Location Analytics Market is estimated to grow $16.34 Billion by 2021 at a CAGR of 17.6%

(IT-NEWSWIRE.COM, June 19, 2019 ) According to the new market research report "Location Analytics Market by Application, Component (Software and Services), Location (Indoor and Outdoor), Organization Size, Deployment Model (On-Premises and Hosted), Industry Vertical, and Region - Global Forecast to 2021", The location analytics market size is estimated to grow from USD 8.20 Billion in 2016 to USD 16.34 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 17.6% during the forecast period.

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The key forces driving the location analytics market include increasing amount of spatial data & analytical tools and the rising significance towards market & competitive intelligence. Location analytics services also help in predictive analytics and asset management. With an increase in the adoption of location analytics by Small and Medium Enterprises (SMEs), the market is expected to gain major traction during the forecast period.

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Supply chain planning and optimization in applications is expected to grow at the highest rate during the forecast period

Among applications, supply chain planning and optimization segment is expected to grow at the highest CAGR of 19.4% during the forecast period. The demand for cloud-based reporting and analytics is increasing among enterprises due to an increasing need for improved decision-making, optimizing internal business process, increasing operational efficiency, and gaining competitive advantage in the market.

Geocoding and reverse geocoding segment is expected to contribute the largest market share in 2016

Among software, the geocoding and reverse geocoding segment is expected to hold the largest market share in the location analytics market in 2016. Buildings such as educational institutions, malls, retail shops, commercial buildings, hotels, and restaurants are increasingly deploying location analytics to make important decisions about asset management and resource allocation. The hosted deployment of location analytics has been in demand for sectors such as educational institutions, retail outlets, and hospitality sector, thereby making geocoding and reverse geocoding the largest market in terms of market size in 2016.

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North America is expected to contribute the largest market share; Asia-Pacific (APAC) to grow the fastest

North America is expected to hold the largest market share and dominate the location analytics market from 2016 to 2021, owing to large investments in cloud-based solutions, early adoption of new & emerging technologies, and large number of players present in this region. The APAC region is in the initial growth phase; however, it is the fastest-growing region for the global location analytics market. The key reason for the high growth rate in APAC is the growing demand for cost-effective location analytics services among SMEs in this region.

The major vendors providing location analytics are SAS Institute (U.S.), TIBCO Software Inc. (U.S.), ESRI (U.S.), Oracle Corporation (U.S.), Pitney Bowes (U.S.), Microsoft Corporation (U.S.), IBM Corporation (U.S.), Galigeo (France), Cisco Systems, Inc. (U.S.), Alteryx, Inc. (U.S.), and SAP SE (Germany).

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Location Analytics Market is estimated to grow $16.34 Billion by 2021 at a CAGR of 17.6%