The global location analytics market will reach $58.5 billion by2032 with an annual growth rate of10.6

New York, United States, December5,2023 (GLOBE NEWSWIRE) - The global location analytics market is expected to grow from21.2 billion US dollars in2022 to58.5 billion US dollars by2032 at a compound annual growth rate (CAGR) of10.6% in the forecast period. The widespread use of Global Positioning System (GPS) technology in smartphones, cars, and other portable devices is significantly stimulating the market. Key market participants are taking significant steps to strengthen their positions.

The collection, analysis and interpretation of geospatial data to obtain valuable information for businesses and organizations in various industries is included in the global location analytics market. Geographic information systems (GIS), global positioning systems (GPS) and other location-based technologies are used in this developing market to better understand consumer behavior, operational efficiency and market trends. Processing spatial data to detect patterns, correlations and trends that will help businesses make informed decisions is called location analytics. The market is driven by increasing access to location-based information from sources such as smartphones, internet of things (IoT) devices and social networks, as well as the development of data visualization tools and analytics platforms. Location analytics is widely used in retail, real estate, logistics and urban planning to improve customer experience, optimize operations and plan future growth. The widespread use of smartphones and mobile devices has led to the widespread use of location-based services such as navigation, weather forecasts and location data sharing, resulting in large amounts of location data that businesses can use to better understand consumer behavior and preferences. In the age of data-driven decision-making, organizations recognize the value of geospatial data. Location analytics complements traditional business intelligence with a visual and context-rich layer, providing better-informed decisions in areas such as marketing, sales and supply chain optimization. The collection and analysis of location data raises privacy concerns, especially in light of increased attention to data protection regulation such as GDPR and CCPA. Organizations must comply with these regulations to ensure ethical and legal use of location information, which may limit the amount of data available for analysis.

Impact of COVID-19

The pandemic forced people and companies to switch to remote work and accelerated the digitalization of business processes. Organizations now require corporate virtual private network (VPN) servers as employees work from home.

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As a result, cybercriminals around the world have found opportunities to profit from the crisis. During the pandemic, there was an increase in email spam, ransomware attacks, and phishing attempts, as hackers used the crisis as bait to impersonate brands and deceive employees. Most cyber insurance policies include a wide range of coverage relevant to the current environment. This coverage ensures the security of the company's network and obligations to protect privacy. It includes responses to security threats, data recovery, ransom requests, reputational damage, system outages, and other types of business disruption.

North America is expected to capture a significant share of the global location analytics market during the forecast period. North America, including the United States and Canada, has historically held a substantial share of the global location analytics market. This is due to the early adoption of technologies in the region, a robust information technology infrastructure, and a variety of industries that rely on geospatial research. The demand for location analytics solutions is driven by retail, logistics, and smart cities.

The Asia-Pacific region is expected to experience the fastest growth in the global location analytics market during the forecast period. As a result of increased technology adoption, urbanization, and the development of smart cities, the Asia-Pacific region is witnessing rapid growth in the location analytics market. China, Japan, India, and South Korea are investing in location-based services for industries such as retail and logistics.

Competitive analysis:

The report offers a relevant analysis of key organizations/companies participating in the global market, including a comparative assessment based on their offered products, business overview, geographical presence, enterprise strategies, market segment share, and SWOT analysis. The report also provides a detailed analysis focused on current news and developments of companies, including product development, innovations, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and more. This allows for an evaluation of the overall competition in the market.