Portland, OR, Jan. 11, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global location-based services market was estimated $28.95 billion in 2019, and is anticipated to reach $183.81 billion by 2027, manifesting a CAGR of 26.3% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Increase in demand for location-based services and smartphones, rapid proliferation of business analytics solutions, and diversified scope of applications proliferate the growth of the global location-based services market. On the other hand, high cost of real-time-based LBS and operative challenges restrain the market to certain extent. Nevertheless, newer applications requiring LBS solutions and technological advancements are anticipated to usher a plethora of opportunities for the market players in the future.
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Covid-19 Scenario-
- The Coronavirus outbreak has led to increase in demand for location-based services for monitoring the spread of Coronavirus in high-density population.
- Governments, on the other hand, have been using location-based services to track the movement of people in large Covid-19 clusters.
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The global location-based services market is divided into component, technology, application, industry vertical, and region. The mapping and navigation segment accounted for largest market share in 2019, with nearly one-fifths of the global market. Based on application, the location-based advertising segment is anticipated to manifest the highest CAGR of 30.4% in between 2019 to 2027.
Based on industry vertical, the transportation & logistics segment dominated with the largest share in 2019, contributing to around 14% of the global market. At the same time, the retail segment is projected to portray the highest CAGR of 29.7% during the forecast period.
Based on region, the North America region held the largest share in 2019, with more than two-fifths of the market. The region is anticipated to lead the trail throughout the forecast period. On the other hand, the market across the Asia-Pacific region is expected to manifest the highest CAGR of 30.0% from 2020 to 2027. The report also analyzes regions including LAMEA and Europe.
The key market players in the report include International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Alcatel-Lucent SA, Apple, Inc., AT&T Inc., Bharti Airtel, LTD., Cisco Systems, Inc., Google Inc., HERE, and Qualcomm Inc.
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