PORTLAND, Ore., Oct. 27, 2020 /PRNewswire/ — Allied Market Research recently published a report, “Location-based Services Market by Component (Hardware, Software, and Services), Technology (GPS, Assisted GPS (A-GPS), Enhanced GPS (E-GPS), Enhanced Observed Time Difference, Observed Time Difference, Cell ID, Wi-Fi, and Others), Application (Location-based Advertising, Business Intelligence & Analytics, Fleet Management, Mapping & Navigation, Local Search & Information, Social Networking & Entertainment, Proximity Marketing, Asset Tracking, and Others), and Industry Vertical (Transportation & Logistics, Manufacturing, Government & Public Utilities, Retail, Healthcare & Life Sciences, Media & Entertainment, IT & Telecom, BFSI, Hospitality, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027″. According to the report, the global location-based services market generated $28.95 billion in 2019, and is expected to reach $183.81 billion by 2027, growing at a CAGR of 26.3% from 2020 to 2027.
Prime determinants of the market
Rise in demand for location-based services and smartphones, rapid proliferation of business analytics solutions, and diversified scope of applications drive the growth of the global location-based services market. However, high cost of real-time-based LBS and operational challenges hamper the market. On the contrary, newer applications requiring LBS solutions and technological advancements are expected to create lucrative opportunities for the market players in the future.
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- The demand for location-based services has increased as they are being used to monitor the spread of Coronavirus the pandemic in high-density population.
- Governments have been using location-based services to track how people are moving in large Covid-19 clusters.
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Location-based Advertising segment to portray highest growth through 2027
By application, the location-based advertising segment is expected to register the highest CAGR of 30.4% during the forecast period, owing to its functionalities such as close proximity advertising. However, the mapping and navigation segment dominated in 2019, accounting for nearly one-fifths of the global location-based services market, due to proliferation of maps and navigational application in smart and IoT devices.
Transportation & logistics segment dominated the market
By transportation & logistics segment held the largest share in 2019, contributing to around 14% of the global location-based services market, due to rise in deployment of location-based application such as GPS in vehicles. However, the retail segment is expected to manifest the highest CAGR of 29.7% during the forecast period, owing to increase in strategic marketing planning based on consumers locations.
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North America held lion’s share
By region, the market across North America held the largest share in 2019, accounting for more than two-fifths of the market, owing to high presence of market players in the region. However, the global location-based services market across Asia-Pacific region is anticipated to portray the highest CAGR of 30.0% from 2020 to 2027. This is due to strong penetration of location-based services into smart devices and deployments in various industries construction, manufacturing, real-estate, and tourism.
Major market players
- Alcatel-Lucent SA
- AT&T Inc.
- Apple, Inc.
- Cisco Systems, Inc.
- Bharti Airtel, LTD.
- Google Inc.
- International Business Machines Corporation
- Oracle Corporation
- Microsoft Corporation
- Qualcomm Inc
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