Location based services leverage real-time information about a user’s location to provide information. It is generally used for applications such as finding nearest ATMA or tracking a delivery executive. The large-scale penetration of the service ensures a rise in demand over the next couple of years. Market Research Future MRFR’s prognosis reveals that the global location based service market is set to thrive at 28% CAGR over the assessment period 2017 to 2023. It also unravels that the market is expected to earn USD 80 Bn by 2023.
Increasing penetration of smartphones and other electronic devices that supports applications for location based services is anticipated to drive the proliferation of the market in the coming years. Rising availability of high-speed internet services is also a major driver of the location based service market across the forecast period. The declining data services prices ensure a remarkable rise in the growth curve of the global market. 3G and 4G communications technologies have boosted the market over time. The commercialization of 5G services in the near future is further prognosticated to accelerate expansion of the location based service market over the assessment period.
The technology is expected to find new applications in end-user industries. Case to the point is, the gaming industry has leveraged services to increase its consumer base. This ongoing trend of proliferating applications is projected to catapult the location based service market on upward trajectory. Also, the development of compact applications that takes less storage while being easily installed or pre-installed is anticipated to drive the growth of the location based service market.
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Cisco systems (U.S.), IBM Corp. (U.S.), Google Inc. (U.S.), Microsoft Corp. (U.S.), Qualcomm (U.S.), ESRI (U.S.), Oracle Corp. (U.S.), Zebra Technologies (U.S.), Teldio (U.S.) are some of the important players operating in the global location based service market. Increasing use of advanced technologies for product development is likely to fuel competition among the players. In order to sustain the curve and stay ahead of it, the players are projected to invest in regional expansion for capitalizing on the untapped potential, especially in developing regions. New players are projected to enter the market scenario over the next couple of years, thus, intensifying the competition. The rising number of tech startups is expected to boost the competitive landscape of the location based service market. Some of the growth methodologies to be executed in the market are – collaborations with end-users, partnerships, mergers and acquisitions, agreements, alliances, etc.
On the basis of location type, the Location Based Service Market has been segmented into indoor location and outdoor location.
On the basis of component, the location based service market has been segmented into hardware, software, and services. The sub-segments of the hardware segment are – tags and transponders, sensors and readers, and others. Furthermore, the sub-segments of the software segment are location analytics, reporting and visualization, geocoding and reverse geocoding, risk analytics, and many others. The services segment has been sub-segmented into support and maintenance, deployment and integration, and consulting services.
On the basis of application, the location based service market has been segmented into location based navigation, location based tracking, location based infotainment, and others.
On the basis of end-users, the location based service market has been segmented into BFSI, retail, Defense, media & entertainment, government, industrial manufacturing and others.
This observation offered by MRFR covers a comprehensive geographical assessment of the global location based service market. It has covered North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW). The regional assessment is followed by a detailed country- level analysis of each of these regions, including valuations for each of these regional and country-level segments. North America holds a major fraction of the service providers. This is expected to contribute to the expansion of the location based service market in the region. Also, the availability of high-speed internet in the region is poised to support the proliferation of the regional market over the next few years. Asia Pacific, being a fast-developing region, is likely to attract investments from global market leaders.
LIST OF TABLES
Table 1 Global Location Based Services Market: By Region, 2019-2023
Table 2 North America Location Based Services Market: By Country, 2019-2023
Table 3 Europe Location Based Services Market: By Country, 2019-2023
Table 4 Asia Pacific Location Based Services Market: By Country, 2019-2023
Table 5 The Middle East & Africa Location Based Services Market: By Country, 2019-2023
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LIST OF FIGURES
FIGURE 1 Global Location Based Services Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Five Forces Analysis Of Global Location Based Services Market
FIGURE 4 Value Chain Of Global Location Based Services Market
FIGURE 5 Share Of Global Location Based Services Market In 2019, By Country (In %)
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