Location Analytics Market worth $33.2 billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, Jan. 13, 2023 /PRNewswire/ -- The global Location Analytics Market size is projected to grow from USD 18.0 billion in 2022 to USD 33.2 billion in 2027, at a compound annual growth rate (CAGR) of 13.1% during the forecast period, according to a new report by MarketsandMarkets™. Selecting for location intelligence tools for improving asset management to make operations more effective.

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Remote monitoring applications to be largest market during forecast period

Based on application, the remote monitoring segment is set to account for the largest market size during the forecast period. Companies need to adopt remote monitoring applications to improve overall system performance. Remote monitoring applications improve the quality, user experience, and convenience of users with various technologies such as BLE, Wi-Fi, and UWB. The remote monitoring solution is useful in the healthcare industry to monitor patients admitted to the hospital. In hospitals, IPS can be a reliable and accurate patient tracking system compared to the traditional monitoring of patients manually, which often creates human errors.

Retail vertical to be the largest market for forecast period

Location analytics is gaining acceptance among all verticals to improve profitability and reduce overall costs. Retailers need to manage their customer data to boost customer experience. Retailers are now focusing on creating a 360-degree view of customers, which leads to customer satisfaction. Retailers use digital and offline marketing to increase sales. However, they often lack the means to connect with customers at the most significant moment when they pass by or in their stores.

Based on organization size, SMEs to grow at higher CAGR during forecast period

The SMEs are organizations also executing location analytics solutions that enable better orientation in the complex building providing location-based analytics and tracking functionalities. Location analytics is important for SMEs as it helps determine peripheral market conditions and the internal scope for action. It helps to optimize operational practices and evaluate RoI decisions while taking over a new site of business.

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North America to be largest market during forecast period

North America is estimated to account for the largest market share during the forecast period, with the US contributing a larger market share, followed by Canada. Both countries have heavily invested in technologies, such as BLE, Wi-Fi, and UWB, and are currently investing in ultrasound technology to improve the facilities of resource utilization for improving patient care that would contribute to the growth of the market in the region.

Major Location Analytics Market vendors include IBM (US), Google (US), Oracle (US), Microsoft (US), Esri (US), SAS (US), Precisely (US), SAP (Germany), CISCO (US), TomTom (Netherlands), Hexagon (Sweden), Zebra Technologies (US), Alteryx (US), HERE (US), Purple (UK), Galigeo (France), Geomoby (Australia), Quppa (Finland), CleverMaps (Czech Republic), IndoorAtlas (Finland), Lepton Software (India), CARTO (US), TIBCO (US), Sparkgeo (Canada), Ascent Cloud (US), Foursquare (US), MapLarge (Georgia), SedimentIQ (US), Ariadne Maps (Germany), Locale.ai (India), Geoblink (Spain), Nrby (US), Mapidea (Portugal), GapMaps (Australia), and LocationsCloud (US). These market players have adopted various growth strategies, such as partnerships, collaborations, and new product launches, to expand have been the most adopted strategies by major players from 2019 to 2022, which helped companies innovate their offerings and broaden their customer base.

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