Key trends to watch out for Location Intelligence in Australia in 2022
To survive and compete in the digital age, companies must understand their customers' unique location and context. Through location intelligence, companies can be more customer-centric, understand exactly what's expected of them, and offer a personalised experience.
MarketsandMarkets forecasts that the worldwide location analytics market size will grow from USD 13.8 billion by 2020 to USD 26.7 billion by 2025, at a Compound Annual rate of growth (CAGR) of 14.1%.
Are firms really use location intelligence data at the moment, and is this likely to change in the future?
Here are some of the key trends that will shape the location industry in 2022.
Crisis management for COVID-19
During the pandemic, geographically-relevant information was in high demand. It helped the world realise the value of maps as a powerful tool for communication and the importance and potential of maps. Furthermore, governments and medical authorities are using LI and GIS data to create dynamic COVID-19 dashboards, such as Johns Hopkins University's dashboard which provides continuous updates on active cases, recovery rates, fatalities, proximity, spread, and medical centers, as well as testing facilities.
As a result of combining location analytics data and AI-based dashboards, it will be possible to identify trends and make quick, informed decisions to reduce Coronavirus outbreaks.
Smart cities planning and design with Location intelligence
By identifying patterns and making strategic decisions based on location intelligence, the public, and private sectors can make informed decisions. By using geospatial data, it allows businesses and policymakers to gain insights into their operations. There are several ways that LI will be able to assist, including transportation, natural disasters, and park preservation.
Local governments will increasingly rely on location intelligence tools to help their citizens better understand their city and surroundings in the coming years.
The customer experience will be more customised
To grow their customer base, businesses need a rich customer experience and tailored brand messaging. Retailers are already gaining more customers with accurate and actionable information data.
Restaurants and retail stores can also use location analytics data within their stores to activate some functionality within their apps. These functions are primarily designed to increase foot traffic and attract existing customers. In addition to its use as a highly contextual marketing tool, it improves sales through location-based marketing.
BFSI companies can also use LI data to offer personalised services such as credit card and loan offers to their customers. Retailers can provide consumers with a more immersive and tailored shopping experience by leveraging comprehensive and contextual LI data.
Disaster preparedness & recovery
Globally, natural disaster events across the globe caused an economic loss of about US $232 billion in 2019. Information and analytics are essential in managing disasters in today's world. Several phases of disaster management can benefit from LI data deployment, including prevention, mitigation, response, and relief.
In such a challenging environment, authorities can evaluate disasters like tornadoes and wildfires with access to the latest data.
In the case of disasters and emergencies, accurate and updated LI data will help companies mitigate hazards and coordinate response efforts.
