The Asia-Pacific region is home to more than half of the human beings in the world. The region has a steady economic growth. The GDP growth for 2016 - 2017 is forecasted to be more than 5% which is helped by the growth in economies, robust credit growth and good labor markets. There is cut-throat competition between the retailers to earn more than their rivals. Smartphones have taken the world by storm. The boom in Asia-Pacific markets has been enormous and is a huge market for every company that makes smartphones. There is a huge demand in both low-cost smartphone segment and the high-end segment. The combination of growth in both has helped the location analytics market in this region.
Location analytics is emerging as one of the major segments in the field of market research. With more retail stores being established each day, there is a chunk of user data that is generated every time a consumer or customer enters the store and till he leaves after the final transaction is done.
These data points are now being analyzed with different analytical solutions. Location-based analytics helps in contextualizing of location-centric data, so that meaningful insights could be derived from the same and strategic business decisions could be made. This data could, in turn, be used to enhance the customer experience as well as gain a competitive edge over other market players. By leveraging smartphones with wi-fi networks, location analytics vendors have made it possible to get location analytics solutions up and running at a minimal cost.
The rise in all the customer-facing industries has led to the introduction of wi-fi location analytics (LBS) system that allows the customers to connect through on-site wi-fi, which opens a direct channel of communication that enables the retail centers and similar others to better understand their consumers and accordingly, deliver products as per the customer’s needs. Understanding the consumer’s needs via this method helps maximize retail output and retail services.
Different analytics solutions are quite popular now such as the web analytics. Location-based analytics will become the need of the hour for designing and measuring experiences of customers. In the near future, location analytics solutions will become a commonplace in the marketplace.
Some of the key market players mentioned in the report are Esri, Cisco, Galigeo, Microsoft, Pitney Bowes and Placed.
Some of the important factors driving the location analytics market are the consistent growth in the retail market, increasing adoption of analytical business intelligence and geographic information systems technology and also, the increasing focus on the needs of customers and customer satisfaction.
The factors restraining the location analytics market are the security and privacy concerns associated with the market data, and limitations and error-prone nature of these databases.
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