CHICAGO, August 6, 2015 /PRNewswire/ --
According to a new market research report, "Location Analytics Market by Tools (Geocoding and Reverse Geocoding, Data Integration and ETL, Reporting and Visualization, and Thematic Mapping), by Services (Consulting Services, System Integration) - Forecast and Analysis to 2020", published by MarketsandMarkets, Location Analytics Market to grow from USD 7.2 Billion in 2015 to USD 14.2 Billion in 2020, at a Compound Annual Growth Rate (CAGR) of 14.5% during the forecast period.
Browse 64 Tables and 48 Figures spread through 148 Pages and in-depth TOC on "Location Analytics Market"
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The market report defines and segments the Location Analytics Market into various sub-segments with in-depth analysis and market size estimation. The report also identifies the factors driving this market, the restraints, opportunities, and challenges impacting it along with the technology roadmap and adoption trends. The report emphasizes the key adoption trends, evolution of location analytics, future opportunities, and business cases in this innovative market.
MarketsandMarkets broadly segments the Location Analytics Market on the basis of software into geocoding & reverse geocoding, data integration & ETL, reporting & visualization, thematic mapping & spatial data, and others; and services into consulting services, system integration, and support & maintenance services. The overall Location Analytics Market is also segmented into various industry verticals including Banking, Financial Services, and Insurance (BFSI), retail & consumer goods, telecommunications & IT, energy & utilities, transportation & logistics, government, manufacturing, healthcare & life sciences, travel & hospitality, media & entertainment, and others. The overall Location Analytics Market has been segmented into five regions, namely North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and Latin America.
The major forces driving this market are need for location determination and enhanced transportation/logistics planning, sales and marketing optimization, risk analysis, and fraud detection. The increasing demand for on-demand analysis of dynamic business events has led to the increasing adoption of location analytics by large enterprises and Small and Medium Businesses (SMBs) around the world. As location analytics eliminates the risk of changing business conditions, it helps organizations cut preventable losses, generate more revenue by increasing operational efficiency, and create new opportunities. These factors have resulted in an increasing demand for location analytics to analyse critical business situations on-demand as soon as they occur.
Companies such as SAS Institute (U.S.), IBM (U.S.), Oracle (U.S.), Pitney Bowes (U.S.), and Microsoft Corporation (U.S.) are some of the active key players in the market. These players are consolidating their grounds in the highly competitive market through new product developments to build feature-rich solutions and attain better market visibility. Companies in this market are building up strategic partnerships to combine individual offerings into a multi-faceted solution suite for the expanding customer base.
There are various assumptions that have been taken into consideration for the market forecast and analysis. Few of global assumptions include political, economic, social, technological, and economic factors; for example, exchange rates, one of the economic factors, are expected to have a moderate rating of impact on this market. Therefore, dollar fluctuations are expected to not seriously affect the forecasts in the emerging APAC region.
MarketsandMarkets forecasts the Location Analytics Market to grow from USD 7.2 Billion in 2015 to USD 14.2 Billion in 2020, at a Compound Annual Growth Rate (CAGR) of 14.5% during the forecast period. In terms of regions, North America is expected to be the largest market in terms of the market size, while APAC is expected to experience increased market traction, during the forecast period.
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