Currently, the world’s population consists of approximately 6.5 billion people. Within the next 4 decades, however, this population is expected to increase by 50% to over 9 billion people. As a result, it is even more vital to engage in marketing analytics and demographic reporting in order to meet the demands of the world’s increasing population.
How Geospatial Data Is Collected
Currently, there are approximately 30 GPS satellites circling the Earth. At any given time, at least 24 of these are active. There are spares available just in case of malfunctions.
These satellites travel at 7,000 miles per hour at 12,500 miles above the planet. It takes these satellites 12 hours to go around the world once. It’s interesting to note that a GPS receiver is able to know the current time within 100 billionths of a second.
Why Location Intelligence and Demographic Reporting Is Important
Dresner Advisory Services conducted a global business survey in February 2014. The results of this survey underlined the importance of location intelligence and demographic reporting for their business planning. Over half of the survey participants, which were from all industries, stated that it was “critically” or “very important” for business planning purposes.
When a business or other enterprise needs to plan, collect, report, and analyze data, they need to be able to anticipate the correct ratios. Google’s data experts, for example, have outlined recommendations for creating reasonable ratios:
- Data capture: 15%
- Data reporting: 20%
- Data analysis: 65%
RIFD Tags and the Internet of Things
RIFD tags are used to both capture and track the movement of objects within the physical world. In 2011, 12 million of these tags were sold. It is estimated that 209 billion of these tags will be sold by 2021. This is predicted due to the growing presence of the Internet of Things.
Basically, the Internet of Things relates to devices that are connected to the Internet other than computers. These devices, which are able to both send and receive data, include objects such as cars, lights, and household appliances among others.
The Growing Industry of Geospatial Analytics
In 2011, for example, the Geospatial industry itself generated $73 billion in revenue. Furthermore, it assisted in generating $1.6 trillion for the United States economy.
MarketsandMarkets released a recent report that provided estimates on the growth of the geospatial analytics market. In 2015, it was valued at $27.42 billion, and is expected to grow at a 21/4 compound growth rate and attain a value of $72.21 billion by 2020.
Employment Opportunities Within the Field of Location Intelligence
The United States Bureau of Labor Statistics (BLS) predicts that there will be a regular demand and consistent growth for jobs within this field between 2012 and 2022. They anticipate the need for the following types of skilled positions that require familiarity with GIS and location intelligence:
- Geographers: 29%
- Cartographers and photogrammetrists: 20%
- Surveying and mapping technicians: 14%
Within the next 2 years, Gartner, a research company, also indicates that there will most likely be 4.4 million big data jobs available. Unfortunately, they suggest that just a third of these positions will be successfully filed by skilled workers.
Marketing Analytics Services
Does your business or enterprise need marketing analytics services? You may also be interested in learning more about location intelligence software and other location intelligence solutions. As previously stated, businesses across industries have found these to be essential for planning purposes.