Location Intelligence Market Size, Share & Trends Analysis Report By Application (Sales & Marketing Optimization, Remote Monitoring), By Service, By Vertical, By Region, And Segment Forecasts, 2022 - 2030

Location Intelligence Market Growth & Trends

The global location intelligence market size is anticipated to reach USD 51.25 billion by 2030, growing at a CAGR of 15.6% from 2022 to 2030, according to a new study by Grand View Research Inc. The growth in web-mapping services, portable navigation devices, and smartphone applications is anticipated to be a significant factor driving the market growth. Furthermore, factors such as increasing smartphone penetration and location infrastructure are likely to create opportunities for market growth over the forecast period.

AT&T, ESRI, Google, Qualcomm, Intel, and Apple are some of the companies investing significantly in location intelligence technologies. The solution providers integrate real-time location monitoring capability into devices such as vehicles, smartphones, and aircraft. These technologies help businesses identify behavior & consumer trends and collect information on niche markets to improve decision-making, deliver better services and products, and reduce the variability in the market. Thus, the need to optimize cost efficiency and business operations has increased the demand for such technologies in multiple end-use verticals.

The market includes applications such as workforce management and asset management in various verticals, including transportation & logistics, retail & consumer goods, manufacturing & industrial, government & defense, BFSI, IT & telecom, and utilities & energy. The increasing importance of asset management is one of the factors driving market growth. Asset management involves a system or process that manages and monitors both intangible and tangible assets. It is a systematic process of operating, developing, maintaining, and disposing of assets to increase the productivity and efficiency of an organization cost-effectively.

All the assets of a business, such as fixed & liquid assets, can be traced with the help of location intelligence tools. The tools provide real-time geospatial data, patterns, and correlations between each asset, which can help organizations analyze and amend the utilization of assets. The tools save significant time and maintenance costs while increasing the efficiency & productivity of assets. Adopting these technologies help enterprises manage their logistics to avoid delays and helps them map local spending behavior to control demand-side stress by planning strategies based on the anticipated demand.

Location Intelligence Market Report Highlights

• The sales & marketing optimization segment dominated the market in 2021 and is expected to continue to dominate the market as this application allows organizations to improve their profitability & stability and mitigate risks
• The consulting segment is expected to grow steadily in the coming years as consulting services help organizations and individuals make better business decisions by gathering and analyzing customer data using location intelligence technologies
• Asia Pacific is anticipated to grow at the highest CAGR over the forecast period owing to the increasing number of smartphone users, service providers, and social media & enhancement of network technologies in the region
• Since the outbreak of the COVID-19 pandemic, the key players operating in the market have been focused on introducing products that can improve service quality