Posted by Kanish Sharma
Business analytics, deep learning, artificial intelligence...all are buzzwords that have become part of our vocabulary thanks to the massive growth of big data and analytics. The creation and consumption of data continues to grow, with organizations such as Facebook, IBM, Apple, Baidu, Alibaba, Amazon and many others investing millions of dollars in order to gain a competitive advantage. According to a recent IDC report, worldwide revenue for big data is set to grow from $130.1 billion in 2016 to more than $203 billion in 2020.
Over the last few years, as the big data boom has developed, location intelligence has also grown in relevance as more organizations look to benefit from the insights that location data provide. According to a report published by MarketsandMarkets, the location analytics market size is estimated to grow from $8.2 billion in 2016 to $16.3 billion by 2021, at a CAGR of approximately 17.6%.
So what exactly is location data, and how can it benefit organizations? Simply put, location data is the latitudinal and longitudinal coordinates gathered from any connected device. Accurate location data can help organizations extract meaningful insights into consumer behaviors and trends taking place in the real world.
Location data has two distinct components - device location and venue location. It is critical to have the correct intersection between device location and venue location in order to draw any meaningful intelligence from the data. Incorrectly placing a group of devices at a Macy’s when they are actually at the Home Depot next door will lead to very inaccurate conclusions. The biggest hurdles for organizations looking to leverage location insights are gathering data directly from devices and ensuring that the data being gathered is both accurate and precise enough for their use case.
Skyhook has been at the forefront of location based services for the last 14+ years, and we’ve pioneered accuracy and precision with our 450+ patents and hybrid positioning system. We’ve gathered massive amounts of location data over that span of time and have collaborated with several organizations to power the following location-based insights:
Foot Traffic Analysis - This allows you to analyze movement patterns around specific venues or events to extract meaningful insights
Market Insights - You can gain a deeper understanding of customers and prospects based on their movements and habits
Competitive Insights - You’re able to geofence competitor locations to get a better understanding of customer foot traffic, buying preferences and loyalty
Customer Experience - You have the ability to drive customer engagement by delivering personalized and location-specific content to them
Targeting - This allows you to increase engagement by reaching customers with content that’s relevant to their surroundings
Measurement and Attribution - You can measure campaign ROI by accurately correlating store visits to ad exposure.
To learn more about Skyhook’s location intelligence and location data capabilities, visit the Skyhook Geospatial Insights page or download whitepaper below.