The Location Analytics Market is set to grow from its current market value of more than $18 billion to over $75 billion by 2032; as reported in the latest study by Global Market Insights, Inc.
Location Analytics Market is slated to demonstrate massive growth through 2032, owing to the rising demand for geographic predictive analytics for the prediction of maintenance needs, production deadlines, and infrastructure assessment. Location analytics services are slated to emerge as one of the most crucial aspects of marketing for enterprises, which is expected to drive the market share.
The industry growth is likely to be compromised by the lack of regulatory norms and regulations. Nevertheless, the rising importance placed on location-based data to support business decision-making and the necessity to gather more information is anticipated to offer several growth opportunities for the market development.
Overall, the location analytics market is divided in terms of component, solutions, services, location positioning, application, industry verticals, and region.
Based on component, the solution segment held over 55% market share in 2022 and is slated to grow exponentially through 2032. This can be credited to the rising demand from enterprises for sophisticated location-based solutions for diverse application requirements.
By solution, the thematic mapping and spatial analysis segment accounted for more than 20% market share in 2022 and is projected to gain considerable impetus by 2032. The growth can be attributed to the limited capabilities offered by these maps to visualize the geographical distribution of the earth’s surface corresponding to business information. Ongoing innovations and partnerships in the space would further supplement the product demand. For instance, in 2022, India’s Geospatial Energy Map by the NITI Aayog collaborated with ISRO to identify and locate all primary and secondary energy sources coupled with their transportation and transmission networks.
In the context of service, the professional service segment is expected to register notable gains during 2023-2032, as the key players operating in the industry offer consulting services that assist clients in achieving their goals and support them in putting such platforms in place.
Considering the location positioning, the outdoor positioning segment will demonstrate sturdy growth through 2032, owing to the surge in deployment of location analytics solutions to map business assets across the outdoor environment.
In terms of the application, the risk management segment held over 20% market share in 2022 and will grow considerably as location analytics solutions help enterprises evaluate risk concentrations.
By industry verticals, the IT & telecommunication sector is expected to depict over 15% CAGR by 2032. Location analytics help IT and telecom companies collect geographic information and offer context-based information for infrastructure optimization, service improvements, and much more, which is slated to augment the demand for location analytics in the industry.
Regionally, the North America location analytics market is depicted to showcase considerable growth through 2032, owing to the burgeoning use of social media search engines and location-based applications among individuals in the region. In addition, the growing adoption of spatial data and analytical tools by industries across the region will further support the growth of the location analytics industry.
