Location Based Service Market-Overview
The burgeoning use of mobile devices is estimated to steer the growth of the Location Based Service Market 2020. The ICT industry reports are produced by Market Research Future, which highlights market options for expansion. A USD 80 billion by 2023, with approximates a CAGR of 28%.
The use of location based services has risen exponentially during the COVID -19 crisis, with apps being created that can help users avoid contact with COVID hotspots or patients. The improvement in the accessibility of GPS technology is predicted to enhance the location based service market in the forthcoming period.
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The segmental insight for the location based service market is conducted on the basis of application, end-users, location type, component, and region.
Based on the location types, the location based service market is segmented into indoor location and outdoor location.
Based on the component, the location based service market is segmented into software, hardware, and services. The hardware segment is further divided into tags & transponders, sensors & readers, and others.
The application-based segmentation of the location based services consists of location based infotainment, location based search & advertising, location based navigation, location based tracking, and others.
Based on the end-user industries, the location based service market is segmented into government, media & entertainment, retail, Defense, BFSI, industrial, and manufacturing.
Based on the regions, the location based service market is segmented into North America, Europe, Asia pacific, and the rest of the regions.
Detailed Regional Analysis
The regional study of the location based service market consists of North America, Europe, Asia Pacific, and the rest of the regions.
The regional market in North America controls a key market segment in the worldwide location-based services market. The region of North America is home to lots of communication providers. It has well-built navigation services in the family or home-based solutions, which is anticipated to driving the location-based service market in the region. The regional market of the Asia Pacific is anticipated to illustrate a quicker growth rate owing to the mounting implementation of GPS services because of mobile phones. Japan is likely to demonstrate quick rate throughout the forecast period owing to the escalating utilization of navigation services, and location based advertising in the region is powering the location based service market growth.
The planning and forecasting for human capital in the market is estimated to be a crucial area for focus in the years ahead. The support provided by regulations is estimated to stave off the effects of the downturn considerably in the coming period. The recalibration of the supply chain is estimated to be another area for market expansion in the upcoming period. The currency inflow is estimated to be restricted in the upcoming period, which may create further problems for the overall market growth. Current disequilibrium in the market forces has led to the market players adopting a more cautious approach to growth and development strategies. The expansion of the market has currently come close to a standstill with government agencies and trade bodies, introducing a stimulus to pick up the pace of development in the global market. Advances in production style and technologies are estimated to gain precedence in the coming years as areas of innovation.
The principal players in the location based services market are Google Inc. (U.S.), ESRI (U.S.), Zebra Technologies (U.S.), IBM Corp. (U.S.), Ericsson (Sweden.), Microsoft Corp. (U.S.), Oracle Corp. (U.S.), Cisco Systems (U.S.), Qualcomm (U.S.), Teldio (U.S.) among others.
Feb 2020 Phunware, Inc. recently announced that Cisco Meraki now has the company’s Multiscreen-as-a-Service (MaaS) Location Based Services (LBS) app in its Meraki Marketplace.
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