On the basis of geographical analysis, the global location intelligence market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the growing number of smartphone users, and rapid advancements in networking technologies in the region. As of May 2021, China accounted for the largest number of smartphone users in the world, valued at 912 million users, followed by India with a smartphone userbase of approximately 439 million.
In addition, several companies in the region are focusing on the introduction of new products and services, which is also predicted to impel APAC’s market growth in the future. Moreover, the market in North America is assessed to acquire the largest share during the forecast period ascribing to the rapid adoption of new technologies, high usage of social media, and presence of robust IT infrastructure in the region.
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The global location intelligence market is further classified on the basis of region as follows:
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Our in-depth analysis of the global location intelligence market includes the following segments:
By Location Type
April 2020- ESRI launched an online cloud-based analytics platform for the Caribbean community, providing access to the company’s ArcGIS Online software, along with geographic data and imagery.
October 2019- IBM Corporation launched IBM Cloud Pak, aimed at extracting the value of location and time for business use.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: The major factors driving market growth are growing usage of spatial data and analytical tools and increasing need for predictive analysis among businesses globally.
Ans: The market is anticipated to attain a CAGR of ~15% over the forecast period, i.e., 2022 – 2030.
Ans: High initial cost of deployment of location intelligence is estimated to hamper the market growth.
Ans: Asia Pacific will provide more business opportunities for market growth owing to the growing number of smartphone users, and rapid advancements in networking technologies in the region.
Ans: The major players in the market are IBM Corporation, Google LLC, SAP SE, Apple, Inc., AT&T, Inc., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by service, location type, application, vertical, and by region.
Ans: The retail segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.