The smartphone market has grown in this region by a huge margin. Some countries have had an increase of more than 50% in this region. This is because of the changing demographics of the region where the younger population is increasing. Using internet on the phone has added the attraction for the younger and older generation alike and has helped increase the sales of mobiles. This increase in the retail market combined with the smartphones growth has helped raise the market for location analytics market.
The economy of Latin America is expected to grow to 3.7% by the end of 2016. The steady growth in this region for some years and economic policies has improved the lives of millions. The FDI in this region received USD 173.36 billion in 2012 which is 6.7% more than 2011. This accounts for 12% of the global flows. This increase in middle-class population and the growth in the economy mean higher income for the people and also increase in urbanization.
Location analytics is emerging as one of the major segment 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 to 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 customers 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 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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