In the era of digitalization, with companies relying on highly accurate data for delivering the best services and exceeding consumer expectations, the utility of location in businesses has grown manifold. It is expected to further spike as the age of automation is ushered. Emerging technologies like Artificial Intelligence, Machine Learning, Deep Learning and IoT will deliver optimum outcome and help in developing new frameworks that cater to industry requirements only when they work in sync with location.
As per a 2018 report by CARTO, around 94% of all organizations collect and store location data in some form or the other. The numbers speak for themselves and highlight how crucial location data is for businesses.
The ‘Location Intelligence Market’ report by Geospatial Media presents an in-depth outlook on Location Intelligence industry, growth potential, key mergers, acquisitions and partnerships, and the state of policies in different countries.
Location Intelligence industry has grown from US$ 9 billion in 2014 to around US$ 22 billion. By the year 2022, it is expected to almost double its 2018 numbers.
An interesting trend in the location sector is the new participatory and collaborative approach that stakeholders have adopted and the intermingling of mapping companies and location companies, which traditionally had a strong working relationship but never a common objective. Let’s take a brief look at the major trends in Location Intelligence.
Platform mode of service
Most of the big Location Analytics players are gradually embracing the platform-based solutions and services models. Platforms have many advantages over other solutions and can power a host of modern-day applications. Platforms also offer a more collaborative environment and require comparatively fewer resources. Aided by growing Big Data and Cloud Computing capabilities, it is therefore expected that even most of the mid-tier vendors to embrace the ‘platform’ model in the future.
In a platform-based service it is essential that the platform focuses not just on advertising and marketer side but is truly customer-centric, easy-to-operate, and enables the customer to view, edit and control their information. The customer should be confident that the data and information that is there is only for the benefit of the customer.
Location Intelligence merging with Business Intelligence
The rapid emergence of Location Intelligence as a separate umbrella is enabling the confluence of GIS and Analytics
The demand for highly accurate location data is growing rapidly. A number of factors are driving this demand, but most importantly the dire consequences of low-quality location data when location is increasingly being used in decision-making. With the enhancement in location data quality, there also seems to be a marked improvement in the quality of AI and Machine learning, which also rely on location data.
Location intelligence expresses the relation between different data types, and particularly the one that has a spatial component and dimension. It is employed for joining the dots to see the bigger picture through datasets and for smart predictions.
Location Intelligence is, interestingly and uniquely, a common platform for all as well as an innovation that nudges people to go beyond and explore more. With the proliferation of mapping as an essential UI(User Interface) and the ubiquity of location, the need for location intelligence is more than ever.
Location Intelligence provides users and organizations with a robust framework for analyzing and managing geospatial data. Analyzing disparate data sources, finding commonality between them and then seamlessly bringing them together through a common interface is possible only with the help of Location Intelligence.
Advances in Location technology would lead to storing and analysis of reams of data, new methodologies, more sophisticated predictive models and visualization tools. A combination of all of these will provide us never-before insights and change the course of industries as well as societies. Location and geospatial both complement each other in the unleashing of technological transformation.
Location Intelligence is undoubtedly the next stage in the evolution of location and offers a lot of prospects not only for the location and geospatial segments but for every industry that will be affected by automation or wants to put ‘Customer First’.
Real Time data streaming
Increasing availability of location data and sensor data through IoT coupled with the widespread availability of Could Computing is enabling analytics and rendering of real-time data.
The capacity to deal with real-time streaming, which includes receiving real-time data from a number of sources and processing it real-time, is picking up pace. Combination of multiple streams for gathering the required information and identifying patterns unfailingly is something that has no alternative. Integration will not only be top-down or at only physical level, but it will also happen at the advanced stream level.
Embedding geo-data and location element into other data-sets require standardization and this is one area where the industry lacks. Since a long time, there have been talks about standards but nothing concrete has happened.
When it comes to the accuracy of location and its reliability, the demands and expectations of the consumers is fast outpacing the technological capability of the industry.
The global indoor location market is estimated to touch $40.99 billion by 2022 from $5.22 billion in 2016 at a Compound Annual Growth Rate (CAGR) of 42.0% during the forecast period. Moreover, retailers are expected to spend $2.4 billion annually on beacons and asset tracking in 2020. It’s no surprise then that there are hundreds of startups competing for visibility in the emerging indoor location and proximity marketing arena.
Indoor Mapping is not possible without a highly precise location. It combines the power of GPS and precise mapping to the place where human beings spend 70% of their time – indoors. According to the United States’ National Geospatial Advisory Committee (NGAC), indoor positioning services provide the ability for real-time tracking of location information on people or objects indoor using sensory information from automated devices.
With autonomous cars blaring horns in your neighborhood, location would be at the heart of the automotive industry, not just for ride-hailing services or navigation but also for a number of other reasons. Autonomous vehicles would be requiring real-time mapping that is based on precise location.
Autonomous vehicles will depend on a data-driven mapping system. The map would update real-time information and include the latest information about the surroundings. These maps gather and analyze information in real-time from a variety of crowdsourced updates. For Instance, if there is a notification regarding a roadblock ahead, or about road conditions in other parts of the town, the maps would update themselves real-time
An increase in data quality is directly linked to increased efficiency. This underscores the criticality of highly precise location data. The democratization of this data would provide impetus to new innovations in a number of sectors.