Spatial data analysis helps businesses to see what’s happening ?on the ground? with their customer base. Using geocoding and address and household level data, it helps to understand customer locations, the geographical context of their shopping and spending decisions, and the overall market environment. Location intelligence solutions use cloud-based software, geo-demographic data and professional services to help clients? planning and marketing operations.
watch What is location intelligence?
Oddly enough, the development of cloud based software helps businesses get a clearer picture of what’s happening on the ground. Location intelligence data gives them a view of population density and distribution and geospatial household information. Geospatial analysis relies on measuring population changes rather than relying on Census-based estimates. This means that their information is both current and relevant.
Location intelligence solutions allow businesses to track market changes as they happen. As a measure of its importance, consider the fact that the geospatial mapping industry was worth $73 billion in revenue in 2011. Additionally, it helped to generate another $1.6 trillion in revenue for other sectors of the economy.
Why do businesses need location intelligence?
Businesses rely on location intelligence solutions for many different aspects of their business planning. A survey of global business conducted in February 2014 by Dresner Advisory Services showed that over half of the respondents, across multiple industries, rely on location intelligence. Small businesses as diverse as scuba diving gear and ethnic foods can benefit from location intelligence.
With detailed reports on radii, drive-times, custom boundaries and more, location intelligence solutions give businesses powerful tools to shape their marketing efforts. With information that is current, accurate and precise, businesses can learn about neighborhoods, customers and the local market. It can help businesses to identify locations for new retail stores and branches, targeted marketing and much more.
A growing demand for geospatial analysts
The demand for location intelligence solutions is growing, and with it the need for analysts who are familiar with GIS and location intelligence. This includes geographers, cartographers and photogrammetrists and surveying and mapping technicians.
Jobs in these fields have shown a steady growth and this is expected to continue according to the U.S. Bureau of Labor Statistics. The market for geospatial analytics will continue to grow. It is projected to grow from $27.42 billion in 2015 to a $72.21 billion by 2020, at a 21/4% compound annual growth rate.
Location intelligence solutions give businesses the tools they need to understand their markets and customers, and how these are changing on the ground. This information is used at all levels of market research and planning, and marketing. Because of the significant benefits it offers to businesses, the market for geospatial analysis is projected to grow rapidly.