August 2021, market a significant milestone for Wipro and HERE as they announced a strategic partnership to provide location-based service and analytics to customer globally. This collaboration combines Wipro expertise in location-based technology with HERE analytical powers. It creates a powerful platform for businesses to harness the value of location-based data.
The partnership aims to empower businesses across various industries to make data-driven decision, enhance customer experience, and drive operational efficiency. Wipro and HERE enable companies to gain valuable insights into the customer behavior, demographics, and preferences. It facilities personalized marketing strategies and targeted engagement.
By leveraging advanced location-based technologies, Wipro and HERE platform provides business with real-time analytics. It enables them to respond promptly to changing industry conditions, optimize resource allocation, and identify new revenue streams. This innovative solution has far-reaching implications for industries including retail, healthcare, finance and others.
As the demand for location based services grow, Wipro and HERE partnership is poised to capitalize on this trend. By delivering cutting-edge location-based services and analytics, Wipro and HERE is set to revolutionize the away business interact with customer and navigate the increasingly complex marketplace.
As per the Coherent Market Insights report, the global location-based service industry is set to soar at a CAGR of 18.7% between 2023 and 2030. By 2030, revenue is expected to reach at US$ 126,939.4 million from US$ 32,210 million in 2022.
Rising usage of smartphones, marketing teams are now targeting customer by using location-based data on qualifiers. These qualifiers includes proximity to stores, upcoming events, and others. Companies are now targeting customers personally and geographically with the help of online and offline messaging. It depends upon their physical locations by using location-based marketing.
Rising rate of smart city products is likely to drive growth in the global location-based service industry. The demand for growing location based services globally will also in turn to lead growth in the industry globally.
Moreover, rising demand for wearable will also lead to drive growth in the industry during the forecast period. The demand for wearable will also increases due to changing lifestyle and technological advancements. The use of cloud-based big data analytics is gaining popularity in the industry. It offers promising insights on consumer buying pattern which helps the retailer to grow its sales volume and improve search results of the customers.
North America is expected to dominate the global location-based service industry during the forecast period. This is owing to be the largest industry for smartphones and tablets and for in-vehicles navigation systems. Another reason is growing demand for location-based among various end user industries across various across.
Moreover, Asia Pacific is another region that is dominating the global location-based services by 2030. This is owing to high growth in investment in technological capabilities and building infrastructure. Rising adoption of smartphone and internet penetration in China will also lead to drive growth.
