Europe Location Analytics Market size was over USD 2.5 billion in 2019 and is projected to register exponential growth of 13% between 2020 and 2026.
The market revenue growth will be due to the high demand for GIS & GPS technologies for location mapping, transfer of real-time information, monitoring, and tracking as businesses are adopting a solution approach. Industries including insurance, banking, and retail are non-geospatial but implement location analytics technologies to pinpoint the exact geographic coordinates of the insurance claims during natural disasters.
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Government departments, mainly in Germany, Italy, and the UK, provide support to accelerate the usage of geographic data in various applications including defense, transportation, construction, and retail. The penetration of smartphones and the increased demand for location-based marketing in the region are boosting market growth.
Amid the COVID-19 crisis, government authorities across the region use GIS technology to track the spread of COVID-19 with specified granularity. Established companies are providing robust mapping software to organizations for combating the COVID-19 crisis. For instance, in March 2020, Esri, a location-based mapping solution provider, offered its ArcGIS Hub Coronavirus Response template free of cost through a six-month ArcGIS Online subscription. Furthermore, the presence of small & large enterprises and the increasing adoption of GIS systems are expected to fuel the market growth amid the pandemic.
Europe Market, By Application
The risk management solutions will grow at a CAGR of above 12% during the forecast period. The growing demand to assess and mitigate the potential risks associated with diverse industry workflows & applications is enabling the demand for location analytics solutions. The use of location analytics solutions helps enterprises in analyzing the risk concentrations.
Europe Market, By Industry Verticals
The BFSI segment is poised to observe growth of 13% till 2026. In the banking industry, location intelligence technology is increasingly playing an important role in facilitating various functions such as safe monetary transactions, route analysis, ATM network management, and customer record mapping. Geographic variations in business & consumer behavior and demand can affect a bank’s performance.
Competitive Industry Landscape
Some of the leading companies operating in the Europe location analytics market include Google LLC., ESRI, SAP SE, IBM Corporation, and Oracle Corporation.