Pune, India, June 2020, MRFR Press Release/- Market Research Future has published a Cooked Research Report on the Global Location Based Services Market.
Global Location Based Services Market is expected to reach USD 91,025 Million by 2026, registering a 23.1% CAGR during the study period, 2020–2026. In this report, Market Research Future (MRFR) includes the segmentation and market dynamics to offer a better glimpse of the market in the coming years.
The global location based services market has shown favorable growth during the forecast period. Factors such as the proliferation of location based apps among consumers and the rise in the use of location based mobile advertising services are expected to drive the market during the study period. Increasing demand for wearable devices is also expected to boost the growth of the market. However, the high cost of real-time location systems is hindering the growth of the market.
The usage of location based applications has increased exponentially over the past few years. The rise in the usage of ride-hailing applications, in general, has led to an increase in the usage of such applications. Navigation, geo-marketing, gaming, fitness, and health tracking, and social networking are some of the other applications of location based applications.
There were an estimated 6.1 billion Global Navigation Satellite System (GNSS) enabled mobile devices globally in 2019. A growing number of smartphone apps are using GNSS to enable location based augmented reality (AR) services. Allowing geo-referenced positioning globally, GNSS is an essential technology for AR apps in outdoor environments. One such application is the AR game ‘Pokémon: Go.’
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The location based services market has been segmented based on component, location type, technology, vertical, and region.
The global location based services market is divided, based on component, into software, services, and hardware. The software segment is further segmented into geocoding and reverse geocoding, location and predictive analytics, reporting and visualization, database management and spatial ETL, and risk analytics and threat protection. The services segment is further segmented into managed and professional services.
Based on location type, the global location based services market is divided into outdoor and indoor. The outdoor segment accounted for the larger market share of 62.9% in 2018 and is expected to register a 22.4% CAGR during the forecast period. Tracking services that are provided through the GPS (Global Positioning System) via satellite and their ground stations are a type of outdoor LBS to navigate and find locations.
Based on technology, the global location based services market is divided into GPS/GNSS, Wi-Fi, BLE Beacons, and others. GPS/GNSS accounted for the largest market share of 78.3% in 2018, and the market is expected to register a 22.7% CAGR during the forecast period. The global positioning system (GPS) is a global navigation satellite system for positioning in the outdoors. The main benefits of using this technology are that the infrastructure for setting up GPS is available worldwide (not suitable for indoors).
Based on vertical, the global location based services market is segmented into government, defense, and public utilities, retail and e-commerce, banking, financial services, and insurance (BFSI), automotive, transportation, and logistics, industrial manufacturing, healthcare and life sciences, media and entertainment, and others. The automotive, transportation and logistics segment accounted for the largest market share of 26.07% in 2018, and the market is expected to register a 22.0% CAGR during the study period. Automotive, transportation and logistics companies require location based services for various operations such as tracking and maintenance of data and assets, developing transportation and delivery schedules, and optimizing routes. Additionally, LBS also helps in improving passenger security and providing directions to passengers and staff for easy access to check-in gates, among other applications, thus providing a better travel experience.
The key players of the global location based services market are Google Inc (US), Cisco Systems, Inc. (US), Amazon.com Inc. (US), HERE Technologies (Netherlands), Mapbox (Netherlands), TomTom International BV (Netherlands), Ericsson (Sweden), Qualcomm Inc. (US), Rokk (UK), iSpace (US), Apple Inc. (US), Baidu, Inc. (China), NavInfo Co Ltd (China), IBM Corporation (US), are Microsoft Corporation (US), and Oracle Corporation (US).