According to the latest report by IMARC Group, titled “Location Intelligence Market Report: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022- 2027”, the global location intelligence market reached a value of US$ 14.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 33.9 Billion by 2027, exhibiting a CAGR of 15.8% during 2022-2027. Location intelligence (LI) refers to a method of collecting insights from geospatial data to solve specific problems across numerous industries. It is built on geographical information system (GIS) tools to provide analytical and operational business solutions and detect risks and patterns. It enables enterprises to identify customer behavior, consumer trends, and information about niche markets to deliver better products and services, make better decisions and mitigate the uncertainties in the market. It is gaining traction across the globe to understand the interaction of data-generating elements in relation to their geographical relations in the cities, conduct predictive analytics, real-time tracking of patterns and trends, risk management, and streamlining of the services and operations of companies.
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Global Location Intelligence Market Trends:
Considerable increase in data generation across the corporate sector is driving the global market. This can be attributed to rapid digitalization and the growing adoption of the Internet of Things (IoT)-enabled devices. Moreover, the emergence of web-mapping services and portable navigation devices, along with the growing penetration of smart devices and network services for better connectivity, is supporting the demand for location intelligence solutions across the globe. Furthermore, the increasing incorporation of location intelligence methods across several verticals, such as transportation and logistics, retail and consumer goods, government and defense, and utilities and energy, is creating a positive market outlook. Other factors, including the escalating new product launches due to the rising mergers and acquisitions and extensive research and development (R&D) activities, are also positively influencing the market growth.
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Competitive Landscape with Key Players:
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