The Location Analytics Market size is projected to grow from USD 15.7 billion in 2021 to 29.9 USD billion in 2026, at a Compound Annual Growth Rate (CAGR) of 13.8% during the forecast period. The location analytics industry is driven by increasing use of spatial data and analytical tools. However, rising in the use of location-based applications and use of location data and analytics to fight COVID-19 further contributes to the growth of the location analytics market.
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Based on the Component, solution segment to account for a larger market size during the forecast period
The location analytics market has been segmented by two components: solution and services. The deployment of location analytics has witnessed an increase in adoption, as serves a variety of purposes, such as Data Integration and ETL and Reporting and Visualization. The growing adoption of location analytics across all major verticals, such as Manufacturing, Government & Defense, Media & Entertainment, Transportation & Logistics, Energy & Utility, Telecom & IT, Healthcare, Pharma, and Lifesciences, Tourism & Hospitality, Banking & Financial Services, Insurance, Real Estate, Education.
Based on deployment mode, cloud segment to hold the largest market size during the forecast period
Cloud computing refers to the storage, management, and processing of data via networks of remote servers, which are typically accessed via the Internet. According to Statista, cloud computing would generate more than USD 300 billion in revenue in 2020 as a component of IT services. At the same time, PwC shows the COVID-19 crisis has accelerated the cloud transition even further as per data during the first quarter of 2020, cloud spending increased by 37% to USD 29 billion. The increasing generation of data leads to various challenges for several organizations. These challenges include storage, privacy, and affordability.
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Major location analytics vendors include IBM(US), Google(US), Oracle(US), Microsoft(US), Esri(US), SAS(US), Precisely(US), SAP(Germany), CISCO(US), TomTom(Netherlands), Hexagon(Sweden), Zebra Technologies(US), Alteryx(US), HERE(US), Purple(UK), Galigeo (France), Geomoby (Western Australia), Quppa (Finland), CleverMaps (Czech Republic), IndoorAtlas (Finland), Lepton Software(India), CARTO(US), TIBCO(US), Sparkgeo (Canada), PlaceIQ (US), Ascent Cloud(US), Foursquare(US), MapLarge (Georgia), SedimentIQ(US), Ariadne Maps (Germany), Locale.ai (India), Geoblink (Spain), Nrby(US), Mapidea (Portugal), GapMaps (Australia), LocationsCloud(US). These market players have adopted various growth strategies, such as partnerships, collaborations, and new product launches, to expand have been the most adopted strategies by major players from 2019 to 2021, which helped companies innovate their offerings and broaden their customer base.
Google is a global technology company, and its primary business areas include web-based search, desktop and mobile operating systems, display advertising and tools, enterprise solutions, hardware products, consumer content platform, advertising platform, and cloud computing platform. The company generates revenues by delivering relevant, cost-effective online advertising, cloud-based solutions that provide customers with platforms, collaboration tools and services, and sales of other products and services, such as apps and in-app purchases, digital content, and subscriptions for digital content, and hardware. Its search engine maintains a list of websites and online content for Google network members, advertisers, and content providers. The company’s core products include Android, Maps, Chrome, YouTube, Google Play, and Gmail. Google also sells hardware products such as Chromebook, Chromecast, and Nexus. The company has a worldwide presence in more than 40 countries. The company offers solutions to various industries, which include retail, financial services, healthcare and life sciences, media and entertainment, telecommunications, gaming, manufacturing, energy, government, education, and small businesses. It has a geographical presence in US, APAC, EMEA, and other Americas. The solutions offered by Google in the location analytics market are Google Earth Engine, BigQuery GIS, and Google Maps Platform.
Oracle is one of the leading providers of cloud and database solutions. The company’s business is divided into three major segments, namely cloud and license, hardware, and services. It is present in more than 145 countries, with a workforce of 206,815 employees, serving more than 420,000 customers. It has a presence in Americas, EMEA and Asia Pacific. Oracle is an established and leading vendor of enterprise-grade products and solutions. The company specializes in developing, manufacturing, and marketing hardware systems, database and middleware software, and application software. It offers analytics software designed to leverage big data and enterprise data for enabling organizations to analyze data and discover new ways for strategizing and planning business operations. Oracle works on various emerging technologies, including IoT, AI, blockchain, ML, chatbots and digital assistance, and data science, which helps develop new business models and deliver SaaS applications embedded with these emerging technologies.
In the location analytics market, the company offers solutions, such as Oracle Spatial and Graph, Oracle Fusion Middleware MapViewer, Oracle Business Intelligence Enterprise Edition (OBIEE), Oracle Scheduling and Mobile Workforce Management Solutions, Logistics and Oracle Transportation Management (OTM), Oracle Location Query Analysis, and Oracle RDF Semantics Graph.
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