The global location-based services industry is being propelled by the growing penetration of 3G and 4G networks, as well as the extensive enlargement of internet amenities. The requirement for location-based services is being fostered by the growing requirement for improved business analytics tools. Moreover, the gradual inclusion of technological developments likewise artificial intelligence, and machine learning technology is also underwriting to the market growth. The initiation of digitalization fosters the requirement for location-based services (LBS), due to its capability to propose personalized marketing strategy solutions, which in turn generates new revenue growth opportunities for the players opting for these solutions.
According to the SPER market research, ‘Location Based Services Market Size- By Component, By Technology, By Application, By Industry Vertical- Regional Outlook, Competitive Strategies and Segment Forecast to 2032’ state that the global location based services market is anticipated to reach USD 506.07 billion by 2032 with a CAGR of 24.54%.
The growing enlargement is projected to be propelled by growing smartphone usage, social media usage, and the admittance of GPS technology. As they can deliver and appraise real-time geo-data, location-based services raise the requirement for an analytical solution. For instance, businesses can plan their marketing campaigns reliant on client location data for the nearest store or proposes that are special to a carried location. Retailers will probably benefit from these new and developed revenue growth opportunities, which will in turn assist the location-based services market augment during the course of the reviewed duration.
Augment in acceptance of social media & smart phones, convenient accessibility of GPS, and emergence of location-based technology is fostering the growth of the global location-based services market. Moreover, the augment in number of smartphone users and internet admittance positively impact the growth of the location-based services market. The rising penetration of 3G and 4G networks and unremitting augment in the number of internet users are predicted to promise remunerative opportunities for enlargement of location-based services market throughout the review duration.
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The augmented penetration of tablet and smartphone is a crucial driver in the growth of the location-based services. Meanwhile, the augmented requirement for e-commerce mobile applications and the accessibility of low-cost smartphones are penetrating the market enlargement. In addition, the increment in requirement for wearable devices and apps and the prevalence of social networking are also predicted to create the growth opportunities for the location-based services industry during the review duration.
Furthermore, the growing number of mobile devices and growing trend of navigation & map-based visualization are introducing potential choices for the growth of the location-based services market. Augment in the mobility of people is also one of the foremost aspects propelling the growth of the location-based services market.
North America is predicted to be a great market for location-based services owing to the early implementation of digital technologies and the existence of different location-based service vendor around the region.
Location Based Services Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Alcatel-Lucent, Apple Inc., AT&T Inc., Bharti Airtel Limited, Cisco Systems, Inc., Google Limited Liability Company (LLC), HERE, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Qualcomm Technologies, Inc.
Global Location Based Services Market Segmentation:
By Component: Based on the Component, Global Location Based Services Market is segmented as; Hardware, Software and Service.
By Technology: Based on the Technology, Global Location Based Services Market is segmented as; Global Positioning System (GPS), Assisted GPS (A-GPS), Enhanced GPS (E-GPS), Enhanced Observed Time Difference, Observed Time Difference, Cell Id, Wi-Fi, And Others.
By Application: Based on the Application, Global Location Based Services Market is segmented as; Location-Based Advertising, Business Intelligence & Analytics, Fleet Management, Mapping and Navigation, Local Search & Information, Social Networking & Entertainment, Proximity Marketing, Asset Tracking, And Others.
By Industry Vertical: Based on the Industry Vertical, Global Location Based Services Market is segmented as; Transportation & Logistics, Manufacturing, Government & Public Utilities, Retail, Healthcare & Life Sciences, Media & Entertainment, IT & Telecom, BFSI, Hospitality, And Others
By Region: Due to the rising acceptance of user-friendly LBS solutions and considerable investment in the defence, retail, military, and public transit sectors, LBS is predicted to hold a sizable market share in nations like India, China, Singapore, and others. The market is fuelled by an increase in the number of sectors, including manufacturing, construction, real estate, tourism, and others; increased smartphone adoption; location-enhanced marketing; and integration of location-based search with social networking websites, which is anticipated to create lucrative opportunities for location-based services during the forecast period.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Sara Lopes, Business Consultant – U.S.A.
SPER Market Research