Pune, India, July 06, 2022 (GLOBE NEWSWIRE) -- The global location based services market size is projected to reach USD 66.61 billion by 2028. According to a report published by Fortune Business Insights™, titled “Location-Based Services (LBS) Market Size, Share & Industry Analysis, By Component, By Location Type, By Application, By End-User and Regional Forecast, 2022-2028,” the market was worth USD 16.14 billion in 2018. Driven by applications across diverse industries, the market will exhibit a CAGR of 20.0% during the forecast period, 2022-2028.
Key Industry Developments:
- October 2019: HERE technologies launched ‘HERE Live Sense SDK’, a new software development kit. HERE Live Sense SDK aims to help drivers to take better decisions about upcoming obstacles such as potholes, road closures and construction zones without the need for cloud processing.
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Report Scope:
| Report Coverage | Details |
| Forecast Period | 2022-2028 |
| Forecast Period 2022 to 2028 CAGR | 20.0% |
| 2028 Value Projection | USD 66.61 billion |
| Base Year | 2021 |
| Market Size in 2018 | USD 16.14 billion |
| Historical Data for | 2015-2017 |
| No. of Pages | 160 |
| Segments covered | By Component; Location Type; Application; End User and Regional |
| Location Based Services Market Growth Drivers | Increasing adoption of Social Media, Smart Phones, and Easy Availability of GPS Technology is Expected to Drive the Market Growth |
| Emergence of Location-Based Technology is Likely to Boost the Demand for Location-Based Services across Industries |
Driving Factor
Increasing Number of Mergers and Acquisitions to Aid Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of mergers and acquisitions have had the highest impact on market growth. In May 2019, Foursquare announced the acquisition of Placed, a company engaged in location analytics. With this acquisition, Placed will gain access to Foursquare’s massive global customer reach. The company will strengthen its business hold in the United States. This acquisition will not only help the company generate substantial location based services market revenue but will have a direct impact on the growth of the global market in the coming years.
Regional Insights
North America to Emerge Dominant; Increasing Investment in Product R&D to Aid Growth
The market is segmented on the basis of regional demographics into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, North America is projected to emerge dominant in the coming years due to recent technological advancements in the communication and network technology. As of 2018, the market in North America was worth USD 5.91 billion and this value is likely to increase in the coming years due to the increasing smartphone penetration across this region. Besides North America, Asia Pacific will also exhibit considerable growth in the coming years, owing to the huge population and subsequently rising use of smartphones in several countries across this region.
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Location based services are used in applications across diverse industries. The increasing use of social media and smartphones has emerged in favor of market growth. The use of smart devices and the increasing applications of this product with the help of location based services will contribute to the growth of the market in them coming years. Location based services (LBS) is used in global positioning systems (GPS), theft detection, tracking devices, and other devices will constitute an increase in the location based services market size in the coming years.
The report offers?
The report offers insights into the latest location based services market trends. It highlights leading companies in the market and discusses the strategies that these companies have adopted in recent years. Additionally, the report encompasses several factors that have contributed to the growth of the market in recent years. Forecast values of the market have been provided for the period. The competitive landscape scenario has been discussed in detail. The market has been segmented on the basis of several criteria including component, end user, application, and regional demographics. Factual figures have been evaluated through trusted sources. Other forecast valued have been gathered through interviews and opinions of experienced market research professionals.
Pre and Post COVID-19 Impact:
Location-based services are projected to get traction, due to their use in predicting the most probable COVID-19 infected regions and to preschedule the allocation of healthcare resources accordingly.
With the spread of the COVID-19 pandemic, the use of location-based services enables governments to impose social distancing and facilitate tracking patterns of movements of people and traffic patterns.
Innovations and developments in location-based services post-pandemic such as location-based marketing, real-time tracking, augmented reality, and geotagging will support the market growth.
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Market Segmentation:
| Segmentation | By Component
|
By Location Type
| |
By Application
| |
By End User
|
Some of the leading companies that are operating in the global location based services market are:
- AT&T Inc.
- Cisco Systems, Inc.
- Telefonaktiebolaget LM Ericsson
- IBM Corporation
- Alcatel-Lucent Enterprise (ALE)
- Google LLC
- HERE Global BV
- Intel Corporation
- Microsoft Corporation
- Qualcomm Technologies Inc.
- Eseye Limited
- Apple Inc.
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Major Points in TOC:
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Global Location-Based Services Market Analysis, Insights and Forecast
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Component (Value)
- Hardware
- Software
- Services
- Integration and Implementation
- Support and Maintenance
- Consulting
- By Location Type (Value)
- Indoor
- Outdoor
- By Application (Value)
- Emergency Services
- Tracking Services
- Navigation Services
- Social Media Services
- Information Services
- Gaming/Entertainment Services
- Advertising/Promotion Services
- Others
- By End-User (Value)
- Banking, Financial Services, and Insurance(BFSI)
- IT and Telecom
- Retail
- Transportation and Logistics
- Government
- Healthcare and Life Sciences
- Manufacturing
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
- By Component (Value)
- North America Location-Based Services Market Analysis, Insights and Forecas
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Component (Value)
- Hardware
- Software
- Services
- By Location Type (Value)
- Indoor
- Outdoor
- By Application (Value)
- Emergency Services
- Tracking Services
- Navigation Services
- Social Media Services
- Information Services
- Gaming/Entertainment Services
- Advertising/Promotion Services
- Others
- By End-User (Value)
- Banking, Financial Services, and Insurance(BFSI)
- IT and Telecom
- Retail
- Transportation and Logistics
- Government
- Healthcare and Life Sciences
- Manufacturing
- Others
- By Country (Value)
- United States
- Canada
- By Component (Value)
- Europe Location-Based Services Market Analysis, Insights and Forecast
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