Midmarket firms are increasingly adopting big data analytics initiatives to boost their business growth.Read More
Location analytics market set for strong growth
A growing number of firms are set to add location data to their analytics operations in the coming years, as recognition grows of the wide range of use cases this can bring.
Figures from RnRMarketResearch suggest this sector will see a compound annual growth rate of 11.6 percent between 2014 and 2019, with such solutions expected to support a wide range of business processes.
The firm states uses to which location data can be put include assisting with sales and operational profitability, workforce management, customer and marketing management, facilities management, risk assessment/situational awareness, and tracking and route monitoring.
At present, many enterprises are focusing their attentions on improving the effectiveness of their marketing campaigns through the use of location-based data analytics. This can help ensure they not only deliver the most relevant messages, but also gain an understanding into the buying patterns and trends of their customers.
"Location-based data helps organizations to know where their customers are and monitor trends by correlating products with buying patterns, which in turn helps them to support their marketing strategies," RnRMarketResearch stated.
As a result of this, the company observed that increasing customer support and satisfaction will be one of the major drivers for the location analytics market in the next few years.
Companies that are able to add location information to their big data analytics operations are able to enhance their ability to identify their most profitable locations, reach the right customers and the right time and stay ahead of their competition.
As well as improving the way they connect directly with consumers, it can also boost key backroom processes. For instance, the research firm stated: "Real time location solutions in the manufacturing sector are expected to rise at a tremendous rate in the future due to the need for efficient manufacturing environments with optimum operational profitability."
Such tools can also help firms with their decision-making when looking to grow their company. RnRMarketResearch noted organizations in a variety of industries, especially manufacturing, consumer goods and products, are looking to expand their business in Asia-Pacific and Latin America using location-based data as a guide to help allocate their resources effectively.