Location Intelligence Market (By Vertical: BFSI, IT & Telecom; By Application: Remote Monitoring, Risk Management; By Service: System Integration, Consulting) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2023-2032

The global location intelligence market size was estimated at around USD 16.15 billion in 2022 and it is projected to hit around USD 69 billion by 2032, growing at a CAGR of 15.63% from 2023 to 2032.

Key Pointers

• The sales & marketing optimization application segment dominated the global industry in 2022 and accounted for the maximum share of more than 20.04% of the overall revenue. 
• The system integration category segment dominated the industry and accounted for the maximum share of more than 45.98% of the overall revenue.
• The transportation & logistics segment dominated the industry in 2022 and accounted for the largest share of more than 19.1 of the overall revenue.
• The retail and consumer goods segment is anticipated to record the fastest growth rate over the forecast period.
• North America dominated the industry in 2022 and accounted for the largest share of more than 33.03% of the overall revenue.

Report Scope of the Location Intelligence Market

The industry is mainly driven by the growing penetration of smart devices and increasing investments in IoT and network services as it facilitates smarter applications and better network connectivity. The COVID-19 pandemic resulted in the increased adoption of location intelligence solutions to manage the changing business scenario as it helps businesses to analyze, map, and share data in terms of the location of their customers.

In addition, healthcare and government organizations implemented location-based solutions for vaccination drives to carry out successful COVID-19 public health strategies. Furthermore, the growing surge of asset management across industry verticals is expected to boost the demand for location intelligence over the forecast period. Location intelligence is a subpart of the IoT technology that makes businesses identify consumer trends, consumer behavior, and different information about niche markets to deliver better services and products, for better decisions and mitigate the uncertainties in the market.

Further benefits of location intelligence include risk management, predictive analytics, real-time tracking of trends and patterns, and streamlining the operations and services of companies. Moreover, rising digitalization has enabled organizations to collect user information, which is anticipated to spur industry growth further. Enhancing customer experience is one of the significant factors influencing the growing adoption of location intelligence. Increasing investments in infrastructure and the adoption of new technologies have resulted in several business-to-business (B2B) and business-to-consumer (B2C) applications, such as sales & marketing, customer management, and facility management.

The excessive use of mobile applications and enhanced location-sharing capabilities of mobile devices have revolutionized the way services are being delivered to the end-users. Location intelligence and in-store location technology enhance the customer experience by helping them locate the products they need quickly and efficiently. Furthermore, increasing investments in IoT is another crucial factor that has propelled industry growth. IoT is a rapidly growing network of internet-enabled gadgets, which can capture a vast amount of data with moving & fixed sensors. The processing of this captured data in real time is crucial for modern analytics in public or private services.

Spatial analysis or location intelligence allows placing these data within the critical context of ‘where’ and allows tying this extensive information together. Various industries, such as automotive, transportation & logistics, manufacturing, and healthcare, are discovering the potential uses of location data. Location intelligence offers real-time data processing by helping businesses analyze and identify hidden patterns, relationships, and unique insights that drive better decision-making. Although the industry is anticipated to record steady growth due to the benefits above, lack of awareness, expertise, and other operational challenges and data privacy concerns are expected to challenge growth.

Location Intelligence Market Segmentations: