Digital economy has opened many new avenues for business. Location analytics market is one such promising area. Location analytics fuses geographical info with business data and produces a relationship of location to events, facilities, transactions, assets and even human beings. When business data is merged with geographical location- and then mapped- we get illuminating insights from collection, collation, and analysis of such data. Although data is already available in the form of tables, charts, histograms, pie-diagrams and many other forms, a dramatically new perspective is added when this data is juxtaposed to maps and spatial analytics. This fusion prompts the users to gain new insights on one hand and enhance communication prowess of the maps on the other hand; a commonly understood language will greater comprehension is created, which in turn helps the business units collaborate further. No wonder the market for location analytics has been projected to grow at a CAGR of 15.6% between 2019 to 2026, from $10.8 billion (2019) to $29.9 billion (2026). Before the arrival of locational analytics geographical analytics was missing from business data and solutions. But now many organizations are overly enthused to use it by incorporating geographical aspect into their operations.
There are many key factors which are driving the growth of the market in location analytics. Some of them are increasing adoption of advanced technologies, customers presence on digital and social media, growing need for predictive analytics, ever expanding tendency of digital savvy consumers to use location-based applications, so on and so forth. This in turn has broadened the use of spatial and analytical tools in an integrated fashion. But while there are tailwinds, we cannot shy away from the headwinds which are equally numerous. There are data privacy issues, lack of uniform regulatory norms and consequent legal hassles, and, to top it all, the high initial fixed cost of deploying the technology. Yet, on balance the field is virgin and fertile for future growth. That is what has prompted companies like Clever Analytics, Lepton Software, Galigeo, Cisco, Oracle, Esri, IBM, and a whole lot more to venture in the area. Seemingly they have made a wise decision.
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Market Segmentation
There are at least 6 ways based on component, solution, location, vertical, application, and geography- in which the market can be segmented. One or more areas can be targeted by the vendor after developing a suitable positioning platform. This is what we call in the marketing as STP approach (segmentation, targeting, and positioning).
Component wise the industry can be divided into two segments, solutions and services. Since many new industrial sectors are increasingly showing interest in buying, using, and adopting the location analytics software, the global market in 2019 has grown at a faster pace than the services segment. But, naturally, once the software systems are installed, they would need support and maintenance services. So now onwards the services sector is likely to witness faster growth so that the systems function uninterrupted, and in an efficient manner. To this demand we can add the demand for installation and training services.
Based on location type, we have indoor and outdoor locations as two distinct segments both of which are promising. However, the indoor location analytics had a larger share of the overall market primarily because of increasing adoption of connected devices and growing demand for the indoor analytics for increasing adoption of lean automation and robotics processes.
From solution, point of view, we have multiple segments including reporting and visualization, data integration and ETL, geocoding and reverse geocoding, and more. While the geocoding and reverse geocoding segment is likely to outperform the rest in 2019, over the 2019-2026 period perhaps the data integration and ETL segment will witness the highest growth rate, since industry verticals will spew out humongous volume of data which will need to be integrated so as to come to logical conclusions.
If we look at applications, again there are numerous segments. Thus we have segments for supply chain planning and optimization, risk management, inventory management, emergency response management, predictive assets management, and then some more. Expectedly, out of the whole bunch, with an eye on the bottomline most client are interested in buying the sales and marketing optimization solution which perpetually will dominate during the forecast period.
Regional Overview
In terms of geography the segmentation is obvious: North America, Europe, Asia Pacific, Latin America, Middle East and Africa markets. Like in many fields, here also American market dominates due to a very large and growing retail market, technological sophistication and consequent affinity towards business intelligence and analytics and geographical information system as also very demanding and exacting customers who need to be supplied newer options with satisfying products and solutions. For almost similar reasons Europe is also extensively and intensively investing in locational analytics market where many enterprises use location based mapping services, notable among them are the mobile and internet service providers for whom locational data mining is akin to successful gold digging; there is an immediate fall out on the bottomline. Having said that, however, due to already saturated developed markets Asia-pacific, including India and China, may witness fastest growth due to growing smart phone and social media users, service providers, and adoption of 3G, 4G, and in future 5G technologies.
Finally, in verticals classification there are many players from retail, manufacturing, media and entertainment, energy and utilities, and even the govt. Out of these all it is predicted that throughout the 2019-2026 period, the transportation sector will create the heaviest demand. This is because the sector, along with logistics, is witnessing ever expanding demand for effective and productive management of logistics and transportation. This in turn is a function of growing population, urbanization, and burgeoning fleet of vehicles of all kinds.
Overall a promising area where an investment is likely to yield a very high ROI. If you have money, plunge.
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