acquisition enables Precisely to deliver accessible and user-friendly geospatial insights alongside other datasets and capabilities within its data ecosystem. Transerve, based in India, offers a cloud-native location intelligence solution, aligning with Precisely's strategic goals in expanding its location-based offerings.
Major companies operating in the location intelligence market are Google LLC, Microsoft Corporation, IBM Corporation, Qualcomm Technologies Inc., Uber Technologies Inc., Nokia Corporation, Baidu Inc., Hexagon AB, Autodesk Inc., Lyft Inc., Trimble Inc., Pitney Bowes Inc., Esri Inc., TIBCO Software Inc., Liberty Broadband Corporation, Alteryx Inc., MDA Corporation, TomTom International B.V., INRIX Inc., Mapbox, SpotHero Inc., CARTO, Cuebiq Inc., Navizon Inc., Foursquare Labs Inc.
North America was the largest region in the location intelligence market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the location intelligence market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the location intelligence market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The location intelligence market consists revenues earned by entities by providing services such as mapping and geocoding services, asset tracking, and navigation services. The market value includes the value of related goods sold by the service provider or included within the service offering. The location intelligence market also includes of sales of mapping and navigation applications, geographic information systems software, and real-time location tracking systems. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Location Intelligence Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on location intelligence market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for location intelligence? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The location intelligence market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.