Location continues to be one of the most critical pieces for adding context to transactional, social, user, and sensor data. The global location intelligence market is forecasted to reach an estimated value of USD 50 billion by 2035 during the forecast period of 2023-2035.
The growth is majorly owing to an increase in the:
- Smartphone penetration
- IoT-enabled devices
- Internet users
- Online shopping
We have listed the key location trends that will help further shape the location industry in 2023.
Also read: The Ultimate Guide to Location Intelligence
1) Real-time Data Availability
Faster 5G connectivity and swiftly increasing bandwidth has paved the way for real-time data that can be derived from mobile phones. Moreover, data from social media posts is also linked to the location which offers deeper contextual real-time insights. Such availability of real-time data is resulting in critical location intelligence use cases.
2) Increase in New Use Cases
Location intelligence application is no longer restricted to just businesses and newer industries, governments, and welfare organizations are seeing deeper real-world use cases for the same.
The COVID-19 pandemic played a key role in resulting in new innovations. More and more organizations are exploring and developing innovative use cases to leverage location intelligence for improving their business processes. Retailers use location intelligence technologies to understand consumers’ buying journey thereby improving their engagement for effective targeting.
3) Managing the COVID-19 Crisis
The global pandemic significantly increased the demand for geographically-relevant information. It helped the world realize the importance and potential of maps and its value as a powerful communication tool. LI and geographic information system (GIS) data also helped governments and medical authorities to create dynamic COVID-19 dashboards like the one made by The Johns Hopkins University. The dashboard continuously updated relevant information and key statistics about active cases, recovery rates, fatalities, proximity, spread, medical centers, and testing facilities, among others.
Location analytics data and AI-based dashboards will further make it possible to identify trends and make quick, informed decisions, and take the right actions based on real-time information to curb the spread of coronavirus.
4) Planning Smart Cities
Location intelligence is an actionable insight that helps public and private sectors to identify patterns and make strategic decisions. It helps business and policymakers to use geospatial data to create business insights. LI will help in key areas like urban planning, transportation, natural disasters, and park preservation, among others.
The location intelligence tech is already playing a vital role in helping city developers make smart decisions about conservating projects and creating sustainable green spaces in and around the city. In urban development, developers can leverage LI for 3D planning that is essential for city planning.
Global smart cities are revolutionizing transportation using location analytics to improve traffic and optimize travel. City planners are also leveraging the LI data to understand traffic patterns and find solutions for transit problems with new construction or different modes of transport. In the coming years, smarter local governments can increase their reliance on location intelligence tools to help their citizens know their city and surrounding more efficiently.
5) Personalized Customer Experience
Rich customer experience and tailored brand messaging are essential factors for businesses to grow their consumer base. Accurate and actionable information data is already helping retailers in garnering more users. According to a recent survey by Forbes, 75% of retailers ranked LI to be critical for their revenue growth strategies.
Restaurants and retail stores are also using location analytics data within their stores to activate some functionalities within their app. This offers consumers easy access to information about unused gift cards and their purchase or food ordering history. The main aim of these functions is to increase footfall and also attract existing customers. It also works as a highly contextual marketing tool based on location data to improve sales.
Consumers can receive a coupon for a particular product as soon as they enter their favorite apparel store. The BFSI industry can also leverage LI data to offer personalized banking services like credit card and loan offers to its customers. Comprehensive and contextual LI data can help retailers offer a more immersive and tailored shopping experience to their consumers.
6) Indoor Mapping
Indoor mapping has become easier with the help of LI data garnered from WiFi networks, beacons, and GPS apps. Users can get 3D indoor geospatial views of several types of infrastructure including auditoriums, airports, music halls and theatres, plant and factories, residential and government buildings, shopping malls, and other general stores, among others.
In the case of airports, passengers will be able to visualize their journey and know about key points of interest, including cafes, restrooms, lounge, shops, toilets, and security controls. Indoor mapping is opening up an array of possibilities that were not easily accessible for strategic decision-making, marketing, and business intelligence in the business environment while adding value to the user.
7) Disaster Management
The global average economic loss due to natural disaster events across the globe amounted to about US $232 billion in 2019. Managing disasters in today’s time require real-time information and analytics. LI data deployment can be relevant to various phases of disaster management, including prevention, mitigation, response, and relief.
Also read: Top 9 Location Intelligence Use Cases
With the latest data at their disposal, authorities can evaluate disasters like a tornado or a wildfire and make informed decisions in such a challenging environment. Sharing critical information with first responders and relief agencies enables better disaster planning and management, thereby keeping the community and citizens safe.
Accurate and updated LI data will help companies mitigate hazards and coordinate response and recovery efforts when disasters and emergencies occur.
Click here to learn more about how location intelligence can enhance your business processes and boost customer experience.