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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