Location Intelligence Market to Exhibit Four-fold Growth Amid Surging Digital Ecosystem, Concludes Fact.MR
Published : 09 Mar 2020 Industry: Technology
Location intelligence is a founding pillar of customized user experiences enabling cabs, food and medicinal drugs to be ordered real-time through mobile apps or websites. These services deploy location intelligence to ensure safety, speed, and accuracy of services. By making timely investments in location intelligence, manufacturers will be suitably poised to take maximum advantage of next-generation, data-driven tech solutions. The global location intelligence market is anticipated to grow at an astounding 15% CAGR during the forecast period (2019-2029). Advancements in security and functionality will influence customer preferences in the coming decade. Booming digital economy in developing countries offer several remunerative opportunities. Mobile app developers and organizations are recognizing the need for location intelligence partners that deliver end-to-end customized solutions.
Key Takeaways of Location Intelligence Market Study
- Sales & Marketing Optimization employs location intelligence to target consumers based on consumer proximity from services and products. Owing to the rampant increase in smartphone penetration and mobile app ecosystem, the sales & marketing optimization segment will gain over 6X growth from 2019 to 2029.
- Booming start-up ecosystem in developing markets is propelling the demand of location intelligence services from mobile app companies. System integration segment will register 3.5X growth during the forecast period.
- Prevalence of e-commerce amid increasing millennial population will bolster demand from retail & consumer goods segment. As consumers increasingly prefer convenience of e-commerce over in-store shopping, the need for delivery addresses positions retail & consumer goods segment for a 4X gain through 2029.
- North America is set to solidify its leadership position in global sales with a majority share of the total market value. The region will grow over three-folds during the projection period.
“Growing penetration of smart devices and support network infrastructure will drive market demand during the forecast period. Market players should invest in advancement of data security and connectivity. Another area of focus must be the interoperability of location intelligence with mobile apps, websites, and business software to facilitate seamless functioning of digital services.” –Says the Fact.MR Analyst
Growing Adoption of IoT and Artificial Intelligence to Favor Growth
Surging adoption of mobile devices for commercial transactions will drive growth throughout the forecast period. Emerging trends such as Internet of Things (IoT), artificial learning (AI), and machine learning (ML) will boost sales of location intelligence services. It is crucial for technology start-ups to record geographical data such as location. When coupled with consumer demographics, the information is paramount to product differentiation. IoT devices employed in smart homes and smart automotive warrant the use of location intelligence to detect data breach, risk patterns, and gainful opportunities to entice consumer action. The future of location intelligence market is smart technologies and the adoption of smart devices will propel the market to newer heights during the forecast period.
Find More Valuable Insights on Location Intelligence Market
Fact.MR, in its new offering, provides an in-depth analysis of the global location intelligence market, displaying data on historical demand (2014-2018) and forecast data for the period, 2019-2029. The study provides readers with essential insights on the location intelligence market on the basis of application (workforce management, asset management, facility management, risk management, remote management, sales & marketing optimization, customer management, and others), services (consulting, system integration, and others), end use (retail & consumer goods, government & defense, manufacturing & industrial, transportation & logistics, BFSI, IT & telecom, utilities & energy, and media & entertainment), and across 6 key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).
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