Location-Based Services Market

Location-Based Services Market Insights

Location-Based Services provide an extensive range of opportunities due to their capability to provide information based on a particular location. LBS practice a real-time location monitoring system to help keep track of the geographical location of the desired place. COVID-19 has affected the market and has been witnessing a perpetual sag in the growth as processes were suspended in varied enterprises due to global lockdown, yet it is prophesied to obtain an excellent rise in the outlook time.

According to the analysis conducted by GME, the Location-Based Services market is intimated to depict a pre-eminent accretion of 17.1% during the forecast period (2020-2026).

Strict government laws and regulations are the primary impediments of the market whereas, an increase in social media applications, a rise in smartphone usage, demand for location-based applications are the drivers accentuating the global market.

Location-Based Services Market: By Type of Component

The platform, hardware, and services are the types of components in the global market where deployment & integration, application support & maintenance, and consulting & training are the types of services. In the services segment, application support & maintenance is predicted to grow upwards in the given timeframe. An increase in investments and funding is one of the most significant factors to consider concerning the augmentation of the market.

Location-Based Services Market: By Type of Location

Based on the type of location, indoor and outdoor is the market categorization of the global market. The outdoor segment will be growing rapidly in the aforementioned period. Easy internet accessibility is the accelerator for thriving the extension of the global market.

Location-Based Services Market: By Type of Application

Based on the application, location-based social networks, location-based health monitoring, tracking & navigation, marketing & advertising, and others (location-based gaming & emergency support) are the classifications of the location-based services market. The tracking & navigation segment is predicted to grow in the forecast period. The increase in penetration of the 4G/5G data network is the major influencer towards the addition of the global market which is then assisted by the progress in the production of automated gadgets in the APAC region.

Location-Based Services Market: By Type of Vertical

The market categorization based on verticals is tourism & hospitality, manufacturing, healthcare & life sciences, media & entertainment, transportation & logistics, retail, government, and others (energy & utilities, BFSI, telecom, and education). Healthcare and life sciences are the highest revenue patron for the forecast period due to the increment in healthcare expenditure which is directly proportional to the increase in demand for smart healthcare tools and wearable accessories.

Location-Based Services Market: By Region

Based on the regional analysis, the Asia Pacific region will enhance and propel the market growth in the coming years. The increase in automated car technology, the advent of digitization, and the increase in awareness for location-based services are the dominant propellor of the global location-based service market.

Location-Based Services Market Share and Competitor Analysis

Google, Esri, IBM, Oracle, Teldio, Cisco, HERE, Ericsson, Navigine, AiRISTA Flow, Quuppa, Foursquare,Microsoft, Aruba Networks Ubisense, Apple, TomTom, Qualcomm, and other industries are the dominant players in the global location-based services market.

Please note: This is not an exhaustive list of companies profiled in the report.

In October 2019, Qualcomm signed an agreement with ISRO to strengthen the geospatial capabilities of mobile and IoT solutions.

In February 2019, Microsoft collaborated with TomTom to consolidate LBS in Azure solutions.