The location analytics market is anticipated to showcase exponential development by 2027 owing to extensive use of spatial data and analytical tools.
A recent study has highlighted the role of location analytics in producing useful insights about traveler visitation patterns and places of interest that the tourism industry can utilize to design travel packages strategically. Over a broader spectrum, location analytics helps companies across several industries to target potential customers and understand the demand patterns of the existing ones to enhance their business outcomes. As a result, the widespread integration of business intelligence systems with location-based mapping systems has fueled industry uptake over the past few years.
The location analytics market has been segmented based on industry vertical, component, application, location positioning, and region.
With respect to component, the market has further been divided into services and solution. Under services, the market has been categorized into managed services and professional services.
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The professional services segment held a considerable market share of nearly 50% in 2020 and is slated to amass notable gains over the assessment period. This growth is attributed to surging demand for deployment and integration services.
The managed services segment is projected to progress at a sturdy pace of more than 15% CAGR over the forecast period owing to escalating demand for outsourcing analytics services across the enterprises.
From the application spectrum, the location analytics market has been classified into location selection & optimization, risk management, emergency response management, customer experience management, supply chain planning & optimization, remote monitoring, and others.
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The customer experience management sub-segment is expected to attain a sizable valuation by 2027, registering a CAGR of almost 15% through the review timeline. Rising emphasis on improving customer experience by understanding the customer buying patterns is estimated to drive segmental expansion in coming time period.
In 2020, the emergency response management sub-segment accounted for over 10% market share and is anticipated to observe steady growth over 2021-2027. Mounting demand to improve the time taken to respond in cases of disaster and other similar incidents is estimated to boost product adoption.
The location selection & optimization sub-segment recorded about 5% market share in 2020 and is deemed to witness optimistic development through the stipulated timeframe. Soaring demand for improving emergency response in case of natural disasters, such as flood and earthquake is set to support market growth.
In terms of industry vertical, the location analytics market has been bifurcated into manufacturing, transportation & logistics, energy & utilities, retail, healthcare, BFSI, IT & telecommunication, and others. The BFSI sub-segment is speculated to expand at a CAGR of approximately 10% over the estimated period due to increasing demand for predictive analytics in the PFSI sector.
The IT & telecommunication sub-segment is set to progress at a growth rate of nearly 15% through the study timeline owing to the growing need to facilitate capacity planning and demand forecasting, as well as better management if wireline, wireless, and cable networks.
The energy & utilities sub-segment is poised to develop at more than 10% CAGR through the analysis period on account of prevalent adoption of wireless technologies & equipment to ensure safety and security. The manufacturing sub-segment is projected to grow at a CAGR of almost 5% over the review timeline owing to escalating demand for improving location-based operations in manufacturing plants.
On the regional front, the LATAM location analytics market attained a market share of about 15% in 2020 and is estimated foreseen to exhibit solid expansion through 2021-2027. This growth is attributed to rising adoption of location-based technologies in mining fields.
In 2020, the MEA location analytics market held around 5% market share and is expected to gain substantial traction over the projected timeline due to increasing penetration of location-based technologies in oil & gas fields.