Location analytics technology is an advanced tracking technology and an up-gradation from the conventional geographic information system (GIS) technology. The new features of location analytics include geographic, social, physical and emotional indicators that benefit organizations to forecast trends in a better way. The simple and easy to use GPS-enabled cell phones and mobile devices help the users to track the locations nearby to them such as coffee shop, movie theatre or shoe store.
Location analytics enables organizations across various industries to merge spatial data with the traditional business intelligence (BI) data using several data sources such as cameras, mobile devices, sensors, global positioning systems (GPS), and social media channels. By adding maps and geographic location organizations can enhance their insights into tabular data. Spatial analytics and mapping provide a whole new context to business organizations that is simply not possible with tables and charts.
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The global location analytics market can be segmented on the basis of tools, services, end-user industries, deployment model, and organization size. On the basis of tools, the global location analytics market can be categorized as reporting and visualization, thematic mapping and spatial analysis, geocoding and reverse decoding, and data integration and ETL. On the basis of services, the global location analytics market can be divided into system integration, operational services and support and maintenance services. The industry verticals can be categorized into energy and utilities, government and defense, retail and consumer goods, transportation and logistics, media and entertainment; banking, financial services and Insurance (BFSI); healthcare and life sciences, manufacturing, telecommunications and IT, travel and hospitality, real estate, and others. Deployment models can be segmented as on-premises and on demand. Based on organization size, the location analytics market can be divided into large enterprises and small and medium size businesses (SMBs).
A new and higher version of traditional location analytics is the real-time location analytics. Real-time location resolutions in manufacturing sector are anticipated to grow at a considerable rate in near future owing to the need for effective manufacturing environment with prime operational profitability. Real-time location analytics can be applied to businesses such as courier and postal services, which need to keep a track of the locations of delivery vehicles and packages in real time. Location analytics can also be applied to scientific and disaster prevention efforts. Historic data can be pictured in a map to show which areas are traditionally affected by flooding and to focus anti-flooding efforts to those areas.
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The location analytics market is observing augmented growth in recent years, owing to the growing demand for selecting location and geospatial analytics to enrich risk analysis, sales and marketing. This has made it an inescapable option for small and medium businesses (SMBs) and large enterprises to implement location analytics for management of in-house analytical infrastructure. The pay per use business model of location analytics helps companies in saving a large part of the operational costs.
Evolution of internet of things, increasing amount of spatial data, and increased focus on market and competitive intelligence are some of the major drivers responsible for the growth of the global location analytics market.
The major hindrances in the global location analytics market are concern for data privacy, and lack of connectivity and data integration.
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