Location Based Services Market to Record Exponential Compound Annual Growth Rate in the years to follow after covid-19

Location-based services help determine the geographical location of a device via a software installed on the said device. Location-based services are critical to several businesses as well as government organisations to drive real insight from data tied to a specific location where certain activities take place. Rapid development in digital infrastructure is one of the major factors fuelling the growth of the location-based services market. Location-based services are an emerging technology and are gaining popularity due to the increasing availability of spatial data and analytical tools.

Moreover, the growing demand for business intelligence solutions is also rapidly boosting the demand for location-based services. Infrastructure developments in various countries with the increasing number of parks, skyscrapers and shopping malls is enabling the providers of location-based services to offer customers information regarding location through indoor location-based services. Furthermore, the increasing number of mobile devices and rising trend of navigation & map-based visualisation are creating potential opportunities for the growth of the location-based services market. Increase in the mobility of individuals is also one of the major factors fuelling the growth of the location-based services market.

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Global Location-Based Services Market: Drivers and Challenges

Drivers

Exponential growth in the usage of smartphones and tablets is a primary factor fuelling the growth of the location-based services market. In addition, the growing usage of mobile commerce and the availability of low-cost GPS-enabled smartphones is expected to drive the location-based services market. Moreover, the rising popularity of social networking & mobile-based advertising, the evolution of internet of things, and an increase in the demand for wearable devices are also among factors creating potential growth opportunities for the location-based services market. Furthermore, the growing penetration of 3G and 4G networks and continuous increase in the number of internet users are also driving the location-based services market.

Apart from this, the high demand for advanced business intelligence tools and a shift towards artificial intelligence and machine learning technologies are boosting the demand for location-based services. In addition, technological advancements and the rising trend of cloud technologies are increasing the application areas of location-based services and are expected to provide numerous growth opportunities for location-based services in the near future.

Challenges

Consumer speculation over the exposure of their personal data and anxiety about being followed & tracked are among factors hampering the growth of the location-based services market. Moreover, lack of awareness about location-based services is also one of the major challenges for the growth of the location-based services market.

Global Location-Based Services Market: Segmentation

Segmentation of the location-based services market on the basis of component:

  • Hardware
  • Software
  • Services
    • Consulting
    • System Integration
    • Managed services
    • Other

Segmentation of the location-based services market on the basis of application:

  • Location-based advertising
  • Business intelligence and analytics
  • Social networking and entertainment
  • Mapping and navigation
  • Others

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Segmentation of the location-based services market on the basis of industry:

  • Banking, Financial Services and Insurance (BFSI)
  • Retail
  • Automotive
  • IT & Telecommunication
  • Medical & Healthcare
  • Transportation & Logistics
  • Others

Global Location-Based Services Market: Competition Landscape

Key Players

Some of the prominent players in the global location-based services market are Google Inc.; Apple Inc.; Micello Inc.; Hewlett Packard Enterprise; Microsoft Corporation; Zebra Technologies; Cisco Systems, Inc.; Ericsson; CommScope; IndoorAtlas Ltd. and Qualcomm Technologies, Inc.

Global Location-Based Services Market: Regional Overview

Among the regional markets, North America is expected to be a large market for location-based services due to the early adoption of digital technologies and the presence of various location-based service providers in the region. The demand for location-based services in APAC and Europe is expected to grow rapidly in the coming years due to the increasing adoption of mobile devices and developments in digital technologies in countries such as Japan, Germany, China, the U.K. and India.

The location-based services markets in Latin America and the MEA are also expected to witness high growth rates in the coming period due to the increasing adoption of smartphones and tablets in these regions.

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