The consumer goods and retail and government, defense, and aerospace are at a turning point to understand, interpret, visualize, and find out valuable insights for effective decision making. The role of location analytics is growing across various verticals including government, defense, aerospace, retail, public sector, energy, real estate, transportation and logistics, telecommunication, healthcare, and BFSI. Location analytics is applied in facilities management, tracking and routing monitoring, customer and marketing management, workforce management, and sales and operational profitability management.
In today’s dynamic world, location plays an important role to manage the regular business process. Every enterprise has physical assets, personnel, customers, suppliers, resources, and suppliers who are linked with physical locations. Consumer goods and retail entities rely on location analytics to select store location, track and monitor their goods, and understand the customer behavior across various regions. Government, defense, and aerospace entities use location analytics solutions to deliver their services more transparently. Location analytics allow them to share, visualize, and analyze huge amount of data to take quick decisions for the effective use of resource, minimize the risks, and streamline the projects.
The location analytics market is growing rapidly because of the rich location-based data, customer support and satisfaction, increased focus on competitive, and market intelligence and risk and compliance management. Location analytics has been gaining good traction in the market as most of the enterprises are implementing these analytics to find out the valuable information from location-based data. Location analytics solutions analyze location-based data, present the data in various patterns, and use advanced analytics and visualization tools for real-time analysis.
Location analytics software consists of geocoding data integration and ETL, query, reporting and OLAP visualization, and mapping and analytics software. Geocoding enables firms to have a real-time impact on customer experience. Knowing where customers are, where they spend time, eat, shop, and travel provides valuable insight. This level of intelligence makes designing loyalty and affinity programs more intuitive and exact. Retailers and social media marketers have already tapped into reverse geocoding to deliver relevant, real-time messaging to their clients. Mapping and analytical tools help to develop graphical representation of available information and it also analyzes the different trends and data patterns to understand the present situation, future opportunities, and challenges and also helps to take effective actions on the same. Geocoding software accounts the largest market share in location analytics market and mapping and analytical software is growing with the highest CAGR as compared with other software.
A new perspective for location-based data and increased focus on market and competitive intelligence drive the location analytics market. Real-time location analytics technology and growth-emerging markets create new opportunities in the market. Major players such as SAP, Esri, Galigeo, Astrium, and many others are offering comprehensive solutions in the market to grab these opportunities.
In terms of regions, North America (NA) is the largest location analytics market, as it is one of the largest regions which have a huge penetration rate for Business Intelligence (BI) and business analytics market. NA has a large demand for location analytics in media and entertainment, BFSI, real estate, and healthcare and life sciences. The Asia-Pacific (APAC), Latin America (LA), and Middle East and Africa (MEA) are the emerging regions in the overall location analytics market.