Location analytics solutions are gaining more importance than before as they help in providing necessary insights that businesses can capitalize on. Market players providing location-based intelligence are adopting various strategies such as new service launches and partnerships to provide innovative solutions to businesses and become a part of their success. Various industry verticals such as fashion, logistics, healthcare, automotive, manufacturing, and others would reap benefits of these new systems and solutions of market players. Launch of new services and combination of expertise of two different companies would lead to enhanced solutions and offer important insights. The demand for location analytics would increase in the coming years to gain insights and apply intelligence in achieving the targets for businesses. According to the report published by Allied Market Research, the location analytics market is estimated to reach $31.13 billion by 2027. Following are some of the trends taking place in the world.
The launch of new services is one of the major trends adopted by the industry. It helps market players in widening their reach and avail new customers. PlaceSense, a location-based intelligence provider, launched free and premium services in Hamburg, Germany. These services are aimed at providing location-based information to small businesses for gaining understanding of their customers, visitors, and competition in the city. Dan Gildoni, the CEO and Co-Founder of PlaceSense, highlighted that it has always been an aim of the company to empower small businesses through location-based information and contribute to their success.
With the help of location analytics, businesses can avail information about prominent locations in different categories including dining, accommodation, fashion, and others. In addition, businesses can track specific locations for specific insights such as popular days and weeks, changes in footfall, and other businesses. These insights would contribute toward growth of the businesses.
Along with the trend of new service launches, market players have been adopting the partnership strategy to offer various services to their clients and achieve growth in the market. Wipro Ltd., one of the major IT companies, joined hands with HERE Technologies to offer location analytics to its customers. The customer base ranges from different industry verticals such as transport, logistics, telecom, automotive, and others. Both companies would develop solutions related to logistics, asset tracking, field workforce management, and field workforce management. Moreover, they would combine expertise to develop private mapping-as-a-service for outdoor and indoor real-time asset tracking.
HERE’s mapping-as-a-service solution helps enterprises in developing private maps of the field and manage autonomous vehicles in a more efficient manner. It offers information related to routing speed, time, fuel consumption, and other hazardous conditions. Sarat Chand, the Wipro Limited Regional Head and Managing Director (Benelux) outlined that the partnership with HERE will enable the company to co-develop location-based solutions for the customers that have location as the major component to their services. Both companies would strive to offer relevant and customized solutions for their customers.
The trend of partnership continues as market players realize the need to combine expertise and develop solutions that would help their clients and consequently assist the companies in raising their stake in the market. Swiss Re and TNEDICCA joined hands for helping insurance companies in assessing and devising prices for auto risks. With the partnership agreement, TNEDICCA’s Location-Based Risk Score along with its data related to location risks will be integrated with Motor Market Analyzer (MMA) of Swiss Re. TNEDICCA’s solutions have been helping auto insurance companies in improving profitability and the partnership with the leading insurer as Swiss Re would help the company in adding more value than before to the auto insurance industry. The trend of partnership is estimated to continue in the coming years.
Author Bio - Pratik Kirve is writer, blogger, and sport enthusiast. He holds a bachelor degree in Electronics and Telecommunication Engineering, and is currently working as a Team Lead - Content Writing at Allied Market Research. He has avid interest in writing news articles across different verticals. When he is not following updates and trends, he spends his time reading, writing poetry, and playing football. He can be reached at [email protected]
By,Allied Market Research