Location Analytics Market Worth $22.8 Billion by 2024 - Exclusive Report by MarketsandMarkets

CHICAGO, June 21, 2019 /PRNewswire/ -- According to a new market research report "Location Analytics Market by Component (Solutions and Services), Location Type (Indoor Location and Outdoor Location), Application (Remote Monitoring, Risk Management), Vertical (Retail, Media and Entertainment), and Region - Global Forecast to 2024", published by MarketsandMarkets, the global Location Analytics Market size is expected to grow from USD 10.6 billion in 2019 to USD 22.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 16.6% during 2019–2024.

Organizations are adopting location analytics to analyze and generate insights from the spatial data collected using various data sources, including sensors, cameras, GPS devices, social media sites, and mobile devices. The market evolution has been marked by the development of location-based technologies and advantages associated with them for all potential users. Location analytics vendors are trying to make things simple so that organizations can access, share, and analyze the location-based data coming from various data sources from any remote location.

Browse in-depth TOC on "Location Analytics Market"

72 - Tables

31 - Figures

135 - Pages   

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The geocoding and reverse geocoding segment to account for the highest market share during the forecast period

Geocoding is the process of converting addresses into geographic coordinates, which can be used to place markers on maps, or position the maps. It enables people to locate, situate, and navigate themselves and is the easiest process to describe one's location in geographic coordinates. Once a latitude and longitude value is assigned, geocoded addresses can be displayed on maps. The addresses are used in decision-making workflows, transactions, and larger business processes.

Geocoding helps transform data from locations, such as a pair of coordinates, addresses, and names or places, to locations on the earth's surface. Geocodes can be performed by entering each location at a time, or all locations at once using tables. The outputs generated are geographic features with attributes that can be used for mapping or spatial analysis.

The consulting segment to account for the highest market share during the forecast period

Organizations providing location analytics solutions also offer consulting services based on traditional data, location-based data, and Business Intelligence (BI). Location is a vital characteristic in all organizational data, as people have residences, assets have proximities, employees have worksites, and parcels have both origin and destination.