Location Intelligence industry has been growing over the years and its market size is anticipated to reach $25.5 billion by 2025. The impressive growth of location intelligence will continue to happen as more advanced technologies start to emerge.
By 2020, the number of connected devices; from computers to mobile phones, appliances to street signages is expected to reach $20.4 billion, a 2.5 times increase in devices from 2017. These devices play a big role in transmitting huge amounts of data about what we do, where we are located, when do we use these devices and for what purposes.
Besides that, the global indoor location intelligence market is estimated to reach $40.99 billion by 2022 from $5.22 billion at a CAGR of 42%. Additionally, retailers are forecasted to spend $2.4 billion annually on indoor beacons in 2020.
Rising investment in this market by big tech giants will open growth opportunities for the market. The key segments in which the global location intelligence market is classified may include vertical, services and applications. Location Intelligence vertical can be broken down into four areas: GNSS, GIS, Earth Observation and 3D Scanning.
The technologies used can be broken down into:
The Location Intelligence Tech Breakdown:
- GNSS (Global Navigation Satellite System) and Positioning Technologies:
- GIS/ Spatial Analytics
- Earth Observation
- 3D Scanning
The GNSS technologies include satellite infrastructure and ground system (i.e surveying, indoor positioning) and it covers 59.6% of the whole location intelligence market.
GIS and Spatial Analytics, on the other hand, is growing at a CAGR of 12.4% from the period of 2017-2020. The GIS technologies consist of software, services, and content that is designed to capture, store, manipulate, analyse, interpret and attribute spatial data which includes consumer behavioural analytics.
Earth Observation technology is growing at a cagr of 14.9% and is forecasted to reach $75.9B by 2020. This kind of location intelligence technology consist of remote sensing satellites used to map the surface of the earth, and also an aerial mapping from aircraft, UAVs and other flying objects.
3D scanning consists of LiDAR, Radar, and Laser technologies which digitally capture the surface of physical objects and their surroundings. It is growing at a CAGR of 21.3% which is to reach $14.2B by 2020
Looking at the location intelligence market breakdown, we can see that location intelligence is starting to be used extensively for the entire length and breadth of the industry in the coming years.
The global location intelligence industry growth is accelerating due to the democratization of location intelligence; being integrated with advanced technologies and adoption by innovative business models.
Along its path to rapid growth, the industry also faces a number of profound challenges such as the gradual regulatory transition towards more strict data privacy laws around the world, availability of timely and accurate location data, and limited awareness about location intelligence among its prospective users.
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