The global demand for Location Based Services Market is presumed to reach the market size of nearly USD 102.07 MN by 2028 from USD 27.83 MN in 2021 with a CAGR of 20.4% under the study period 2022 - 2028.
Location Based Services (LBS) refer to a range of mobile-based software applications that helps track a person's live location by using GPS technology on a smartphone. However, for this, the user must allow access to his smartphone. As soon as access is allowed, this location-based service will track down the location automatically. This service application utilizes geodata, real-time data collected from a smartphone. For example, Google maps is a location tracking application which uses an interface based on keyword types and maps to find different information related to any address. The advantage of using LBS applications is that they provide relevant information about a particular location, such as traffic updates, the nearest retail store, weather forecasts and preventing credit card fraud. They help in emergency situations by allowing easy access to ambulances or cars.
According to upcoming market projections, the Location Based Services market looks promising. The world is going smart, and the growing use of smart devices and location awareness technologies drive the LBS application market. The growing popularity of social media and the coming of low-cost GPS devices are other drivers of growth. Technological advancements in communication and the faster adoption of 4G and 5G services in developing economies will boost the LBS market growth. The growing use of LBS applications in the field of travel and tourism, eCommerce, and social networking is likely to create enormous market opportunities. In the automotive sector, LBS services help drivers find the shortest route, thereby reducing time and increasing productivity at work. The advantages offered by LBS applications regarding location make organizations use these services more and more. Location-based marketing helps organizations to achieve customer engagement in targeted locations. The industry's key players try to bring more accuracy to their services due to the demand.
The research report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry’s structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of location based services. The growth and trends of location based services industry provide a holistic approach to this study.
This section of the location based services market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Location Type
- Government & Public Utilities
- Transportation & Logistics
- Media & Entertainment
- Healthcare & Life Sciences
This section covers the regional outlook, which accentuates current and future demand for the Location Based Services market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Location Based Services Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the location based services market include Google Inc., Microsoft, IBM Corporation, Cisco Systems Inc., Oracle Corporation, Qualcomm, Ericsson, TomTom International BV, Zebra Technologies, and Esri. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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