2024 Global Market Analysis: Location Intelligence Solutions and Opportunities

"The Business Research Company recently released a comprehensive report on the Global Location Intelligence Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The location intelligence market size has grown rapidly in recent years. It will grow from $15.99 billion in 2023 to $18.20 billion in 2024 at a compound annual growth rate (CAGR) of 13.8%. The growth in the historic period can be attributed to the rise of digital mapping, demand for real-time location data, increasing urbanization, increasing focus on environmental conservation, and rising demand for location-based fraud detection solutions.

The location intelligence market size is expected to see rapid growth in the next few years. It will grow to $30.74 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%. The growth in the forecast period can be attributed to increased adoption of location intelligence solutions, growing demand for real-time location data, rising focus on smart cities, the rise of location-based analytics tools, and increasing use of location intelligence in agriculture. Major trends in the forecast period include integration of internet of things, AI-powered location intelligence platforms, blockchain technology, location-based augmented reality, adoption of cloud-based solutions.

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Market Drivers and Trends:

The rising adoption of IoT and connected devices is expected to propel the growth of the location intelligence market going forward. IoT and connected devices are a network of physical devices implanted with sensors, software, and connections, allowing them to collect and exchange data. The increasing adoption of IoT and connected devices is due to technological advancements, cost reductions, data-driven insights, industry adoption, and consumer demand for convenience. IoT devices with location sensors track the real-time location of assets such as vehicles, equipment, or inventory. Location intelligence systems analyze this data to monitor asset movements, optimize routes, prevent theft or loss, and ensure efficient asset utilization. For instance, in September 2023, according to a report published by Ericsson, a Sweden-based telecommunications company, global IoT connections reached 15.7 billion connections in 2023 and are expected to increase by 16% to reach 38.9 billion connections by 2029. Furthermore, in January 2022, data from the GSM Association, a UK-based non-profit industry organization, global Internet of Things (IoT) connections would surge to 23.3 billion by 2025, a notable increase from the 15.1 billion connections recorded in 2021. Therefore, the rising adoption of IoT and connected devices is driving the growth of the location intelligence market.

Major companies operating in the location intelligence market are focusing on developing AI-powered location intelligence solutions, such as PrivacyCheck, to gain a competitive edge in the market. PrivacyCheck is an AI-powered location intelligence technology that uses artificial intelligence algorithms to evaluate location-based data and provide essential insights to businesses and organizations. For instance, in October 2022, Gravy Analytics, a US-based company that offers business intelligence on location, launched PrivacyCheck, an essential component of location intelligence technology. It aids enterprises in making sure location data generated in sensitive areas is not shared or resold. The unique features of PrivacyCheck include its ability to help organizations find and remove sensitive location data from their systems, its integration into customers' existing systems without the need to share precise location data with Gravy, and its configuration options that allow customers to meet organization's specific privacy needs precisely.

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Major Key Players of the Market:

Google LLC, Microsoft Corporation, IBM Corporation, Qualcomm Technologies Inc., Uber Technologies Inc., Nokia Corporation, Baidu Inc., Hexagon AB, Autodesk Inc., Lyft Inc., Trimble Inc., Pitney Bowes Inc., Esri Inc., TIBCO Software Inc., Liberty Broadband Corporation, Alteryx Inc., MDA Corporation, TomTom International B.V., INRIX Inc., Mapbox, SpotHero Inc., CARTO, Cuebiq Inc., Navizon Inc., Foursquare Labs Inc.

Location Intelligence Market 2024 Key Insights:

• The location intelligence market size is expected to see rapid growth in the next few years. It will grow to $30.74 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%.
• The Role Of IoT And Connected Devices Is Driving The Growth Of The Location Intelligence Market
• Advancements In AI-Powered Location Intelligence Solutions Drive Competitive Edge In The Market
• North America was the largest region in the location intelligence market in 2023

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