Market Size of Location Analytics Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 19.70 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Location Analytics Market Analysis
The Location Analytics market is expected to register a CAGR of 19.7% during the forecast period (2021 - 2026). Moreover, the COVID-19 impact had a varying degree of impact on the location analytics market, primarily due to the diverse effect of the pandemic on the end-user industries that deploy the services. Overall, the market was impacted negatively, although solid recovery is expected to drive the demand for location analytics over the forecast period.
- Location analytics has emerged significantly during the past few years. It is increasingly being used for locating friends in an area, locating the nearest restaurant, or advertising deals to shoppers in the nearby area. It gives users access to relevant and up-to-date information about their surroundings and allows businesses to update their customers regarding their orders. All these location analytics applications offer a dynamic user experience, providing a convenient method for interacting business enterprises with customers.
- The fastest developing positioning methods are based on a combination of mobile positioning and satellite-based GPS. With more widespread methods, like global cell identity (CGICTA) and enhanced observed time difference (E-OTD), the practical precision falls in the range of 50-1000 m. These technologies create opportunities for the end-users based on the accuracy needed for specific applications' location identification.
- With the arrival of cloud and IoT systems, companies are now automating most of their operations. The healthcare sector is also anticipated to witness a more significant number of applications. The increasing IoT applications, devised with healthcare requirements, are supposed to contribute to the growth of the market study for the healthcare vertical. For instance, Texas Health saved USD 412,000 using the real-time location-based system, as medical equipment is now readily located and maintained.
- The rise in all the customer-facing industries has led to the introduction to wi-fi location analytics 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 understand their customers better and accordingly, deliver products as per the customer's needs. Understanding the customer's needs via this method helps maximize retail output and retail services. Different analytics solutions are pretty popular now, such as web analytics. Location-based analytics will become the need of the hour for designing and measuring the experiences of customers. Soon, location analytics solutions will become commonplace in the marketplace.
- Furthermore, many retail firms are implementing Location analytics in their marketing strategy. For instance, Walgreens uses Location analytics to encourage customer loyalty by pushing a notification that lets users open their app every time they enter a specific area. The user can further view promotional offers by looking at their account details. The implementation of Location analytics in retail is, thus, promoting the market.
