The location intelligence and location analytics is tipped to play a vital role in the coming years. By 2020, it is estimated that the number of connected devices are likely to reach 20.4 billion, a 2.5 times increase in devices from 2017. From computers to mobile phones, appliances to street signs, these so called connected devices (dubbed as Internet of Things) transmit huge amounts of data about what we do, where are we located, when do we use these devices and for what purpose. Location analytics tools are defining how companies are using geo spatial data to derive meaningful insight to address a particular problem. The transportation and logistics sector is expected to bring in majority of the revenue at present and expected to remain the same in coming years.
What is Location Intelligence and Location Analytics?
Location intelligence and location analytics use a combination of business intelligence and geo spatial data to derive meaningful insights for business outcomes through data enrichment, visualization and iterative analysis. Location data consists of a wide range of data relating to longitudes, latitudes, altitudes, existing points, the direction of travel and a record of the users last location. Location analytics use the collected data with Business intelligence tools to assess, analyze and process the data collected into actionable information and enable effective business outcomes.
Market Research and Market Trends of Dark Analytics Market
- Many industry experts consider Location Analytics to be used extensively for the entire length and breadth of the industry in coming years. Industry leaders in retail are installing sensors, Bluetooth beacons and WIFI routers to connected customers devices to gather information. Using location intelligence and analytics organizations track consumer data such as in store foot map, products stashed on online baskets, a record of their purchases and trends on social media. Rise in penetration of mobile phones and connected devices retailers are able to gather actionable information for future insights.
- Transportation and logistics are major industries who are set to benefit the most from this technology. Companies like Uber rely on location technology to detect traffic patterns, show an approximate waiting time, and map the short way possible and an estimated fare. Uber partnered with factual, a geo data specialist to enhance its navigation technologies for their self-driving cars.
- Grocery stores such as Amazon and Kroger Co. employ advanced analytics using IOT to keep a track of their customer’s choices and products based on their regularity. Using this data enterprises provide tailor made product deals, merchandising, marketing and even product development strategies.
Who are the Major Players in Location Intelligence & Location Analytics Market?
The major vendors in the Location Intelligence & Location Analytics market are IBM Corporation, Cisco Systems Inc., Oracle Corporation, TIBCO Software Inc., Galigeo SAS, Pitney Bowes Inc., SAS Institute Inc., and Google Inc. among others.
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