Strong Growth Expected for Location Intelligence
Amid growing use cases in sales, marketing, and customer management, the global location intelligence market is expected to expand at 15.3 percent compounded annually through 2025, when it will reach $25.25 billion, according to the latest research from Grand View Research.
The research credits the increasing penetration of network infrastructure and smart devices, rapid digitization, and rising demand for location data to enhance business operations and to deliver personalized services for spurring the market growth. Technological advancements in network communication, position determination techniques, and sensor technologies are also helping to boost adoption, it found.
Grand View Research defines location intelligence as a business intelligence tool enabled by data collected from Internet of Things (IoT) and Geographic Information System-embedded devices which companies can then use to identify consumer trends, buyer behavior, and other information about niche markets and to make better informed decisions, deliver better products and services, and mitigate market uncertainties.
The research found that a growing number of organizations are incorporating real-time location monitoring capabilities in various devices, especially smartphones, for monitoring and recording geographic position of consumers to analyze trends, improve customer experience, and optimize business operations.
Among geographies, North America accounted for the largest market share in 2017, owing to the highest adoption of IoT and the presence of key players, such as Google, Apple, Qualcomm, TIBCO Software, ESRI, and HERE. Europe is heavily investing in IoT infrastructure and location intelligence technologies to accelerate market development, while Asia Pacific is expected to experience significant growth over the forecast period, owing to rising number of smartphone users and service providers, enhancement of networking technologies, and rising use of social media.
The research aslo found that sales and marketing optimization and customer management applications accounted for more than 20.0 percent and 17 percent market share respectively. These applications enable assessment of spending patterns, consumer behavior, and forecast sales enabling optimization of profitability.