What exactly is geospatial technology? Geospatial technology is a form of location intelligence. It is currently a popular and trending industry and is only expected to grow from here. The geospatial industry generated $73 billion in revenue in 2011 and helped generate $1.6 trillion in revenue for the rest of the US economy. There are actually many different industries that can benefit from the current location intelligence market.
Retail industries
Have you ever needed to shop for a specific item, but were unsure of where to begin your shopping errand? You probably drove to the closest mall or shopping district so that you had numerous options. However, once you arrived to this large selection of stores, you still were unsure of where to go. What if you received a text message or notification via your mobile device that if you went to a specific store, you would receive a great discount? Well, of course you are more likely to visit that specific store. Retail industries that take advantage of this location intelligence market are likely to see an increase in customers and a stronger brand following.
Restaurant locations
What if the same process occurred when you were attempting to choose a restaurant location for a dinner out? Many Americans plan to eat out at a local restaurant, but do not yet have that restaurant in mind. Current restaurants attempt to take advantage of this by sending out Email or text discounts throughout the day. The location intelligence market, however, further takes advantage of this through geospatial mapping. If a customer receives an Email coupon for a restaurant that is far from their location, they are still unlikely to visit it. However, if they receive a coupon or offer for a restaurant that they are already in the area of, they are much more likely to visit it.
Hotel and lodging accommodations
Every year, thousands of Americans take some type of a lengthy road trip. This road trip may be for business or pleasure purposes. Most of these road trips are not entirely planned, meaning that the traveler intends to stop for rest at some point, but does not actively plan that stopping point. When they get tired, they may pull over and look for local hotels or other lodging accommodations. The location intelligence market could also take advantage of this market by sending hotel advertisements when travelers are nearby. They are likely to choose one from one of these suggested accommodations.
Coffee shops and other convenience stops
Coffee is a billion dollar industry in the United States. Most coffee drinkers have a loyalty to a specific brand, but if they are unable to find that brand nearby, are willing to try another brand. Location intelligence solutions can be an important step in increasing the brand following of local coffee shops or other convenience stops. Notifying local customers based on spatial analysis of daily specials and the location of the brand can be more valuable than almost any other type of marketing.
Important safety notifications
Cities and states have specific safety notifications in place to warn residents of things like accidents, road closures, and dangerous weather conditions. These current notification systems are city sirens, road postings, and newsletters. The location intelligence market can significantly increase the safety of local residents by informing them in a quicker and more convenient method.
Geospatial technology is a powerful method of tracking and then communicating with specific customers and residents in a location. The usage of the location intelligence market can help improve the success of businesses and in getting important safety messages to other residents. The accuracy of these markets is very high, with each GPS satellite going around the world once every 12 hours. The satellites travel 12,500 miles (20,000 km) above us at roughly 7,000 miles per hour (11,000 km per hour). There are always at least 24 active GPS satellites circling Earth, although today there are more than 30, including a couple of spares. This ensures that there are always very accurate readings of the entire location intelligence market.