Location analytics is one of the important segments in business analytics. Location analytics refers to the business intelligence (BI) process implemented to gain insights from geographic or location-based business data. It allows companies and organizations across industries to merge 3-D data with conventional BI data. This spatial data is collected using various data sources such as cameras, sensors mobile devices, global positioning systems (GPS), and social media channels. Location-based analytics help in contextualizing location-centric data and deriving meaningful insights. This derived data helps in making strategic business decisions. Location analytics includes interpretation and analysis of information in combination with its location or geographical component. It involves analyzing both real-time data and historic data. Location analytics can be applied for prevention of disasters. Historical data can be analyzed on a map to identify which areas are historically affected by disasters and to provide safety to disaster-prone areas. Real-time location analytics are helpful to courier services which need to keep track of the location of freights and delivery vehicles in real time. Location analytics tools can be beneficial for military purposes. It allows militaries to identify the exact location of troops and opponent activities on a map, helping in making better decisions and present strategic advantages. Companies are adopting location analytics solutions to use market intelligence information for business growth. In line with the same, retailers can enhance their business by analyzing the historical spending patterns of people from different geographical locations.
Emergence of Internet of Things (IoT) and the growing large volume of data through connected devices are leading to increased use of location analytics solutions. Location analytics vendors have allowed the running of location analytics solutions at a minimal cost. This is achieved by utilizing real-time intelligence on connected devices such as smartphones, Wi-Fi networks, Bluetooth-enabled beacons, and few of other technologies. Furthermore, there is rise in importance of asset management across industry verticals to optimize business processes and generate huge amount of revenue. Thus, increasing amount of three-dimensional data and importance of competitive intelligence and predictive analytics solutions helping in business growth are factors expected to drive the market during the forecast period.
There is lack of awareness and expertise among organizations about the functioning of location analytic tools. Furthermore, it requires huge initial investment to deploy such advance location analytic tools with low return on investment. There are certain operational and technical challenges related to connectivity and data integration. These factors are expected to restrain the market growth during the forecast period.
The location analytics market can be segmented on the basis of location, component, organization size, applications, deployment model, industry vertical, and geography. The market on the basis of component is segmented into solution and services. On the basis of location, the market is segmented into indoor and outdoor location. On the basis of organization size, the market is segmented into small and medium businesses, and large enterprises .Based on application, the market is segmented into risk management, emergency response management, customer experience management, remote monitoring, supply chain planning and optimization, sales and marketing optimization, predictive assets management, and inventory management. The market on the basis of deployment model is segmented into on-premises and cloud. The cloud model is expected to contribute to the location analytic market due to rising adoption of cloud services. The market is segmented on the basis of industry verticals into BFSI, retail and consumer goods, IT and telecommunications, transportation and logistics, manufacturing, government and defense, energy, media and entertainment, energy and utilities and others. The market on the basis of geography is segmented into North America, Europe. Asia Pacific (APAC), Middle East & Africa (MEA) and South America.
Key players in the location analytics market are SAS Institute, Inc., Tibco Software Inc., ESRI (Environmental Systems Research Institute), Oracle Corporation, Pitney Bowes, Microsoft Corporation, IBM Corporation, Galigeo, Cisco Systems, Alteryx, Inc. and SAP SE.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.