The location intelligence market share is expected to grow from a net worth of US$18.85 billion in 2023 to US$81.74 billion or more by 2033. From 2023 to 2033, the market is projected to grow at a 15.8% CAGR.
Location intelligence is increasingly used in the banking, financial services, and insurance (BFSI) sector to spot fraud, highlight legal fees, and promote special deals. To enhance the customer experience, commercial locations like stadiums, hotels, and airports provide way-finding alerts, quicker product delivery, and effective queue management.
Location intelligence is being employed more and more in drone analytics, 5G networks, and EV charging stations as a result of increased knowledge of its advantages. The education and training industry needs experts who can choose locations for medical clinics and enhance hiring procedures.
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The increasing popularity of location-based applications and web mapping services is expected to accelerate market growth. As more businesses around the world are seeking predictive analysis tools and utilizing spatial data. As a result, this market is expected to grow rapidly. Also, social media is becoming increasingly popular as a means of engaging with customers and providing direct feedback.
Key Takeaways from Market Study
The location intelligence market is expected to record a CAGR of 15.8% over the forecast period.
It is estimated that the location intelligence market in North America is expected to remain strong during the forecast period, with 33% of total revenue.
Sales Marketing Optimization applications is likely to dominate the global market with a share of more than 19.5%.
The system integration category segment dominated the industry and accounted for over 45% of the total market revenue.
It is expected that the market in China is likely to demonstrate a high level of growth by 2033.
Competitive Landscape:
A location-tracking solution can be used by companies to track employees and their interactions inside them. Location intelligence can also be used within teams to determine boundaries that restrict communication between them.
Companies need to maintain their competitive position in the market by pursuing inorganic growth strategies, such as partnerships, geographical expansion, and mergers acquisitions. Aside from investing in research and development, companies invest in various technologies to gain insight into past purchases, spending patterns, customer loyalty, and location information.
Several prominent companies dominate this market, including Autodesk Inc., Tibco Software Inc., ESRI, MDA Corporation, Trueposition Inc., Bosch Software Innovations GmbH, Qualcomm Technologies Inc., Wireless Logic, HERE Technologies, Trimble Inc., Supermap Software Co. Ltd., Navizon Inc., Pitney Bowes Inc., and others.
Recent Developments:
In January 2023, Incognia, a location identity organization, launched an innovative feature called Suspicious Locations. This enhanced feature uses precise location signals to identify suspicious locations by combining them with devices. According to the company, suspicious locations are places where perilous devices gather.
Trimble collaborated with Infotech in April 2022 to streamline the civil infrastructure inspection process by integrating Trimble's Access field software with Infotech's Appia service. By integrating Trimble's Access field software with Infotech's Appia service, this collaboration was intended to simplify the inspection process. It would also streamline the workflow from survey to construction by providing precise measurement workflows.
With PrecisionHawk's advanced artificial intelligence combined with Esri's ArcGIS technology, Esri and PrecisionHawk entered a partnership in March 2022, and brought geospatial intelligence to the world. By integrating PrecisionHawk's AI with Esri's ArcGIS technology, location intelligence becomes more relevant, accurate, and useful.
In March 2022, Autodesk released the updated collaboration capability Autodesk Bridge. With this product, teams can share files, sheets, folders, and other relevant information within any project. The streamlined solution eliminates the need for manual data transfer and management.
FieldLink MR, a mixed-reality solution from Trimble, was launched in February 2022. By using an innovative way to conduct construction layouts, staff can navigate to tasks on the job site more efficiently in less time with this updated solution. It is compatible with Trimble XR10 and HoloLens 2.
Key Segments of Location Intelligence Industry Survey
By Vertical:
BFSI
Government Defense
Retail Consumer Goods
IT Telecom
By Application:
Workforce Management
Asset Management
Facility Management
Risk Management
Remote Monitoring
Sales Marketing Optimization
Customer management
By Service:
System Integration
Consulting
