It has been estimated that the world’s population will expand beyond nine billion within the next four decades. As a result, location intelligence is even more important for current and future business enterprises.
Dresner Advisory Services, for example, conducted a global business survey in 2014. The results of this survey showed that over 50% of the businesses interviewed claimed location intelligence was “critical” or “very important” to their overall business planning. It is important to note that this survey was conducted with participants from all major industries.
According to the U.S. Bureau of Labor Statistics (BLS), steady growth is expected in jobs that specifically pertain to GIS and location intelligence. Between the years of 2012-to-2022, these and other related positions are expected to experience growth:
- Geographers: 29%
- Cartographers and photogrammetrists: 20%
- Surveying and mapping technicians: 14%
Current information from the BLS’ Occupational Outlook Handbook section, “Market Research Analysts,” indicates that employment projections for this position are projected to increase 19% between 2014-to-2024. The BLS also states that this projected growth average is faster than for all other occupations.
This growth is driven, according to the BLS, by an increase in data usage and market research. All industries will need to develop an increased awareness of what their customers want and need. As a result, the effectiveness of marketing and business strategies will be measured and analyzed to a greater degree.
An individual that works in the field of marketing analytics, or a marketing analyst, engages in a variety of activities to assist with determining a company’s marketplace position, according to the BLS. Part of this process entails conducting researching on existing or potential competitors. Another integral aspect of this process consists of engaging in a comparative analysis of pricing, sales, and marketing strategies.
In order to accomplish the above goals, a marketing analyst will utilize state-of-the-art location intelligence software. Marketing analytics services include performing these and other related tasks, according to the BLS:
- Monitoring and forecasting trends
- Determining program effectiveness and strategies
- Developing, utilizing, and analyzing data collection methods
- Gathering and analyzing relevant data
- Preparing client and management reports
In addition to the predictions made by the BLS, MarketsandMarkets recently reported that the geospatial data and marketing analytics market is expected to expand between the years of 2015-to-2020. In 2015, the market was $27.42 billion, and by 2020, it is expected to reach $72.21 billion.
Given the current and increasing demand to develop an awareness of the types of products and services that will be needed now and in the future, location intelligence companies offer effective solutions.