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
NEW YORK, Nov. 7, 2016 /PRNewswire/ -- "Increase in spatial data and analytical tools is driving the growth of the location analytics market" 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%. The market is driven by factors such as increasing amount of spatial data and analytical tools, risking significance towards market & competitive intelligence, and increasing importance of asset management & predictive analytics. However, privacy and security concerns are acting as a restraint for adopting location analytics. "Among the applications, emergency response management is expected to have the largest market size during the forecast period"Emergency response management segment among the applications is expected to hold the largest market share during the forecast period as it is used for coverage related to emergency responders, firefighters, fire response, chemical response, and emergency response. This growth is primarily driven by the growth in healthcare, energy & utilities, financial services, and insurance industries. "Retail and consumer vertical is expected to dominate the location analytics market during the forecast period"Location analytics services have been used across various industry verticals, including government, BFSI, IT & telecom, healthcare, travel & tourism, and retail & consumer goods. The retail and consumer goods vertical is expected to hold the largest market share during the forecast period, owing to constant growth in the number of internet users, proliferation of smartphones, and the increasing number of tech-savvy consumers.