Location Based
Service Market-Overview
The burgeoning use of mobile devices is estimated to
steer the growth of the Location Based Service Market 2020. The ICT industry
reports are produced by Market Research Future, which highlights market options
for expansion. A USD 80 billion by 2023, with approximates a CAGR of 28%.
The use of location based services has risen
exponentially during the COVID -19 crisis, with apps being created that can
help users avoid contact with COVID hotspots or patients. The improvement in
the accessibility of GPS technology is predicted to enhance the location based
service market in the forthcoming period.
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Segmental Analysis
The segmental insight for the location based service
market is conducted on the basis of application, end-users, location type,
component, and region.
Based on the location types, the location based
service market is segmented into indoor location and outdoor location.
Based on the component, the location based service
market is segmented into software, hardware, and services. The hardware segment
is further divided into tags & transponders, sensors & readers, and
others.
The application-based segmentation of the location
based services consists of location based infotainment, location based search
& advertising, location based navigation, location based tracking, and
others.
Based on the end-user industries, the location based
service market is segmented into government, media & entertainment, retail,
Defense, BFSI, industrial, and manufacturing.
Based on the regions, the location based service
market is segmented into North America, Europe, Asia pacific, and the rest of
the regions.
Detailed Regional Analysis
The regional study of the location based service
market consists of North America, Europe, Asia Pacific, and the rest of the
regions.
The regional market in North America controls a key
market segment in the worldwide location-based services market. The region of
North America is home to lots of communication providers. It has well-built
navigation services in the family or home-based solutions, which is anticipated
to driving the location-based service market in the region. The regional market
of the Asia Pacific is anticipated to illustrate a quicker growth rate owing to
the mounting implementation of GPS services because of mobile phones. Japan is
likely to demonstrate quick rate throughout the forecast period owing to the
escalating utilization of navigation services, and location based advertising
in the region is powering the location based service market growth.
Competitive Analysis
The planning and forecasting for human capital in
the market is estimated to be a crucial area for focus in the years ahead. The
support provided by regulations is estimated to stave off the effects of the
downturn considerably in the coming period. The recalibration of the supply
chain is estimated to be another area for market expansion in the upcoming
period. The currency inflow is estimated to be restricted in the upcoming
period, which may create further problems for the overall market growth.
Current disequilibrium in the market forces has led to the market players
adopting a more cautious approach to growth and development strategies. The
expansion of the market has currently come close to a standstill with
government agencies and trade bodies, introducing a stimulus to pick up the
pace of development in the global market. Advances in production style and
technologies are estimated to gain precedence in the coming years as areas of
innovation.
The principal players in the location based services
market are Google Inc. (U.S.), ESRI (U.S.), Zebra Technologies (U.S.), IBM
Corp. (U.S.), Ericsson (Sweden.), Microsoft Corp. (U.S.), Oracle Corp. (U.S.),
Cisco Systems (U.S.), Qualcomm (U.S.), Teldio (U.S.) among others.
Industry Updates:
Feb 2020 Phunware, Inc. recently announced that
Cisco Meraki now has the company’s Multiscreen-as-a-Service (MaaS) Location
Based Services (LBS) app in its Meraki Marketplace.
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