Location analytics is one of the important segments in business analytics. Location analytics refers to the business intelligence (BI) process implemented to gain insights from geographic or location-based business data. It allows companies and organizations across industries to merge 3-D data with conventional BI data. This spatial data is collected using various data sources such as cameras, sensors mobile devices, global positioning systems (GPS), and social media channels. Location-based analytics help in contextualizing location-centric data and deriving meaningful insights. This derived data helps in making strategic business decisions. Location analytics Market includes interpretation and analysis of information in combination with its location or geographical component.
It involves analyzing both real-time data and historic data. Location analytics can be applied for prevention of disasters. Historical data can be analyzed on a map to identify which areas are historically affected by disasters and to provide safety to disaster-prone areas. Real-time location analytics are helpful to courier services which need to keep track of the location of freights and delivery vehicles in real time. Location analytics tools can be beneficial for military purposes. It allows militaries to identify the exact location of troops and opponent activities on a map, helping in making better decisions and present strategic advantages. Companies are adopting location analytics solutions to use market intelligence information for business growth. In line with the same, retailers can enhance their business by analyzing the historical spending patterns of people from different geographical locations.
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Emergence of Internet of Things (IoT) and the growing large volume of data through connected devices are leading to increased use of location analytics solutions. Location analytics vendors have allowed the running of location analytics solutions at a minimal cost. This is achieved by utilizing real-time intelligence on connected devices such as smartphones, Wi-Fi networks, Bluetooth-enabled beacons, and few of other technologies. Furthermore, there is rise in importance of asset management across industry verticals to optimize business processes and generate huge amount of revenue. Thus, increasing amount of three-dimensional data and importance of competitive intelligence and predictive analytics solutions helping in business growth are factors expected to drive the market during the forecast period.
There is lack of awareness and expertise among organizations about the functioning of location analytic tools. Furthermore, it requires huge initial investment to deploy such advance location analytic tools with low return on investment. There are certain operational and technical challenges related to connectivity and data integration. These factors are expected to restrain the market growth during the forecast period.
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The location analytics market can be segmented on the basis of location, component, organization size, applications, deployment model, industry vertical, and geography. The market on the basis of component is segmented into solution and services. On the basis of location, the market is segmented into indoor and outdoor location. On the basis of organization size, the market is segmented into small and medium businesses, and large enterprises .Based on application, the market is segmented into risk management, emergency response management, customer experience management, remote monitoring, supply chain planning and optimization, sales and marketing optimization, predictive assets management, and inventory management. The market on the basis of deployment model is segmented into on-premises and cloud. The cloud model is expected to contribute to the location analytic market due to rising adoption of cloud services. The market is segmented on the basis of industry verticals into BFSI, retail and consumer goods, IT and telecommunications, transportation and logistics, manufacturing, government and defense, energy, media and entertainment, energy and utilities and others. The market on the basis of geography is segmented into North America, Europe. Asia Pacific (APAC), Middle East & Africa (MEA) and South America.
Key players in the location analytics market are SAS Institute, Inc., Tibco Software Inc., ESRI (Environmental Systems Research Institute), Oracle Corporation, Pitney Bowes, Microsoft Corporation, IBM Corporation, Galigeo, Cisco Systems, Alteryx, Inc. and SAP SE.