Location analytics is the next revolution of business intelligence, according to MarketsandMarkets (www.marketsandmarkets.com). Enterprises now focus on marketing effectiveness for competitive and market intelligence. Innovative technologies help them to achieve such goals, according to the research group.
Maps and location analytics provide a whole new concept to organizations, which they incorporate into their operations to achieve high sales and operational profitability. Location analytics helps in creating a profitable distribution channel by gaining insights through tracking and monitoring routes.
The high demand of location analytics has led to the invention of new technologies and solutions. Deploying location analytics by analyzing data using a Geographical Information System (GIS) within business is becoming an important core strategy for success, says MarketsandMarkets. Location or GIS tools enable enterprises to collect, store analyze and visualize location-based data.
The demand for mapping and geographic intelligence is emerging as an important segment of business analytics software category. The mapping applications can transform large amount of data into color-coded visual representations that make it easy to see trends and generate meaningful insights. Location analytics often describe the integration of geographical component into business intelligence process and tools.
Marketsandmarkets believes that the connectivity and data integration are the major issues in the Location Analytics Market. These challenges are restraining the enterprises and customers to adopt location analytics to support a wide range of applications such as sales and operational profitability, workforce management, customer and marketing management, facilities management, risk assessment/situational awareness and tracking and route monitoring.
The Location Analytics Market is estimated to grow from US$6.83 billion in 2014 to $11.84 billion in 2019, at a compound annual growth rate (CAGR) of 11.6% from 2014 to 2019. In terms of regions, North America is expected to be the biggest market in terms of revenue contribution, while emerging economies such as Middle East and Africa (MEA), Latin America (LA), and Asia-Pacific (APAC) are expected to experience increased market traction with high CAGRs, in the due course.