BANGALORE, India, Sept. 1, 2020 /PRNewswire/ -- The emergence of digitalization fuels the need for location-based services (LBS), owing to its ability to deliver personalized marketing strategy solutions, which generates new revenue growth opportunities.
The location-based services market size was valued at USD 28.95 Billion in 2019 and is projected to reach USD 183.81 Billion by 2027, growing at a CAGR of 26.3% from 2020 to 2027.
The location-based service report includes market trends, analysis, and future estimations to determine the imminent investment pockets. The LBS market is quantitatively analyzed from 2019 to 2027 to highlight the financial competency of the industry.
COVID IMPACT ON LOCATION-BASED SERVICES MARKET
As the number of COVID-19 patients increases, the demand for technologically enhanced medical solutions has increased significantly. Robots are used in conjunction with connected wearables to alleviate stress on healthcare workers and help treat patients. Location-based service helps healthcare and life sciences, energy, and utility industries reach out to customers and people in need. Though the demand for LBS has decreased compared to the pre-pandemic time, the impact is relatively moderate in comparison to transportation and logistics, manufacturing, and tourism and hospitality industry.
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TRENDS INFLUENCING THE LOCATION BASED SERVICE MARKET SIZE
Growth in mobile penetration and expanded use of 3G & 4G networks drive global market growth. Furthermore, key players have concentrated on developing low-priced GPS and other components to cater to rising customer demand, which contributes significantly to global market development.
The location-based services are currently facing major challenges from regulatory policy and user protection regulations. Many developers of software applications are becoming aware of the growing international privacy laws and industry self-regulation codes that regulate their use.
Growing demand for LBS is a major factor expected to drive the location based service market size. The increase in demand for location-based services among various industry verticals for applications such as location-based ads, business intelligence & analytics, and fleet management is further expected to provide remunerative opportunities for the expansion of the global location based service over the forecast period.
The location-based services market size is further driven by the varied scope of applications across different sectors. For example, LBS is used for navigation, traffic management, asset tracking, and marketing based on the proximity. It also finds use in fraud prevention, mobile workforce management, and context advertising. LBS is used by the Defense & Military sector for surveillance, battlefront analysis, and formulating strategy. LBS solution, in civil engineering.
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LOCATION BASED SERVICE MARKET SHARE ANALYSIS
Based on components, the hardware segments are expected to hold the largest location based service market share.
The Retail segment is expected to witness the highest growth during the forecast period based on the industry vertical. In addition to helping customers access physical retail outlets, location-based services (LBS) also share their personal experiences. LBS has played a crucial role in the retail sector, as it helps companies and key players to collect data from different locations on consumer buying patterns.
Based on the region, North America is expected to hold the largest location based service market share. North America's dominance is attributed to its continuous technological developments in this sector, growing LBS and RTLS industry standards, and increased government financial support.
Asia-Pacific is expected to witness the highest growth rate during the forecast period. Growing demand for location-based services (LBS) in the transportation and logistics sector would help the growth of location-based service market size in the Asia Pacific region. Besides that, growing infrastructure development in this region's commercial offices, localities, and shopping malls provide lucrative growth opportunities for indoor location-based services.
KEY BENEFITS FOR STAKEHOLDERS
- This study includes the location-based services market trends, analysis, and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities of the location-based services industry.
- The LBS market is quantitatively analyzed from 2019 to 2027 to highlight the financial competency of the industry.
- Porter's five forces analysis illustrates the potency of the buyers & suppliers in the location-based services market size.
LOCATION-BASED SERVICES MARKET SEGMENTATION
- Assisted GPS (A-GPS)
- Enhanced GPS (E-GPS)
- Enhanced Observed Time Difference
- Observed Time Difference
- Cell ID
- Others .
- Location-based Advertising
- Business Intelligence & Analytics
- Fleet Management
- Mapping & Navigation
- Local Search & Information
- Social Networking & Entertainment
- Proximity Marketing
- Asset Tracking
BY INDUSTRY VERTICAL
- Transportation & Logistics
- Government & Public Utilities
- Healthcare & Life Sciences
- Media & Entertainment
- IT & Telecom
KEY MARKET PLAYERS
- Alcatel-Lucent SA
- Apple, Inc.
- AT&T Inc.
- Bharti Airtel, LTD.
- Cisco Systems, Inc.
- Google Inc.
- International Business Machines Corporation
- Microsoft Corporation
- Oracle Corporation
- Qualcomm Inc.
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SIMILAR REPORTS :
- U.S. Location-based Services Market Report
The US location-based services market size was valued at USD 6.61 Billion in 2019 and is projected to reach USD 41.96 Billion by 2027, growing at a CAGR of 26.3% from 2020 to 2027.
Location-based services (LBS) provide a wide variety of opportunities due to their ability to provide information relevant to a specific location or site. Location-based services use real-time data from mobile devices and monitor the phone's geographic location. Increased use of smart devices and location-aware technologies is expected to be the major factor driving the growth of the U.S. Location-based Services Market size.
- Real-time Location System (RTLS) Market Report
The global real-time location system market size was valued at USD 2.83 Billion in 2018 and is projected to reach USD 23.13 Billion by 2026, growing at a CAGR of 30.2% from 2019 to 2026.
An increase in the need for asset monitoring, mobile phone proliferation, an increase in the adoption of business analytics solutions, as well as an increase in understanding about the advantages of the real-time location system are the key factors driving the real-time location system market size.
- Location-Based VR Market Report
In 2019, the global Location-Based VR market size was USD 3160.9 Million, and it is expected to reach USD 5685 Million by the end of 2026, with a CAGR of 8.6% during 2021-2026.
The major vendors include Appentus Technologies, BidOn Games Studio, Cortex, Craftars, Google, HQSoftware, HTC, Huawei Technologies, Intel Corporation, MOFABLES, NEXT NOW, Oculus VR, ScienceSoft USA Corporation, etc.
This report focuses on the global Location Based VR market size, future forecast, growth opportunity, key market, and key players. The study objectives are to present the Location Based VR development in North America, Europe, China, Japan, Southeast Asia, India, and Central & South America.
- Indoor Location Based Services Market Report
The Global Indoor Location Based Services Market is expected to grow from USD 10,177.58 Million in 2019 to USD 28,774.62 Million by the end of 2025 at a Compound Annual Growth Rate (CAGR) of 18.91%.
This research report categorizes the Indoor Location Based Services to forecast the revenues
- Context and Location Based Services Market Report
- location Based Advertising Market Report
- Location Analytics Market Report
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