Westford, USA, Nov. 07, 2022 (GLOBE NEWSWIRE) -- There is a growing demand for location-based services market around the globe. LBS are being used by businesses to track and manage their assets, as well as by consumers to find local businesses and services. LBS are being used in a variety of industries, including transportation, retail, healthcare, and manufacturing. In the transportation industry, LBS are being used to track fleet vehicles and optimize routes. In retail, LBS are being used for store locators and mobile coupons. In healthcare, LBS are being used for patient tracking and emergency response. In manufacturing, LBS are being used for asset tracking and supply chain management.
The growth of the location-based services market is being driven by the increasing use of smartphones and tablets, as well as the availability of high-speed wireless networks. SkyQuest's analysis of market shows that the use of these services is growing rapidly. In the past year, the number of people using location-based services has increased by 33%. We predict that by 2028, nearly 95% of all smartphone users will be using some form of location-based services.
Get sample copy of this report:
https://skyquestt.com/sample-request/location-based-services-market
There are a number of reasons for this rapid growth of the location-based services market. First, more and more people are carrying smartphones with them everywhere they go. This means that there are more opportunities for businesses to provide location-based services. Second, the technology behind these services is becoming more sophisticated and user-friendly. Finally, people are becoming more aware of the benefits of using these services, such as being able to find nearby friends or businesses, or getting directions to a new location.
As the use of location-based services continues to grow, so too will the opportunities for businesses to provide these services to their customers. SkyQuest's analysis shows that there is a huge potential market for these services, and businesses that are able to capitalize on this trend will be well positioned for success in the future.
Top 6 Lucrative Opportunities for Businesses to Capitalize on Location Based Services Market
1. Increasing demand for real-time information: With the proliferation of smartphones and other connected devices, people are increasingly expecting to receive information in real-time in the location-based services market. This presents an opportunity for location-based service providers to develop products and services that can deliver timely information to users based on their current location.
2. Growing market for indoor mapping and navigation: As more businesses and public buildings adopt indoor mapping and navigation technologies, there will be an increasing demand for accurate and up-to-date indoor maps. Providers in the location-based services market that can provide high-quality indoor maps will be well placed to capitalize on this opportunity.
3. Integration with Internet of Things: The Internet of Things (IoT) is another area where location-based services can play a major role. By integrating with IoT devices and platforms, location-based service providers can provide even more contextual information to users, opening up new use cases such as asset tracking, monitoring, and management.
4. Augmented reality applications: Augmented reality (AR) is an emerging technology with great potential for location-based applications. AR allows users to view digital content in relation to the real world around them, making it possible to provide highly customized and contextualized information based on a user’s current location.
5. Increased foot traffic and sales: Ultimately, businesses in the location-based services market want to increase foot traffic and sales. Location-based data can be used to identify hot spots for foot traffic and target marketing efforts accordingly. Additionally, businesses can use location-based data to track conversions and optimize their sales strategies.
6. Greater insights into consumer behavior: Location-based data provides valuable insights into consumer behavior. Businesses can use this information to understand how consumers move about in the real world, what types of locations they are attracted to, and what kinds of products or services they are interested in purchasing. This information can be used to make better decisions about product development, placement, and marketing campaigns.
Browse summary of the report and Complete Table of Contents (ToC):
https://skyquestt.com/report/location-based-services-market
Location Based Advertising is Witnessing Increased Attention from Marketers
SkyQuest's survey of location-based advertising in the global location-based services market found that 68% of respondents are using or plan to use location-based advertising by the end of 2025. The study, which polled 1,400 marketing and advertising professionals, also found that while most respondents are using or plan to use location-based advertising on mobile devices (81%), a significant minority are also interested in using it on desktop computers (47%) and connected TV (42%).
The survey found that the most popular type of location-based advertising is geofencing, with 62% of respondents using or planning to use it in the location-based services market. Geofencing allows advertisers to target mobile users who are within a specific geographic area, such as a store or event. Other popular types of location-based advertising include beacon technology (41%), GPS targeting (40%), and Wi-Fi targeting (37%).
While the majority of respondents believe that location-based advertising is effective (66%), there is still some skepticism about its effectiveness among a minority of respondents (34%). When asked about the challenges of using location-based advertising, the most common responses were accuracy of location data (cited by 38% of respondents) and privacy concerns (cited by 32% respondents).
Google, Microsoft, and Apple are Among Top Players in Location Based Services Market
There is no doubt that Google, Microsoft, and Apple are the top three players in the location-based services market. All three companies have dominated the market for years, and there is little sign that anyone is going to overtake them anytime soon. These companies offer a variety of LBS products and services, including maps, turn-by-turn navigation, location-based search, and social networking features. They also own some of the most popular LBS apps, such as Google Maps and Apple Maps.
What sets these companies apart from the rest in the location-based services market is their vast experience in building and managing large-scale mapping data. This gives them a significant advantage over other players in the market who are trying to catch up. Another key differentiator is their investment in R&D. Google and Apple, in particular, have poured billions of dollars into developing new LBS technologies. This has allowed them to launch groundbreaking products like Google Street View and Apple Maps 3D. So far, these investments have paid off handsomely for the companies concerned. They now hold a commanding lead in the location-based services market, and it looks like they will be difficult to dislodge.
Speak to Analyst for your custom requirements:
https://skyquestt.com/speak-with-analyst/location-based-services-market
Key Players in Global Location Based Services Market
- AiRISTA Flow (US)
- Apple (US)
- Aruba Networks (US)
- CenTrak (US)
- Cisco (US)
- Ericsson (US)
- ESRI (US)
- GE Healthcare (US)
- Google (US)
- HERE (Netherlands)
- IBM (US)
- KDDI (Japan)
- Leantegra (US)
- Microsoft (US)
- Navigine (US)
Related Reports in SkyQuest’s Library:
Global High Performance Computing Market
Global Data Monetization Market
Global Same Day Delivery Market
Global 3D Reconstruction Technology Market
About Us:
SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
Address:
1 Apache Way, Westford, Massachusetts 01886
Phone:
USA (+1) 617-230-0741
Email: sales@skyquestt.com
