The global location intelligence market will grow 4X during 2019 – 2029, with revenue growth projected at an impressive 15% CAGR, as projected by a new Fact.MR report. Key players in the location intelligence market will push for the use of global navigation satellite system, for integration of location based services, particularly driven by a lack of digital literacy in developing countries.
“Growing penetration of smart devices and associated infrastructure will propel market demand. Market players will invest in connectivity and data security. Interoperability of location intelligence with mobile apps, business software and websites, will also gain traction,” says the Fact.MR report.
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Location Intelligence Market: Key Findings
- The retail & consumer goods segment will account for a major market share owing to the rapid e-commerce expansion.
- Sales and marketing optimization remains a major contributor to market growth, with a projection of 6X growth through 2029.
- System integration is set to grow 3.5X through the forecast period, driven by mobile app companies.
- North America will remain a leading market through 2029, accounting for 3x growth during the forecast period.
Location Intelligence Market: Key Driving Factors
- Integration of location intelligence tools in myriad business fields is pushing market demand and revenue growth.
- Rising prevalence of near me searches on prominent search engines is a key driver of market growth.
- Increasing use of websites and mobile applications as digital payment tools is fueling global demand.
- Poor digital literacy levels, particularly in emerging economies would sustain demand through 2029.
Location Intelligence Market: Key Restraints
- Inadequate network infrastructure and lack of awareness on a global scale is a key challenge for market players.
- Data privacy concerns and associated government regulations impact market profitability.
Competition Landscape
Market players are pushing for development and innovation of security measures to meet the demand of end users optimally. Industry heavyweights are leveraging Software as a Service product to appeal to a wider range of end user applications. Prominent companies operating in location intelligence market include, but are not limited to Autodesk Inc., ESRI, Supermap Software Co. Ltd., Wireless Logic, MDA Corporation, HERE Technologies, Qualcomm Technologies Inc., Trueposition Inc., Trimble Inc., Navizon Inc., Tibco Sofware Inc., Bosch Software Innovations GmbH, and Pitney Bowes Inc.
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About the Report
This 170-page study offers detailed market forecast on the location intelligence market. The key categories covered in the report include application (workforce management, asset management, facility management, risk management, remote monitoring, sales & marketing optimization, customer management, and others), services (workforce management, asset management, and facility management), end use (retail & consumer goods, government & defense, manufacturing & industrial, transportation & logistics, BFSI, IT & telecom, utilities & energy, and media & entertainment). This analysis has been tracked on a country-wise level, with a total of 30+ countries across 6 key regions.
Press Release: https://www.factmr.com/media-release/1363/global-location-intelligence-market