The global location intelligence market size is expected to
reach USD 32.8 billion by 2027, expanding at a CAGR of 15.2 % according to a
study conducted by Grand View Research, Inc. Growing penetration of smart
devices coupled with the rising demand for data-rich location solutions to
increase customer engagement and drive operational efficiency is expected to
bolster the growth. Increasing penetration of network infrastructure and smart
devices paired with rising digitalization has enabled organizations to collect
user information, which in turn is anticipated to further spur the market
growth.
Location intelligence is a subcategory
of the IoT concept that enables businesses to identify consumer trends,
customer behaviour, and a variety of information regarding niche markets for
the organizations to make better decisions, deliver better products and
services, and to mitigate the uncertainties in the market. Organizations are
incorporating real-time location monitoring capabilities in various devices,
especially smartphones, for monitoring and recording the geographic position of
consumers to be able to analyze trends, improve customer experience, and optimize
business operations. Owing to the benefits offered, organizations are more
inclined toward implementation of location intelligence services thus spurring
the market growth.
Additionally, the booming smartphone
and smart devices industry in Asia Pacific (APAC) region is expected to drive
the growth of the location intelligence market. The steady rise in investments
in IoT technologies, increasing number of smartphone users, and rising spending
on connected devices in APAC countries are the factors predicted to fuel the
market expansion over the forecast period. However, lack of network
infrastructure, data privacy concerns, lack of awareness, and other operational
challenges and risks can hinder the growth.
Browse full research report on Location Intelligence Market: https://www.grandviewresearch.com/industry-analysis/location-intelligence-market
Further key findings from the study suggest that:
- North America accounted for the largest market share in 2019,
owing to the highest adoption of IoT and the presence of key players such
as Google, Apple, Qualcomm, HERE, Bosch, and GE
- The European Commission is heavily investing in IoT
infrastructure and location intelligence technologies thereby aiming to
accelerate the regional growth
- Asia Pacific is expected to experience the fastest growth
over the forecast period, owing to the rising number of smartphone users,
enhancement of networking technologies, increasing number of service
providers, and rise of social media
- The transportation and logistics vertical segment accounted
for over 19% market share in 2019. Rising adoption of innovative location
intelligence tools, owing to rapid technological advancements in network
communication, location determination techniques, and sensor technologies
is expected to influence the growth
- 2019, Sales and marketing optimization and customer
management applications account for market shares of over 20% and 17%
respectively. These applications enable organizations to assess spending
patterns, consumer behaviour, and forecast sales enabling them to optimize
profitability
Browse
request sample of this report by Grand View Research: https://www.grandviewresearch.com/industry-analysis/location-intelligence-market/request/rs1
Grand View Research has segmented the global location intelligence
market on the basis of application, service, vertical, and region:
Location Intelligence Application Outlook (Revenue, USD Million,
2016 - 2027)
- Workforce
Management
- Asset
Management
- Facility
Management
- Risk
Management
- Remote
Monitoring
- Sales
& Marketing Optimization
- Customer
management
- Others
Location Intelligence Service Outlook (Revenue, USD Million, 2016
- 2027)
- Consulting
- System
Integration
- Others
Location Intelligence Vertical Outlook (Revenue, USD Million, 2016
- 2027)
- Retail
and Consumer Goods
- Government
& Defense
- Manufacturing
& Industrial
- Transportation
& Logistics
- BFSI
- IT
& Telecom
- Utilities
& Energy
- Media
& Entertainment
Location Intelligence Regional Outlook (Revenue, USD Million, 2016
- 2027)
- North
America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Asia
Pacific
- China
- India
- Japan
- South
Korea
- Latin
America
- Brazil
- Argentina
- Middle
East & Africa (MEA)
About
Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
No comments:
Post a Comment