Smartphones are a gold mine of technology that powers countless users. The accelerometer and gyroscope provide utility and quality-of-life features, but the GPS built into the phone is the main one. Modern cell phones and other mobile devices provide near real-time location data, and the value of this data is not lost in the industry; location data alone is a $12 billion market.
Part of that valuation comes from day-to-day use, but the potential is much more than that. Location data is the force behind the ride-hailing location, top-selling apps and games, and the cornerstone of modern business operations. Many industries have insights on these capabilities. Like an internet connection, location data is an inspiring accelerator for innovation.
Precision and accuracy are the cornerstones of any location-based service. If you can't reliably say where something is, there is no service. If a passenger's pickup location is off by a block, travelers and staff spend valuable time, which can have a significant impact. If a child's tracking device drops them around town, or even a few streets, it could cause panic in a family.
Recognizing the need for superior geospatial precision, Uber Engineering has developed and published various methods for collecting this data. Cell phone GPS, accelerometers, gyroscopes, driver beacons, and barometers all collect data and feed it into mathematical formulas to accurately predict where passengers and drivers will be, and will meet with very high confidence. Extremely accurate positioning data turns loose "where am I" information into a powerful navigation tool.
Innovation through location is particularly prominent in the business world. For example, Walgreens uses aggregated location data to better understand where customers are, where gaps in store locations are, and where customers are when they need to get to the pharmacy quickly.
Armed with these insights, the company can open stores in the best locations to serve the community and maximize resources. It's not just the largest companies that understand these insights. 5 million apps connect or use Google Maps data.
Profits alone, however, don't reflect the various ways location data is changing business. Companies are using "location intelligence" to better understand supply chains and improve sustainability efforts. Likewise, Forbes reports on the way location intelligence guides business decisions.
Companies are hiring a new type of analyst, one focused on geography, to mitigate risk, address climate change, and reinforce corporate social responsibility.
For example, logging benefits from location data to help manage output, monitor climate impacts, and manage forests to ensure sustainability with economic, environmental, and social obligations.
Location data has proven to be a valuable business tool, but its potential is still being tapped. From entertainment to healthcare to public infrastructure, location data can have a lasting impact.
The autonomous vehicle market is another major beneficiary of advanced geospatial data. AVs are expected to be a global market worth more than $11 billion by 2028, with some of that growth coming from location data innovations by Tesla, Google, General Motors and others. The growth of an industry alone is enough to draw attention to the data, but there is another dimension. Because transportation is at the heart of everyday life, AVs will force us to redesign cities and public spaces.
There is no denying that location data is a powerful disruptor across industries and sectors. It's easy to see this information as a "coffee near me" motivation, but it's more than that. Geospatial data can build businesses, become the basis for new and inspiring research, and create unique and exciting interactive experiences. It can even change the way we imagine and the spaces we inhabit. A location isn't just a point on a map; it's a strategy, a tool, and a story. Like any good data source, the more you look at it, the more it tells you.
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