NEWARK, DE / ACCESSWIRE / March 9, 2023 / The location intelligence market share's net worth is predicted to reach from US$ 18.85 billion in 2023 to over US$ 81.74 billion by 2033. The market is expected to register a CAGR of 15.8% from 2023 to 2033.
In the banking, financial services, and insurance (BFSI) industry, location intelligence is becoming more popular for detecting fraud, highlighting legitimate charges, and advertising unique offers. Commercial venues like stadiums, resorts, and airports also offer way-finding alerts, quicker product delivery, and efficient queue management to improve the consumer experience.
As a result of increasing awareness of its benefits, location intelligence is increasingly being used in charging stations for Electric Vehicles (EVs), 5G networks, and drone analytics. The education and training sector requires professionals who are capable of selecting health clinic sites and improving recruitment processes.
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The increasing popularity of location-based applications and web mapping services is expected to accelerate market growth. As more businesses around the world are seeking predictive analysis tools and utilizing spatial data. As a result, this market is expected to grow rapidly. Also, social media is becoming increasingly popular as a means of engaging with customers and providing direct feedback.
"Global organizations are adopting location intelligence as a result of digitalization, the Internet of Things (IoT), and a growing volume of business data. By leveraging business intelligence (BI) and analytics, companies can remain competitive, discover the latest consumer trends, and improve their existing analytics and business intelligence capabilities." - says a lead analyst at Future Market Insights.
Key Takeaways from Market Study
- The location intelligence market is expected to record a CAGR of 15.8% over the forecast period.
- It is estimated that the location intelligence market in North America is expected to remain strong during the forecast period, with 33% of total revenue.
- Sales & Marketing Optimization applications is likely to dominate the global market with a share of more than 19.5%.
- The system integration category segment dominated the industry and accounted for over 45% of the total market revenue.
- It is expected that the market in China is likely to demonstrate a high level of growth by 2033.
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A location-tracking solution can be used by companies to track employees and their interactions inside them. Location intelligence can also be used within teams to determine boundaries that restrict communication between them.
Companies need to maintain their competitive position in the market by pursuing inorganic growth strategies, such as partnerships, geographical expansion, and mergers & acquisitions. Aside from investing in research and development, companies invest in various technologies to gain insight into past purchases, spending patterns, customer loyalty, and location information.
Several prominent companies dominate this market, including Autodesk Inc., Tibco Software Inc., ESRI, MDA Corporation, Trueposition Inc., Bosch Software Innovations GmbH, Qualcomm Technologies Inc., Wireless Logic, HERE Technologies, Trimble Inc., Supermap Software Co. Ltd., Navizon Inc., Pitney Bowes Inc., and others.
- In January 2023, Incognia, a location identity organization, launched an innovative feature called Suspicious Locations. This enhanced feature uses precise location signals to identify suspicious locations by combining them with devices. According to the company, suspicious locations are places where perilous devices gather.
- Trimble collaborated with Infotech in April 2022 to streamline the civil infrastructure inspection process by integrating Trimble's Access field software with Infotech's Appia service. By integrating Trimble's Access field software with Infotech's Appia service, this collaboration was intended to simplify the inspection process. It would also streamline the workflow from survey to construction by providing precise measurement workflows.
- With PrecisionHawk's advanced artificial intelligence combined with Esri's ArcGIS technology, Esri and PrecisionHawk entered a partnership in March 2022, and brought geospatial intelligence to the world. By integrating PrecisionHawk's AI with Esri's ArcGIS technology, location intelligence becomes more relevant, accurate, and useful.
- In March 2022, Autodesk released the updated collaboration capability Autodesk Bridge. With this product, teams can share files, sheets, folders, and other relevant information within any project. The streamlined solution eliminates the need for manual data transfer and management.
- FieldLink MR, a mixed-reality solution from Trimble, was launched in February 2022. By using an innovative way to conduct construction layouts, staff can navigate to tasks on the job site more efficiently in less time with this updated solution. It is compatible with Trimble XR10 and HoloLens 2.
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Key Segments of Location Intelligence Industry Survey
- Government & Defense
- Retail & Consumer Goods
- IT & Telecom
- Workforce Management
- Asset Management
- Facility Management
- Risk Management
- Remote Monitoring
- Sales & Marketing Optimization
- Customer management
- System Integration
Table of Content
1. Executive Summary | Location Intelligence Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
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Corporate Web Security Market Share: The demand for corporate online security is expected to reach US$3.2 billion by 2022. Sales of corporate online security solutions are anticipated to reach US$ 7.6 billion by 2032, registering a CAGR of 7.0%.
Internet of Everything Market Opportunity : The market for the Internet of Everything (IoE) is anticipated to grow from US$ 1,074.1 billion in 2022 to US$ 3,335.1 billion in 2030.
Real Time Location System (RTLS) Market Demand : In 2021, the real-time location system market generated US$3.8 billion in revenue. By 2032, this market is anticipated to have grown at a CAGR of 23.2%, reaching US$ 37.3 billion.
About Future Market Insights, Inc :
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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SOURCE: Future Market Insights, Inc.