North America Location Analytics Market size crossed USD 3 billion in 2019 and is expected to witness over 12% CAGR from 2020 to 2026.
North America market growth is due to rising deployments of new satellite navigation systems for the development of location-based technologies. For instance, in March 2018, NASA launched next-generation weather satellites for the National Oceanic and Atmospheric Administration (NOAA). NOAA’s Geostationary Operational Environmental Satellite-S (GOES-S) provides accurate & detailed data to track storms, wildfires fog, and other hazards that affect the Western U.S.
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The North American location analytics service industry is projected to register a growth of over13.7% between 2020 and 2026. The rapid evolution of different interrelated technologies, such as GPS/GNSS systems, scanners, and cameras, is increasing the need for their effective integration & maintenance. With increasing awareness regarding the benefits of this technology in sectors including retail & BFSI, demand for services is likely to increase consistently over the forecast period. The remote monitoring solution segment is projected to observe around 15% growth rate till 2026. Growing IoT devices across the globe are supporting the demand for remote monitoring applications across various sectors. Location analytics technologies remotely monitor various factors, such as temperature and humidity, at various locations using IoT devices.
The healthcare segment is anticipated to expand at a CAGR of13% through2026. Demand for location analytics solutions across the healthcare sector has increased drastically over the past couple of years. With the current COVID-19 pandemic, the use of geospatial data has increased exponentially. Several companies are providing advanced location-based platforms to public and private healthcare agencies. For instance, ESRI launched a COVID-19-based dashboard with geography-based statistical data. The dashboard provides real-time location-based information to monitor & analyze COVID-19 cases across the country.
Amid the COVID-19 pandemic, the U.S. had imposed strict social-distancing restrictions across different countries and increased the demand for location analytics solutions & services. Government authorities in various countries are using location analytics to manage different healthcare services during the COVID-19 outbreak.
Leading players of location analytics are implementing strategic initiatives to help individuals around the region. For instance, in May 2020, RetailNext Inc, a location analytics company, developed an Aurora sensor, which provides data analysis to organizations, hotels, and retail stores to control occupancy & customer traffic during the COVID-19 recovery and reopening period.
Some of the leading companies operating in the North America market include Google LLC., ESRI, SAP SE, IBM Corporation, and Oracle Corporation.