Asia Pacific Location Analytics Market size surpassed USD 2.5 billion in 2019 and is anticipated to expand at a CAGR of 18% from 2020 to 2026.
In 2019, Asia Pacific held over 20% global market share as companies in the region are focused on developing smart supply chains that will accelerate natural language processing, image recognition, and machine learning to achieve consumer needs and provide an efficient solution by using these technologies. For instance, JD.com, a Chinese e-commerce company, implemented location analytics and created profile data for every individual, tracking consumers' favorite brands and shopping behavior. The company has implemented location analytics as a point of reference for future marketing strategies and efficient supply chains.
Get more details on this report - Request Free Sample PDF
The growing adoption of location intelligence to improve business performance is augmenting the market growth. The BFSI sector is likely to grow at a notable rate during the forecast period owing to the considerable adoption of this solution. The location intelligence solution allows insurance companies and banks to implement the intelligence in their business processes, making operations easy to analyze. Location analytics in the BFSI sector is gaining huge momentum, allowing companies to solve challenges and make better business decisions.
The supply chain planning & optimization solutions is projected to witness around 18% growth through 2026. The demand for location analytics solutions for supply chain planning & optimization is anticipated to grow considerably due to the growing need to manage & monitor supply chain bottlenecks and potential delays.
Several government agencies are emphasizing on advanced analytics solutions to streamline supply chain operations. For instance, in May 2020, the Philippines National Economic and Development Authority launched supply chain analytics tools to monitor and resolve supply chain disruptions caused due to the COVID-19 pandemic. This helped the authority to manage supply chain operations effectively through in-depth real-time visibility.
The IT & telecommunication segment in the Asia Pacific location analytics market will attain a CAGR of more than 20% during the forecast period. The use of location analytics solutions in the IT & telecommunication sector to facilitate capacity planning and demand forecasting along with improved management of wireline, wireless, and cable networks is increasing exponentially.
Amid the COVID-19 pandemic, countries including China and India were majorly affected due to the COVID-19 pandemic. Asia Pacific became one of the most affected areas with the first-ever positive case reported in December 2019. The extensive use of mobile devices and the Internet amid the current pandemic has contributed significantly to the adoption of location analytics solutions & services.
Government authorities are using geofencing applications to contain the COVID-19 outbreak. For instance, as per the press release on 3rd April 2020, the government authority of India assessed the new COVID-19 Quarantine Alert System. The system collects phone data including the location from telecom companies. The data is collected over 15 minutes of granularity and alerts the authority in case of violation of quarantine/isolation. The system uses telecom data to generate emails and deliver text-message alerts to governing authorities. The use of similar techniques is anticipated to fuel the demand for location analytics tools amid the COVID-19 crisis in Asia Pacific.