Geospatial Business Opportunity Detection System

This paper presents the theoretical background and the practical approach to the development of the geospatial business opportunity detection system that helps to identify and evaluate potential business and urban opportunities. On top of the relevance of this research, it also fulfils the existing research gap as it suggests a new approach in geospatial data analysis - to work with the comprehensive data of all available industries, business and administrative sectors amenities for the prediction of the suitable location for business in any chosen industry. Previous research mostly focused on interconnected or competing businesses/facilities, conversely limiting the scope of amenities to those which can either ensure demand or supply, or on the contrary, create a shortage of customers. On the top of the spatial data, socio-demographic data was included in the model as it proved to be a highly influential factor for ant location decisions of business and governments. The proposed research is analysing and predicting the suitable locations for the food industry amenities as it allows to process a reasonable amount of data and fully control the preconditions of the chosen industry and the model results. Moreover, prior researchers conclude that location is one of the most influential factors of success of the restaurants. However, future prospects of this model implementation are not limited with any particular industry. The data used was derived by combining spatial Open Street Maps and demographic data from American Community Servey and then an XGBoost model was built. Keywords: Geospatial analysis, business location opportunity detection system, GIS analysis