Growing use of smartphones and widespread accessibility to GPS technology is expected to drive the growth of the Global Location-based Services Market during the forecast period of 2024-2028.
According to TechSci Research report, Location- based Services Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018–2028, the Global Location- based Services market is anticipated to register a robust growth during the forecast period, 2024-2028. Global location-based services market is rising due to use of smartphones and other wireless devices. Additionally, the availability of inexpensive GPS-mounted devices and the rise in demand for location-based check-in apps are likely to contribute to the expansion of the location-based services market. Moreover, the increasing use of social media, mobile networking, and the Internet of Things (IoT) is also driving the location-based services market. The global location-based services market is anticipated to grow as a result of communications technology advancements and ongoing development of 4G and 5G technologies in economically underdeveloped nations.
The global location-based services market is expected to grow significantly during the forecast period as a result of the continuous demand for location-based applications in e-commerce, food delivery, tourism, and social networking applications. Retailers can analyze consumer preferences due to location-based services (LBS), which also provide rapid access to data about goods or services. For instance, based on consumer location, retailers may arrange their advertising efforts for the closest store or area-based offers. Retailers would benefit from this as it will enable them generate more revenue and provide their clients customized goods and services. High functionality location-based services (LBS) are becoming more prevalent in the automotive industry. LBS help drivers of cars and trucks determine the most efficient route, which decreases downtime and boosts productivity, hence driving the growth of the location-based services market.
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Global Location-Based Services market is segmented on the basis of component, technology, application, and industry vertical. On the basis of component, the market is further segmented into hardware, software, and services. On the basis of technology, the market is further divided into GPS, Cell ID, Wi-Fi, and others. On the basis of application, the market is further segmented into location-based advertising, business intelligence & analytics, fleet management, mapping and navigation, local search & information, social networking & entertainment, and others. On the basis of industry vertical, the market is split into manufacturing, BFSI, healthcare, retail & distribution, government & utilities, IT & telecom, aerospace & defense, and others.
In 2022, the hardware market segment held the largest market share in the component segment and this trend is anticipated to last during the forecast period. The expansion of digitalization across industries is considered to be the primary cause of the expansion of the hardware segment. Additionally, the increased use of geotagging and user-focused multimedia content is expected to introduce new business opportunities for major companies in the worldwide location-based services market. Moreover, the software segment of the global LBS is expected to register the fastest growth rate during the forecast period. The software market growth has been largely fueled by the expansion of social media marketing and rising awareness among the major industry players regarding the benefits of location-based services (LBS).
The industry vertical is dominated by the retail & distribution segment in 2022. The growth of the retail & distribution segment is primarily being driven by the transportation industry's increasing demand for location-based services, as well as rising demand for GPS vehicle trackers and personal tracking systems, GPS fleet tracking software to monitor performance and boost fleet efficiency, and technological advancements in mapping & navigation systems.
Key market players in the Location- based Services market are:
- Google LLC
- Cisco Systems, Inc.
- HERE Global B.V.
- ALE International SAS
- Apple Inc.
- Microsoft Corporation
- IBM Corporation
- Oracle Corporation
- Qualcomm Technologies, Inc
- AT&T Inc.
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“Owing to the rise in location-based services (LBS) applications in the transportation and defense industries, North America's LBS market has expanded. Applications for geospatial mapping based on LBS are becoming more and more common as a foundation for NASA and the United States Geological Survey (USGS) operations. To create maps, conduct military reconnaissance, handle disasters, and other purposes, government and military institutions employ satellite pictures. Based on the location that the LBS solutions provide, these photographs are taken. In order to gather, examine, and disseminate geospatial intelligence about the security of the nation, the National Geospatial-Intelligence Agency (NGA), a U.S. intelligence agency, uses LBS using satellite images,” said, Mr. Karan Chechi, Research Director with TechSci Research, a research- based global management consulting firm.
“Location- Based Services Market Segmented By Component (Hardware, Software And Services), By Technology (GPS, Cell ID, Wi-Fi, Others), By Application (Location-based Advertising, Business Intelligence & Analytics, Fleet Management, Mapping and Navigation, Local Search & Information, Social Networking & Entertainment, Others), By Industry Vertical (Manufacturing, BFSI, Healthcare, Retail & Distribution, Government & Utilities, IT & Telecom, Aerospace & Defense, And Others) By Region, Competition has evaluated the future growth potential of Location-based Services Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Location- based Services Market.
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