The new report by Expert Market Research titled, ‘Global Location Based Services Market Size, Share, Price, Trends, Growth, Report and Forecast 2022-2027′, gives an in-depth analysis of the global location based services market, assessing the market based on its segments like components, technologies, applications, industry verticals, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and ‘Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
• Forecast CAGR (2022-2027): 25.3%
The global market for location based services is being driven by the increasing penetration of 3G and 4G networks and the continual expansion in the number of internet users. Rapid technical breakthroughs and an exponential rise in cloud technologies are expanding location-based service application sectors and are expected to give multiple growth prospects in the following years. The robust growth of smartphone and tablet use is a crucial driver in the location-based services industry’s growth. Many IT companies have also started investing in 3D maps applications, thereby contributing to the growth of the market. Moreover, the rise in demand for wearable devices and locally-based apps and the prevalence of social networking and mobile ads, are aditional factors that generate future growth opportunities for telecommunications, hence boosting the growth of the market.
Industry Definition and Major Segments
Location-based services (LBS) are applications that focus on the user’s location to provide a service or information relevant to the user at that location. LBS can commonly supply the service or information to the consumer, mobile devices with positioning capabilities. The benefits of LBS are fitness, indoor object search, entertainment, business, personal life, and other activities.
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The market, based on component, can be segmented into:
• Hardware
• Software
• Services
On the basis of technology, the market can be categorised into:
• GPS
• Assisted GPS (A-GPS)
• Enhanced GPS (E-GPS)
• Enhanced Observed Time Difference (E-OTD)
• Observed Time Difference
• Cell ID
• Wi-Fi
• Others
On the basis of application, the market can be divided into:
• Location Based Advertising
• Business Intelligence and Analytics
• Fleet Management
• Mapping and Navigation
• Social Networking and Entertainment
• Proximity Marketing
• Asset Tracking
• Others
Based on industry vertical, the market can be classified into:
• Transportation and Logistics
• Manufacturing
• Government and Public Utilities
• Retail
• Healthcare and Life Sciences
• Media and Entertainment
• IT and Telecom
• BFSI
• Hospitality
• Others
The regional markets for location based services include:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Market Trends
The market growth of location based servers can be attributed to the rising usage of the internet and smartphones. In addition, due to the surge in demand for wearable gadgets and location-based apps and the increasing use of mobile commerce and the availability of cheaper GPS-enabled smartphones, the market is witnessing further growth. Meanwhile, in mapping and navigation, popular ride-sharing apps like Uber and Lyft and navigation apps like Google Maps, rely on LBS. It receives passenger transportation requests based on the passengers’ GPS whereabouts. The software employs two-way LBS technology, allowing the driver to know where to pick up the user, while also allowing the user to view the driver’s current location. This is influencing the growth of the market. The technological advancements and increasing investments by the key players have anticipated to significantly contributed and has been predicated to have a robust growth in the forecast period in the market.
Key Market Players
The major players in the market are ALE International SAS (Alcatel-Lucent Enterprise), Apple Inc., AT&T Inc., Google Inc., and Cisco Systems Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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