Increasing adoption of Digital Transformation Strategies to drive Location- Based Services Market growth by 2028
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.
“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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