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.
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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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Services Market :
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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
BY COMPONENT
- Hardware
- Software
- Services.
BY TECHNOLOGY
- GPS
- Assisted GPS (A-GPS)
- Enhanced GPS (E-GPS)
- Enhanced Observed Time Difference
- Observed Time Difference
- Cell ID
- Wi-Fi
- Others .
BY APPLICATION
- Location-based Advertising
- Business Intelligence & Analytics
- Fleet Management
- Mapping & Navigation
- Local Search & Information
- Social Networking & Entertainment
- Proximity Marketing
- Asset Tracking
- Others.
BY INDUSTRY VERTICAL
- Transportation & Logistics
- Manufacturing
- Government & Public Utilities
- Retail
- Healthcare & Life Sciences
- Media & Entertainment
- IT & Telecom
- BFSI
- Hospitality
- Others.
KEY MARKET PLAYERS
- Alcatel-Lucent SA
- Apple, Inc.
- AT&T Inc.
- Bharti Airtel, LTD.
- Cisco Systems, Inc.
- Google Inc.
- HERE
- 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.
View Full Report:
https://reports.valuates.com/market-reports/ALLI-Manu-2V34/us-location-based-services
- 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.
View Full Report:
https://reports.valuates.com/market-reports/ALLI-Manu-4V13/real-time-location-system
- 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.
View Full Report:
https://reports.valuates.com/market-reports/QYRE-Auto-12J1100/global-location-based-virtual-reality
- 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
View Full Report:
https://reports.valuates.com/market-reports/360I-Auto-1P253/the-global-indoor-location-based-services
- Context and Location Based Services Market Report
View Full Report:
https://reports.valuates.com/market-reports/QYRE-Auto-28S1676/global-context-and-location-based-services
- location Based Advertising Market Report
View Full Report:
https://reports.valuates.com/market-reports/QYRE-Othe-1X338/location-based-advertising
- Location Analytics Market Report
View Full Report:
https://reports.valuates.com/market-reports/QYRE-Auto-16C2371/global-location-analytics
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