Geo Routing Market Overview
The global Geo Routing market size is forecast to reach $41.5 billion by 2026, growing at a CAGR of 15.2% from 2021 to 2026. Geo routing refers to a routing algorithm that works on geographic coordinate systems, analyzing wireless networks, driving its need for applications including position-based routing, directional routing, and location based routing with many others. Growing shift towards network topology based location surveillance, increasing demand for wireless technologies within industries as well as shift for location based services within varied industry verticals have been attributed to the market growth. Increasing penetration of connected devices, adoption of advanced technologies like artificial intelligence (AI), big data analytics, cloud computing and others along with growing demand for GPS enabled smart wearables can also drive the market forward. Furthermore, increased shift towards location based surveillance, real-time tracking, location intelligence and many others for logistic operation optimization, along with growing demand towards location tracking from law enforcement agencies or authorities to solve criminal investigations are set to assist the market growth in the long run.
Geo Routing Market Segment Analysis – By Offering
Based on offering segmentation, Geo Routing Software market is analyzed to grow with the highest CAGR of 10.8% during the forecast period 2021-2026. Adoption of software with geographic routing capabilities help in storage, retrieval, management as well as analysis of varied kinds of geographical or spatial data with real-time and high accuracy outcomes. Rising penetration of connected devices to track or monitor industrial operations, shift towards optimizing workforce efficiency alongside growing need for improving activities like surveillance, navigation, media advertising, work planning and scheduling with many others have been attributing to its market growth. Leveraging geospatial intelligence-based software models have been gaining wide popularity overtime, due to several advantages including early data insights, faster access irrespective of any location with mobile or web support, streamlined planning operations, higher flexibility and accuracy, availability of diverse pricing model based on user applications and so on. In January 2020, Paragon Software Systems announced about the launch of a zoning functionality for its routing and scheduling software, capable of managing growing complexities related to urban distribution plans. With this development, transport operators will be able to streamline planning processes through automatically factoring in geographic restrictions like Low Emission Zones, London Lorry Control Scheme along with all red routes supporting deliveries within the country. Such factors can be considered vital in driving the market growth of geo routing software forward in the long run.
Geo Routing Market Segment Analysis – By End Users
Healthcare & Life Sciences sector is analyzed to witness the fastest growth in the global geo routing market with a CAGR of 8.3% during the forecast period 2021-2026. Growing shift towards digital transformation in healthcare industry, increasing adoption of wireless sensor networks within hospitals, medical research centers, clinics and others, improving patient care, along with significant demand for smart medical instrument or equipment have attributed to its market growth. Leveraging geographical location based analytics help in improving patient care, operational workflows, monitoring or allocating staff or caretakers within the healthcare facilities, uplifting business productivity standards overtime. In addition, deployment of real-time location tracking or surveillance systems have been gaining wide popularity across these industry verticals, with growing need for serving applications like asset tracking, remote telemetry and health consultation, reduce loss, theft or misplaced medical equipment, and others. Furthermore, increasing adoption of smart wearables for heart rate monitoring, pulse monitoring and so on, requires GPS or location access of the user to gain real-time data insights, thus propelling the market demand for geo routing solutions. In May 2021, a London based hospital, named Chelsea & Westminster had revealed about utilization of a navigation app, developed from BuzzStreets for guiding patients as well as families find ways more easily within the building or hospital premises. Deployment of this tool was a part of hospital’s aim of reducing amount of time staff spends on giving directions, alongside helping patients meet appointments on time, while reducing stress as well traffic within the hospital corridors. Such factors are further set to assist the market growth of geo routing within healthcare industry in the coming time.
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Geo Routing Market Segment Analysis – By Geography
APAC region had dominated the global geo routing market with a share of 34% in 2020, and is analyzed to witness the significant growth during 2021-2026. Factors attributing to its market growth include growing digitalization within industries, government initiatives towards improving network security or surveillance, along with investments on advanced technologies like cloud, IoT, AI and others to drive automation. In addition, growing rate of criminal activities, rising shift towards optimizing supply chain operations, as well as high adoption of location tracking or location surveillance by law enforcement authorities can also help in driving the market growth forward in the region. Rise in retail & logistics industry, growing utilization location tracking systems by healthcare industries, along with high investments on research & development activities is also set to fuel its market growth in the long run. In February 2021, the Indian Government had revealed about its plans on geotagging all warehouse, cold storages as well as refrigerated vans within the country, in order to provide real-time location tracking and status of space availability. Through this, the data captured within a mobile app, will be used by the government and farmers for locating nearest warehouses for produce storage, alongside minimizing the risk of wastage. Such factors will help in assisting the market growth of geo routing applications in the coming time.
Geo Routing Market Drivers
Rising demand towards location tracking by law enforcement agencies or authorities to solve criminal investigations will drive its market forward
Rising demand for location tracking by law enforcement agencies or authorities to solve criminal investigations can be considered as a major driver boosting the market growth of geo routing. Since law enforcement agencies, intelligence bureaus, and related government bodies need to conduct varied kind of investigations like financial frauds, terror attacks, cybercrimes, illegal trafficking of goods, and others, location tracking help in optimizing lawful interception operations. Adoption of location tracking analytics help the law enforcement agencies to track or monitor criminal suspect’s data, call recording, messages, and others within real-time and higher accuracy. Deploying geographical location tracking systems or solutions gives access to all kinds of user data, ensuring government entities to solve crime investigation processes more precisely, accurately, and comparatively faster, thus aiding its market growth. According to the 2021 Europol report on Terrorism situation in EU, there were around 57 terrorist attempts in 2020, in comparison to 55 in the previous year. In addition, a total of 449 arrests related to suspicion of terrorist offenses were reported to the Europol in 2020, comparatively lower to 1004 arrests in 2019. In August 2020, the U.S Law Enforcement Agencies have revealed about purchasing data including user’s phone location, while terminating the need for issuing warrant to obtain sensitive user details. Under this, government agencies in U.S have been utilizing Locate X data which helps in effectively tracking down user’s location based on visited places or movement patterns within real-time and for any specific team period. Such factors are further set to fuel the market growth of geo routing by law enforcement agencies to conduct lawful interception activities in the long run.
Growing shift towards location based surveillance, real-time tracking, location intelligence and others for optimizing logistic operations positively impacts its market growth
Growing shift towards location based surveillance, real-time tracking, location intelligence and others for optimizing logistic operations act as a major driver fuelling the market growth of geo routing. Logistics sector is considered as one of the major end users for adoption of geo routing solutions in order to perform activities like route scheduling & planning, fleet management, traffic congestion analysis and so on. Deployment of location intelligence tracking solutions by the logistic or supply chain operators help in overcoming challenges associated with availability of vehicles and suitable staff, road traffic congestion, and others, thereby aiding its market growth. This in turn, helps in providing shortest route suggestions based on real-time location data analysis, while ensuring on-time delivery, customer satisfaction and saving operational costs. In June 2019, FarEye announced about the launch of an AI based real-time dynamic routing feature for empowering businesses towards on-time and cost-effective deliveries by minimizing empty mile journeys, eliminating vehicle idling time as well as optimizing productivity of delivery executives while assigning them highly efficient routes. According to the 2021 survey conducted by HERE Technologies in collaboration with Frost & Sullivan, about one-third of logistic companies in APAC region have considered key investment priorities like IoT (37%), warehouse automation (33%) as well as electric vehicles (32%) in the coming two years, with over half of them already leveraging map based solutions with real-time location data for fleet tracking. Such factors will help in boosting the market growth of geo routing for logistic operational optimization in the coming time.
Geo Routing Market Challenges
Security and privacy concerns associated with geographical location tracking hinders its market growth
Security and privacy concerns associated with geographical location tracking act as one of the major factors restraining the market growth of geo routing. Since adoption of geo routing solutions provides real-time access of user’s location data, causing privacy and security constraints for an individual’s sensitive data access. Real-time location tracking through third party applications or platform can poise severe security threats for an individual, causing data misuse, frauds and related crimes. Leveraging geo routing solutions can also create identity theft risks, stalking or cyber bullying risks, and related crimes, making the users vulnerable and hindering their individual safety. Moreover, owing to privacy and safety concerns, various government bodies have implemented stringent regulations to remove unauthorized access of location tracking, as a part of protecting citizen’s personal rights, thus hampering its market growth overtime.
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Geo Routing Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the geo routing market. The geo routing top 10 companies include:
Cisco Systems, Inc.
In June 2021, Amazon announced the availability of its location service, with additional two features including routing as well as satellite imagery. This addition was done as a part of extending Amazon’s Location Service capabilities, which had web and mobile application building with location based features.
In May 2020, HERE Technologies announced the launch of a route planning solution, named WeGo Deliver in India for enabling businesses optimize delivery of goods as well as services. This development targeted for SMEs was meant to help businesses plan as well as dispatch a delivery service irrespective of any software development or implementation cost, amidst ongoing crisis.
Geo Routing Software segment is anticipated to witness the fastest market growth during 2021-2026, owing to diverse pricing model availability, mobile & web support data access and others.
APAC Geo Routing market held the largest share in 2020, attributing to factors like government initiatives towards improving network security or surveillance and investments on advanced technologies including cloud, AI and so on.
Rising demand towards location tracking by law enforcement agencies or authorities to solve criminal investigations along with growing shift towards location based surveillance, real-time tracking, location intelligence and others in order to optimize logistic operations is analyzed to significantly drive the global geo routing market during the forecast period 2021-2026.
Relevant Report Titles:
Geospatial Analytics Artificial Intelligence Market
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