Key Market Insights
"Rapid Adoption of Advanced Technologies expected to uplift the Global Location Intelligence Market"
The global location intelligence market was valued at US$ 13.8 Bn in the year 2021 and is expected to reach US$ 55.05 Bn by the year 2030, expanding at a CAGR of 16.7% during the forecast from 2022 to 2030.
More than 80% of all data maintained by organizations around the world has a location component. Just like the CRM-style analytical solutions of a decade ago, location intelligence offers value to an organization by using sophisticated technology and analysis to help executives and enterprise-level users alike make critical business decisions.
Using economics, demographics, physical geography, and other data pertaining to location, location intelligence helps detect patterns, risks, and opportunities often difficult to see in basic spreadsheet analysis. For financial, insurance, communications, and retail operations, location intelligence provides very specific benefits, which translate to increased revenues, reduced costs, and improved efficiency for any organization. Yet many high-level executives still have not embraced this technology.
Service Analysis
"Consulting Service expected to grow at a Rapid Rate during the Forecast Period"
The system integration segment accounted for the largest market share of over 45% in 2018. Many industries seek help from system integrators to integrate location intelligence tools with their assets, business processes, and products to be able to collect a variety of information that can be further analyzed to infer meaningful insights. The system integration segment is projected to witness the highest demand in near future, owing to the increasing need to integrate new data sources with the rising adoption of IoT and the ever-increasing location-based data.
The consulting segment is expected to expand at a CAGR of approximately 14% over the forecast period. Location intelligence helps consult companies to gather, analyze, and examine relevant information and offer a more accurate opinion to other organizations. Various industries take advice for integrating location intelligence tools with their business processes from location intelligence and IoT consulting firms.
Regional Analysis
"North America held the Largest Revenue Share in the Global Location Intelligence Market in 2018"
Presently, North America is the largest shareholder in the location intelligence market. In North America, the US and Canada are the two major contributors to the overall location intelligence market growth. The US holds a higher market share in the location intelligence market. In the US, the government and defense, and telecommunication and IT verticals are expected to majorly contribute to the market growth. The growth in North America is attributed to the rising technological advancements, increasing industry standards for location-based technologies, and growing financial support from the governments. The region has also witnessed the emergence of startups in the location intelligence market. It has been the most promising region across verticals, such as BFSI, healthcare and life sciences, and telecommunications and IT. The government sector has also joined the race to become a technologically advanced sector for catering to a broad customer base. The region houses some of the biggest retail companies. In terms of adoption, North America is contributing significantly to the market and expected to grow further.
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Historical & Forecast Period
This study report represents analysis of each segment from 2020 to 2030 considering 2021 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2030.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Location Intelligence market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2020-2030 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Year | 2020 |
| Unit | USD Billion |
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Key questions answered in this report
