As location intelligence companies continuously evolve and transform, the market value keeps expanding, opening tremendous investment opportunities.
As location intelligence companies continuously evolve and transform, the market value keeps expanding. As a result, the industry is constantly searching for the best solutions to help companies in various sectors to meet customer needs and achieve business goals.
Location intelligence is a subcategory of the IoT concept that allows businesses to identify consumer trends, customer behavior, and other data about niche markets to make better decisions, deliver better products and services, and mitigate market risks while incorporating real-time location monitoring capabilities.
Amid the COVID-19 crisis, a report released by Markets and Markets states that the worldwide location intelligence market reached a value of US$15.7 billion in 2021 and is anticipated to increase at a Compound Annual Growth Rate (CAGR) of 13.8%, reaching US$29.9 billion in 2026.
The rise is projected to be aided by increased demand for data-rich location solutions to boost customer engagement and operational efficiency.
Furthermore, according to the report by Reportlinker, China, the world’s second-largest economy, will remain among the fastest-growing in this cluster of regional markets. It is forecasted to reach a projected market size of US$6.8 billion by 2027, trailing a CAGR of 18.3% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each is forecast to grow at 10% and 12.2%, respectively, over the 2020-2027 period.
Europe will drive the 13% CAGR estimated for this segment. This regional market accounted for a combined market size of US$1.3 billion in 2020 and will reach a projected size of US$3.1 billion by 2027.
Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$4.5 billion by 2027, while Latin America will expand at a 15.5% CAGR through the analysis period.
While many new startups are emerging, a few companies are being acquired by larger companies.
For instance, last year, the strategic acquisition of Uber Media by Near will enable Near to enhance its portfolio of data intelligence products for its customers in the U.S. market. Moreover, Precisely has announced a formal agreement to acquire PlaceIQ, a provider of location intelligence. As a result, Precisely will be able to improve its location data offerings. Either party has not disclosed the financial terms.
In addition, StreetLight Data, a pioneer in mobility analytics, announced its recent acquisition by Jacobs. StreetLight Data leverages its massive data and machine learning capabilities to focus on mobility, enabling users to solve complex transportation challenges. Jacobs’ goal is to expand its end-to-end digital solutions portfolio and concentrate on ESG while acquiring high-growth and high-recurring revenue software firms that provide value for its customers and the communities they serve.
As the world is undergoing a digital revolution, innovations in the technology industry don’t stop surprising. Yet, within North America - the U.S. shows the fastest market growth and innovative development, within Europe – Switzerland, and Germany. These five leading location analytics companies are building a better and brighter future across continents.
CARTO was founded in 2012 by environmental scientists and visualization experts. Its headquarter is located in New York City, with offices in Madrid, Seville, and Washington DC. CARTO enables organizations to use spatial data and analysis for more efficient delivery routes, better behavioral marketing, strategic store placements, and more. Data scientists, developers, and analysts use CARTO to optimize business processes and predict future outcomes through the power of spatial data science.
Placer.ai is one of the top IT companies in San Francisco and was founded in 2016. Placer.ai provides retailers with actionable insights and location analytics into their audience and competition. With unprecedented visibility into humanity-in-action, every retailer can be brilliant at running their business. Place.ai targets various organizations in retail, commercial real estate, finance, hospitality, and municipalities.
GeoCTRL is one of the leading young startups in Europe to analyze and deliver population movement trends critical to creating a better future. This Swiss startup was founded in 2019. GeoCTRL uses unique AI-driven methodologies to extract the most comprehensive insights from different data sources, combining Wi-Fi and Bluetooth data collected from physical sensors, mobile GPS, and telecommunication data. Such a data cocktail is able to grasp and identify even the most unseen and untouched market opportunities. In addition, GeoCTRL provides physical businesses with near real-time audience information to generate more insights on traffic around their location. A combination of proprietary hardware & software allows companies to start within minutes and doesn’t require advanced data analytics skills to work with data. Unlike most solutions, GeoCTRL provides autonomy and works simply on power; the data is transmitted via 3G and 4G.
Soon after its founding in 2000, AirSage pioneered wireless network signaling data into robust mobility data. Preliminary studies led to breakthroughs that allow AirSage to deliver more precise position data, road traffic coverage, and traffic patterns at different times of the day. As a result, AirSage now has the most coverage of any real-time location and mobility service in the U.S. AirSage collects and processes over 15 billion anonymous location signals daily by collecting and analyzing mobile GPS signals.
Teralytics is a location data pioneer established in 2012 with an approach to transform transportation planning and operations by providing up-to-date mobility insights of high accuracy. They also offer big data analytics solutions that deliver insights into human location based on data from mobile networks, online browsing, and custom CRM. Its data products are used in the financial, retail, transportation, and media sectors.
Learn more about the companies that are playing a significant role in the current scene of the location intelligence ecosystem with Location Intelligence Ecosystem 2022.