Market Research Future (MRFR) will be publishing a cooked research report on the “Global Location-Based Services Market” that contains information from 2022 to 2032.
Since more than ten years ago, location-based services (LBS) have been used worldwide. It was initially primarily used for navigation, but it is today employed in all industries and has many uses. For instance, LBS improves to drive traffic to particular departments in retail by providing simple product navigation, while LBS technology has been successfully applied to minimize revenue loss due to missed appointments in the healthcare sector by guiding patients from home to their doctor's office inside the hospital.
Over the past few years, the adoption of location-based applications has skyrocketed. The use of such applications has increased due to the ride-hailing app usage overall.
Other uses for location based applications include social networking, geomarketing, gaming, fitness, health tracking, and navigation.
Targeted geographical information can be provided to customers and mobile workers through a location-based service. Examples of LBS include utility location data, asset or person tracking, concierge services, and route guidance data. The importance of location based market trends will rise in today's constantly linked, mobile society.
Regional Analysis
According to the location based services market forecast, in 2021, North America held the greatest market location-based services market share, with 38.21% of the total. Due to the region's growing adoption of industry 4.0 and rising levels of automation, North America is a significant market for location-based services. Numerous companies offering location-based services, particularly in the US, are in the area. These companies include Google, Microsoft, IBM, Apple, Amazon, and Oracle. Additionally, the region, particularly the technologically capable nations of the US and Canada, is quickly embracing location based service technology to meet the rising demand for wearable technology.
Because it is an industrialized region, Europe has a huge market for location based services, which is one of the factors driving its expansion. The industrialized nations of the region include the UK, Germany, France, Spain, and the rest of Europe.
Location based services must be permission-based by UK law. That is, the end user must choose to use the service to receive messages and information. Installing the LBS application and approving the service's request to determine the device's position is typically required.
The fastest-growing region is Asia-Pacific. Countries including China, India, Japan, South East Asia, and the rest of Europe are found in the Asia-Pacific area. Some of the reasons anticipated to fuel the expansion of the location-based services market share are the region's recent rapid industrialization boom and the presence of more small and medium-sized companies (SMEs) in the area.
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Market Segmentation
Component, location type, technology, and vertical segments categorize the global market for location based services.
Hardware, Software (Geocoding and Reverse Coding, Location, and Predictive Analytics, Reporting and Visualization Database Management Spatial ETL, Risk Analytics and Threat Prevention), and Services (Managed Services, Professional Services) make up the various components of the global market for location-based services. At a CAGR of 17.9%, the software market is anticipated to reach USD 72,637.6 million.
The outdoor and indoor location types are the foundation of the global industry for location-based services.
The technology that underpins the global location-based services market includes Bluetooth Low Energy (BLE) Beacons, WiFi, GPS/GNSS, and others.
The market for location-based services worldwide has Government, Defense & Public Utilities, Retail, E-commerce, Banking, Financial Services, Insurance, Automotive, Transportation & Logistics, Industrial Manufacturing, Healthcare & Life Science Media Entertainment, Others as the segments under by vertical.
Key Players
The companies that are contributing to the services market and are keeping up with the location-based services market trends are:
- Apple Inc.
- Qualcomm Inc.
- AT&T Inc.
- Bharti Airtel LTD.
- Oracle Corporation
- Google Inc.
- HERE
- Alcatel-Lucent SA
- International Business Machines Corporation
- Cisco Systems Inc.
- Microsoft Corporation.
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Report details
| Companies Covered | 15 |
| Pages | 175 |
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