We live our digital lives as if we are dropping small bread crumbs everywhere that we go. We post a photo on social media when we take our children snow skiing. We share a photo of the flower bouquet that our husband gave us for Valentine’s Day. We tag a friend on a quote a passage from the book that we have most recently read.
Items that create a trail of where we have been and provide insight as to where we might go next. How we might spend our money. Where we might travel. With all of this digital data, it should come as no surprise that there are many companies that are making use of this digital data to find the best ways to market their products and their services. With geospatial data analysis services and other digital analysis methods, today’s businesses can connect with their current and potential customers real time. Sending a coupon to you for a shoe sale when you are a block away from the store, for instance, is one way that geospatial data analysis services can help both merchants and consumers connect.
Every time that you tag a friend, make a post, or share a photo, you are providing information for not only your friends, but also any merchant that wants to spend time digging for this data. As a result, location intelligence companies can help their clients connect with a wider audience and make sure that they stay connected through daily promotions and push notifications.
The latest research indicates that the Geospatial industry generated $73 billion in revenue in the year 2011, and it helped generate $1.6 trillion in revenue for the economy of the U.S. Interestingly enough, however, the majority of the digital data that is available is not ever used. As more and more companies attempt to make the best use of this digital data, predictions indicate that the geospatial analytics market will grow from $27.42 billion in 2015 to a as much as $72.21 billion by the year 2020. In fact, this report by MarketsandMarkets estimates show that this 21,4% compound annual growth rate may have a significant impact on the nation’s economy.