Upcoming Trends And Drivers Of The Location Intelligence Market
Location Intelligence Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033
LONDON, GREATER LONDON, UK, June 21, 2024 /EINPresswire.com/ -- The location intelligence market involves deriving meaningful insights from geographic data to understand patterns, trends, relationships, and behaviors specific to locations or regions. This integration of geographic information system (GIS) technology with business intelligence tools enables organizations to optimize operations, target customers effectively, mitigate risks, and identify new opportunities.
Market Size and Growth Projections
The location intelligence market has seen rapid growth, expanding from $15.99 billion in 2023 to $18.20 billion in 2024 at a compound annual growth rate (CAGR) of 13.8%. This growth is attributed to the rise of digital mapping, increasing demand for real-time location data, urbanization trends, focus on environmental conservation, and the need for location-based fraud detection solutions.
The market is expected to continue its robust growth, reaching $30.74 billion by 2028 with a CAGR of 14.0% in the forecast period. Increased adoption of location intelligence solutions, growing demand for real-time location data, emphasis on smart cities, proliferation of location-based analytics tools, and utilization in agriculture are key drivers. Major trends include IoT integration, AI-powered platforms, blockchain technology, location-based augmented reality, and adoption of cloud-based solutions.
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Impact of Rising Adoption of IoT and Connected Devices
The rising adoption of IoT and connected devices is a significant driver for the location intelligence market. These devices, equipped with sensors and software, collect and exchange data, providing real-time insights into asset locations, optimizing routes, and enhancing operational efficiency. As per reports by Ericsson and the GSM Association, global IoT connections are expected to increase significantly, driving demand for location intelligence solutions.
Location Intelligence Market Major Players and Innovations
Leading companies in the location intelligence market, including Google LLC, Microsoft Corporation, and IBM Corporation, are focusing on AI-powered solutions to maintain competitive advantages. For instance, Gravy Analytics' PrivacyCheck leverages AI algorithms to evaluate location-based data, ensuring data privacy compliance and enhancing business insights without compromising sensitive information.
Location Intelligence Market Segments
• By Component: Software, Service
• By Deployment: On-Premise, Cloud
• By Location Type: Indoor, Outdoor
• By Application: Workforce Management, Asset Management, Facility Management, Risk Management, Remote Monitoring, Sales And Marketing Optimization, Customer Management, Other Application
Regional Insights: North America Leading, Asia-Pacific Fastest Growing
North America emerged as the largest region in the location intelligence market in 2023, driven by technological advancements and widespread adoption of digital solutions. Asia-Pacific is anticipated to witness the highest growth during the forecast period, fueled by increasing investments in technology and smart city initiatives.
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Location Intelligence Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Location Intelligence Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on location intelligence market size, location intelligence market drivers and trends, location intelligence market major players, competitors' revenues, market positioning, and market growth across geographies. The location intelligence market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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