Location Based Service Market - Overview
The global Location Based Service Market is expected to reach USD
91,025 million by 2026, registering a 23.1% CAGR during the study period,
2020–2026. In this report, Market Research Future (MRFR) includes the
segmentation and market dynamics to offer a better glimpse of the market in the
coming years.
The global location based services market has shown
favorable growth during the forecast period. Factors such as the proliferation
of location based apps among consumers and the rise in the use of location
based mobile advertising services are expected to drive the market during the
study period. Increasing demand for wearable devices is also expected to boost
the growth of the market. However, the high cost of real-time location systems
is hindering the growth of the market.
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The usage of location based applications has
increased exponentially over the past few years. The rise in the usage of
ride-hailing applications, in general, has led to an increase in the usage of such
applications. Navigation, geo-marketing, gaming, fitness, and health tracking,
and social networking are some of the other applications of location based
applications.
There were an estimated 6.1 billion Global
Navigation Satellite System (GNSS) enabled mobile devices globally in 2019. A
growing number of smartphone apps are using GNSS to enable location based
augmented reality (AR) services. Allowing geo-referenced positioning globally,
GNSS is an essential technology for AR apps in outdoor environments. One such
application is the AR game ‘Pokémon: Go.’
Segmental Analysis
The location based services market has been
segmented based on component, location type, technology, vertical, and region.
The global location based services market is
divided, based on component, into software, services, and hardware. The
software segment is further segmented into geocoding and reverse geocoding,
location and predictive analytics, reporting and visualization, database
management and spatial ETL, and risk analytics and threat protection. The
services segment is further segmented into managed and professional
services.
Based on location type, the global location based
services market is divided into outdoor and indoor. The outdoor segment
accounted for the larger market share of 62.9% in 2018 and is expected to
register a 22.4% CAGR during the forecast period. Tracking services that are
provided through the GPS (Global Positioning System) via satellite and their
ground stations are a type of outdoor LBS to navigate and find locations.
Based on technology, the global location based
services market is divided into GPS/GNSS, Wi-Fi, BLE Beacons, and others.
GPS/GNSS accounted for the largest market share of 78.3% in 2018, and the
market is expected to register a 22.7% CAGR during the forecast period. The
global positioning system (GPS) is a global navigation satellite system for
positioning in the outdoors. The main benefits of using this technology are
that the infrastructure for setting up GPS is available worldwide (not suitable
for indoors).
Based on vertical, the global location based
services market is segmented into government, defense, and public utilities,
retail and e-commerce, banking, financial services, and insurance (BFSI),
automotive, transportation, and logistics, industrial manufacturing, healthcare
and life sciences, media and entertainment, and others. The automotive,
transportation and logistics segment accounted for the largest market share of
26.07% in 2018, and the market is expected to register a 22.0% CAGR during the
study period. Automotive, transportation and logistics companies require location
based services for various operations such as tracking and maintenance of data
and assets, developing transportation and delivery schedules, and optimizing
routes. Additionally, LBS also helps in improving passenger security and
providing directions to passengers and staff for easy access to check-in gates,
among other applications, thus providing a better travel experience.
Competitive Analysis
The key players of the global location based
services market are Google Inc (US), Cisco Systems, Inc. (US), Amazon.com Inc.
(US), HERE Technologies (Netherlands), Mapbox (Netherlands), TomTom
International BV (Netherlands), Ericsson (Sweden), Qualcomm Inc. (US), Rokk
(UK), iSpace (US), Apple Inc. (US), Baidu, Inc. (China), NavInfo Co Ltd
(China), IBM Corporation (US), are Microsoft Corporation (US), and Oracle
Corporation (US).
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