Location Based Service Market Size To Expand at a Notable CAGR Of 28% During 2017 - 2023

Pune, India, February,2019/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Location Based Service Market.

Market Analysis

The global location-based services market is growing by heaps and bounds and is estimated to register approximate CAGR of 28% during the forecast period 2017-2023. In its growth, the market is estimated to grow up to USD 80 Billion by 2023, reveals Market Research Future (MRFR). The report encompasses segmental analysis, valuable insights, and factors that can impact the growth of the market in the coming years.

Location-based service is used for the real-time location information with the help of mobile devices providing services such as entertainment, information and more. The users can easily use this service in several perspectives such as health, financial or other user interests. In general, location-based services are operated with the help of data in smartphones and mobile devices to cater to several services. The location-based service market is booming in recent times, and the factors are helping the market to spread with claiming more opportunities for the future.

Factors Driving Market Growth

Recently, the trend of smartphones is gaining traction among the population. With the increase in penetration of mobile devices coupled with the growing use of the internet has driven the global location-based services with a higher CAGR. Location-based services functions on basic components like software application which can run on mobile devices help in transmitting the signal, content provider, GPS component and more.

Individuals can take advantage of using location-based services, for instance, to locate ATMs or restaurants and navigational services. For companies, location-based services help deploy workforce management, asset tracking management, location-based advertising on the target audience and more.

The location-based service market is observing a substantial growth due to cumulative analytical and business intelligence applications. High focus on this market has eventually amplified after its allowance towards analysis of consumer behavior in commercial spaces such as malls and shops to take advantage of their marketing efforts.

Additionally, increasing usage of smart devices coupling with high-end sales has further fueled market growth. Also, the technologically advanced GPS has strongly molded the market growth towards promising future opportunities with a higher CAGR. The smart devices generally have advanced GPS features mainly helpful for location-based services such as maps, navigation or online shopping.

At the same time, the rising usage of portable desktops, laptops, tablets, smart cars, and navigation devices are the primary driver of location-based services market growth with higher possibilities in the forecast years.

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Market Segmentation

The global location-based service market is segmented by location type, component, application, end-users, and region.

By mode of location type, the market has segments such as indoor location and outdoor location.

By mode of the component, the market segment has the hardware, software, and services, where the hardware segment is divided into sensors and readers, tag and transponders and others. Software segments are further classified into location analytics, geocoding and reverse coding, reporting, visualization, risks analytics and more. Moreover, the service segment can be classified into deployment and integration, support and maintenance and consulting services.

By mode of end-user, the location-based service market has BFSI, retail, Defense, government, media & entertainment, industrial manufacturing and many more.

Regional Analysis

The global location-based services market has covered the region of North America, where the market hold is stronger globally. This region is a hub of many communication providers along with robust navigation services, hence, driving the market to a higher CAGR.

Whereas, Asia-Pacific is expected to portray a faster growth rate due to increased adoption of GPS services through smart devices. Japan is likely to witness a rapid rate of market growth through the forecast period due to the high usage of navigation services and location-based advertising.

Key Market Players

Some of the key players in the global location-based services market are Cisco Systems (U.S.), Google Inc. (U.S.), IBM Corp. (U.S.), Microsoft Corp. (U.S.), Oracle Corp. (U.S.), Qualcomm (U.S.), ESRI (U.S.), Zebra Technologies (U.S.), Ericsson (Sweden.), Teldio (U.S.) among others.

Industry Latest News

• March 2018: Google Maps Platform announced to offer streamlined APIs for location-based services. Thus, Google is increasing its activities in the location-based services market.