New York, USA, September 1, 2021 (GLOBE NEWSWIRE) – According to the latest report published by Research Dive, global location analysis market is expected to witness revenue growth from $ 11,900.3 million in 2020 to finish $ 38,078.9 million by 2028, stable CAGR of 15.8% from 2020-2028.
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Impact of COVID-19 on the global market for location analysis
Several industries and verticals have been affected by the COVID-19 pandemic. In addition, many industries had to close due to lack of sales and revenue. The supply chain has also been affected by restrictions on travel around the world. However, the global location analysis market has grown significantly due to its widespread use in the planning and organization of various resources. It is mainly used to help epidemiologists track the spread of the coronavirus, using a variety of criteria such as the environment, demographics, past events and more.
See how COVID-19 has an impact on the global location analysis market: https://www.researchdive.com/connect-to-analyst/349
Drivers: The web is a vast space of data, which makes data collection an extremely complex task, especially when using business intelligence tools. However, over the years, several companies have switched to location-based data because they are simpler and more efficient in providing the user with the right data. It is also useful for space-related tasks, such as design reviews, audits, and more. Also, this method of providing data helps to understand how a business can develop in terms of trends and challenges. In addition, the ability of location analysis software to provide real-time data, along with the ease of managing large amounts of data, are some of the important factors supporting market growth over the forecast period.
Limits: To provide the right information to customers, most companies collect their data. This can be a risk if the data provided is not protected, as both the business and the individual may be at risk of identity theft. Criminals are also able to determine the current or possible location of a person. This issue of confidentiality, together with the risk of cybercrime, may hamper the growth of the global market for location analysis.
Opportunity: The use of advanced technology such as the Internet of Things (IoT) has made it easier to maintain large amounts of data. Most growing businesses are looking for long-term business strategies. Location-based data facilitates business growth, enabling market growth over the forecast period.
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The market is divided into multiple segments based on component type, location type, deployment type, application type, vertical type, and region.
The sales and marketing optimization sub-segment is expected to gain the highest market share
The app is expected to generate $ 8,118.9 million in sales and marketing optimization by 2028. Using services in sales and marketing applications allows organizations to analyze cost patterns, customer behavior, and evaluate sales by helping them maximize their business profitability. These factors ensured the growth of the segment during the analyzed period.
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Cloud sub-segment designed to dominate the market
By type of deployment, the cloud sub-segment is expected to generate significant revenue of $ 21,740.6 million by 2028, increasing from $ 5,365.9 million in 2020. The cloud is known for its flexibility as well as its functionality, through which data can be shared. This has led to many organizations using cloud technology, which further leads to the growth of the sub-segment during the analysis period.
The solutions sub-segment is expected to receive the highest revenue
By type of component, the solutions sub-segment is expected to generate significant revenue of $ 19,773.1 million by 2020-2028. Spatial analysis is a method that ensures clarity in the business perspective, ensuring that all location issues are easily resolved . This gave the sub-segment a boost in its growth over the forecast period.
The External Location sub-segment is expected to be the fastest growing
In the location segment, the open location sub-segment is expected to earn revenue of $ 25,831.1 million by 2028. and this is mainly due to the widespread use of multi-channel marketing centers. The data provided to the centers is used to track the customer’s location, as well as to manage transport and logistics. These factors are expected to stimulate the growth of the sub-segment during the analyzed period.
The Transport and Logistics sub-segment is set to gain momentum in the market
By vertical type, the transport and logistics sub-segment is expected to earn revenues of $ 4,384.3 million by 2028. The rapid growth of the e-commerce sector, combined with agreements in the trade sector, has ensured the growth of the sub-segment. In addition, the widespread use of reverse logistics is expected to boost sub-segment growth over the forecast period.
This growth is primarily the result of the rapid development of technology, as well as the growing standards for location-based technologies. The region is also witnessing a steady increase in the number of start-ups being set up. In addition, the government has provided sufficient support for the growth and use of this technology, which has further fueled market growth in the region.
Major market players
The report contains a list of remarkable market players that ensure constant market growth. They are listed below:
2. SAP SE
3. SAS Institute
8. IBM Corporation
10. Cisco system
The report gives an idea of the various initiatives of industry experts, such as mergers, partnerships and collaborations and product launches.
In May 2021, IBM, a world leader and information technology expert, announced its plan to upgrade the Cloud Pak to data services. This is expected to help resolve customer requests more than eight times faster, and they have also offered to launch Project CodeNet. It is set to accelerate the use of artificial intelligence in business using an open source data set.
The report also summarizes many important aspects, including the financial performance of key players, SWOT analysis, product portfolio and recent strategic developments. Click here to get a summary report of the best company development strategies.
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