The new report by Expert Market Research titled, ‘Global Location Based Services Market Size, Share, Price, Trends, Growth, Report and Forecast 2021-2026’, gives an in-depth analysis of the global location based services market, assessing the market based on its segments like component, location, service, application, end use and major regions like North America, Europe, Asia Pacific, Middle East and Africa and Latin America. 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.
Note 1: For a snapshot of the primary and secondary data of the market (2016-2026), along with business strategies and detailed market segmentation, please click on request sample report. The sample report shall be delivered to you within 24 hours.
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The key highlights of the report include:
Market Overview (2015-2026)
• Historical Market Size (2020): USD 38.9 billion
• Forecast CAGR (2021-2026): 25.0%
• Forecast Market Size (2026): USD 145.1 billion
Proliferation of smartphone usage drove the location-based services market. According to a report by the United Nations, around 41.5% of the total world population, as of 2019, were smartphone users. Also, increase in technological innovation, coupled with cheaper production costs, and increased disposable income, led to the growth of the market in the historical period. The growth of the market was also driven by the diversified scope of applications across various sectors.
Industry Definition and Major Segments
Location Based Services (LBS) comprises applications that rely on the location of a user, to provide a service/information specific to the use or other users, at that location. LBS may typically use mobile devices with a positioning capability to provide the customer with a service or information about anything with respect to that location. LBS could be used in a variety of fields, such as exercise, indoor object search, entertainment, work, personal life, etc.
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Based on component type, the market is bifurcated into:
• Hardware
• Software
• Services
Based on location type, the market is branched into:
Based on service type, the market is bifurcated into:
• Professional
• Managed
Based on application, the market is categorised into:
• Tracking and Navigation
• Marketing and Advertising
• Location-based Health Monitoring
• Location-based Social Networks
On the basis on end use, the industry can be segmented into:
• BFSI
• Retail
• Manufacturing
• Healthcare and Life Sciences
• Media and Entertainment
• IT and Telecom
• Transportation and Logistics
The regional markets for Location Based Services include:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Market Trends
North America led the market and is expected to dominate the global industry in the forecast period as well. North America is expected to have a substantial share of the location-based services industry due to the increasing penetration of smartphones and the development of IoT technology in the country. The region is the second-largest market for smartphones and tablets and for in-vehicle navigation systems, the largest manufacturer of aircraft, and one of the largest manufacturers of aerospace and maritime navigation products. The demand for location-based services in Asia-Pacific and Europe is expected to increase rapidly in the coming years due to the increasing adoption of mobile devices and the growth of digital technology in countries such as Japan, Germany, China, the United Kingdom and India. With its applications in routing, traffic control, asset monitoring and proximity-based marketing purposes, it also finds its use in the fields of fraud prevention, mobile workforce management and context advertising. Energy & resource management agencies use LBS to assess land cover, vegetation, water resource management and geology mapping. The defence and military businesses use LBS for surveillance, battlefront analysis and strategy formulation. In civil engineering, LBS solutions are used for the mapping of resources, evaluation of geological information and the estimation of an appropriate location for construction, planning and construction activities. In addition, transportation, media & entertainment, insurance, and tourism sectors offer a wide scope of applications for LBS. Demand from such diverse industries and technological advancements in these sector would propel the market, exponentially, in the forecast period. Government rules and regulations, privacy and security concerns are restricting the data collection process, location sharing, use of location-based information, and storage of information, which may hinder the growth of the market.
Key Market Players
The major players in the market are ALE International, Navizon, Inc., Apple Inc., Oracle Corporation, IBM Corporation, Cisco Systems, Inc., Microsoft Corporation and few 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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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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