According to the industry analysis report titled ‘Location Analytics Market Size, By Component (Solution [Geocoding & Reverse Geocoding, Thematic Mapping & Spatial Analysis, Reporting & Visualization], Service [Professional Service, Managed Service]), By Location Positioning (Outdoor Positioning, Indoor Positioning), By Application (Risk Management, Customer Experience Management, Remote Monitoring, Supply Chain Planning & Optimization, Emergency Response Management, Location Selection & Optimization), By Industry Verticals (Transportation & Logistics, Retail, BFSI, IT & Telecom, Healthcare, Energy & Utilities, Manufacturing), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027’, available with MarketStudyReport, the location analytics market is slated to showcase a substantial growth rate through 2027.

Rising utilization of spatial data and analytical tools, burgeoning prevalence of location-based apps among consumers, proliferation of location analytics technology in disaster management applications, and inclination towards integrated location-based mapping systems and business intelligence systems are fuelling location analytics market growth.

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However, lack of uniform regulatory norms and high initial deployment cost may restrict market development in the forthcoming years.

Based on product, the professional services sub-segment accounted for a market share of nearly 50% in 2020 and is expected to garner substantial returns through the forecast period, creditable to increased demand for integration and deployment services.

Meanwhile, the managed services segment is expected to record a CAGR of around 15% during the analysis timeframe, attributable to burgeoning demand for outsourcing analytics services across businesses.

From the application perspective, location analytics market from customer experience management sub-segment is expected to record a CAGR of 15% through the analysis period, accredited to rising focus of businesses toward enhancing their experience, and understanding purchasing patterns.

The location selection and optimization sub-segment registered a market share of around 5% in 2020 and is expected to witness a robust growth rate throughout the evaluation period owing to mounting demand for improving emergency responses in case of natural disasters.

Speaking of end-user scope, the IT and telecommunication sub-segment is expected to progress at a CAGR of around 15% during the analysis period, on account increasing focus on enhancing demand forecasts and strategic planning among enterprises.

From a regional viewpoint, Latin America location analytics market is slated expand at a CAGR of more than 15% through the study period due to the rising penetration of location-based technologies in mining fields.

Meanwhile, the Middle East and Africa region, which held a market share of around 5% in 2020, is slated to record substantial growth due to surging adoption of location-based technologies in oil & gas fields.

The competitive framework of this business sphere is influenced by major players such as Microsoft Corporation, IBM Corporation, Hexagon AB, Oracle Corporation, Lepton Software, Here Global B.V., CleverMaps Inc., Google LLC, Esri Global Inc., GeoMoby, Cisco Systems Inc., SAP SE, Purple WiFi, Tibco Software Inc., and Zebra Technologies Corporation among others.