Market Trends of Europe Location Analytics Industry
Cloud Segment is One of the Factors Driving the Market
- Cloud computing systems are perfect for dynamic applications like Location Intelligence because the data is always changing, and capacity is scalable. More capacity and bandwidth are necessary due to the sheer volume and increasing complexity of location data and images.
- Nowadays, a location component is present in 80% of insurance business data. The need for GIS increases quickly as businesses collect and retain more data. Insurance companies may now address challenges that were previously out of their grasp thanks to the flexible and scalable cloud-based Location Intelligence solutions and the unlimited processing capacity of on-demand solutions.
- Businesses use "pay-as-you-go" subscription models for cloud computing services based on flat rates or system utilization. No long-term software license agreements or capital hardware investments are necessary, and also in October 2023, Amazon Web Services launched AWS European Sovereign Cloud. AWS European Sovereign Cloud would be a new, independent cloud for Europe that offers customers in highly regulated industries and the public sector further choice and flexibility to address evolving data residency and resilience requirements in the European Union (EU). AWS European Sovereign Cloud would allow customers to keep all metadata they create in the EU
- Location intelligence solutions can be accessed by an infinite number of people because of the flexibility and scalability of cloud computing. The cloud architecture also makes intelligent collaboration possible through round-the-clock community computing anywhere and in any time zone. In July 2023, Cloud-based location intelligence platform Addresscloud has partnered with geospatial data and AI solutions provider Skyblu to provide insurers access to address-level perils data for locations across mainland Europe.
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Retail is One of the Factors Driving the Market
- The growth of e-commerce has presented several difficulties for offline retailers. Foot traffic in physical stores decreased following the resumption of business, as people preferred shopping online during the pandemic. Companies will need to invest in the correct location for their operations with greater attention if they want to survive this change. By spotlighting underperforming stores and marketplaces, retailers who use location-tracking software will learn which business areas can benefit from further investment.
- The rise of teleworking and people spending more time at home gained local e-commerce. Retailers will be making massive investments toward order fulfillment. Online orders from consumers are increasing due to the popularity of last-mile delivery and curbside pickup services. Integration of technologies like Location Analytics will be necessary to ensure the successful implementation of these services.
- For the research period of 2022, 55% of German retailers intended to prioritize marketing and customer retention initiatives, according to the German Retail Association (HDE), the trade association for German retailers. Over the projected period, it is anticipated that a focus on marketing, business equipment, and e-business would propel the market under study and enable location analytics companies to provide fresh solutions to cater to client wants.
- Automotive is another industry that is thriving with smart innovation as connected cars become the next phase of the industry's rapid digitalization. Retailers of automobiles are also beginning to value location analytics. OnMyWay App, which Mavi created, offers curated shopping to the dashboard of client automobiles. The location, ordering, product recommendations, payment, and pickup coordination capabilities of connected cars with OnMyWay payment capabilities satisfy the expectations of customers making an immediate purchase.
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