The global location intelligence market is estimated to garner a sizeable revenue and grow at a CAGR of ~15% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing usage of spatial data and analytical tools, and mounting need for predictive analysis among businesses across the globe. Along with these, rising use of location-based applications and web mapping services is also a crucial factor expected to bolster market growth in the forthcoming years. Furthermore, the world is observing an upsurge in the adoption of social media for customer engagement and getting direct feedback. As of July 2018, there are almost 4.5 billion social media users around the world, i.e., about 57 percent of the earth’s population. 9 out of 10 internet users also use social media every month. This, coupled with increasing penetration of smartphones globally is projected to offer ample growth opportunities to the market in the near future.
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The market is segmented by vertical into retail, government, and defense, out of which, the retail segment is anticipated to hold the largest share in the global location intelligence market. This can be accounted to the high utilization of location analytics in managing retail apps to offer improved user experience. Apart from these, location intelligence offers a digital platform to sellers for interacting and building trustworthy relationships, which is also predicted to boost the growth of the market segment in the imminent time. Additionally, on the basis of application, the sales & marketing optimization segment is assessed to acquire the largest share during the forecast period, which can be credited to the fact that use of these services enables assessment of consumer behavior, forecast sales and optimize profitability of businesses.
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.
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:
Our in-depth analysis of the global location intelligence market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing usage of spatial data and analytical tools and increasing need for predictive analysis among businesses globally.
The market is anticipated to attain a CAGR of ~15% over the forecast period, i.e., 2022 – 2030.
High initial cost of deployment of location intelligence is estimated to hamper the market growth.
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.
The major players in the market are IBM Corporation, Google LLC, SAP SE, Apple, Inc., AT&T, Inc., and others.
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.
The market is segmented by service, location type, application, vertical, and by region.
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.
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