| A00149 | Pages: 426 | Oct 2021 | 40707 Views | ||
| Author(s) : Rachita Rake & Shreyas Wadodkar | Tables: 175 | Charts: 108 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Location Based Services Market
Request Now !The global location based services market size accounted for $36.35 billion in 2020, and is expected to reach $318.64 billion in 2030, with the projected CAGR of 24.3% during the forecast period.
With the emergence COVID-19, the use of location-based services is likely to enable governments to address impact of social distancing and facilitate tracking patterns of movements of individuals and traffic patterns. This is attributed to use of collection of location data from user’s devices. This location data is collected from only those devices in which the permission to collect data is granted. Location-based services are expected to gain traction, owing to their usage for predicting the next hotspot of COVID-19 and to preplan allocation of healthcare resources accordingly. Innovations and advances in location-based services post COVID-19 outbreak with features such as real-time tracking, location-based marketing, geotagging, and augmented reality have further supported the market growth. With increase in adoption of BYOD trend among industries across the globe, the penetration of location-based services has increased significantly. Governments and private sectors are majorly relying on the geolocation to curb the spread of novel coronavirus.
A location-based service (LBS) is a suite of services that includes features such as mapping and navigation, local search & information, social networking & entertainment, proximity marketing, asset tracking, and others offered via software, which help end-users to access location-specific data, and other online services. Location-based services provide real-time geo-data from a various smart device such as smartphone to provide information, entertainment, or security. Some of the major factors driving the growth of the location-based services market include high penetration of smart devices such as sensors, IoT, and others. LBS industry is becoming more popular due to its numerous benefits.
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On the basis of component, the hardware segment dominated the overall location based services industry in 2020, and is expected to continue this trend throughout the forecast period. This is due to an increase in the adoption of location based service by enterprises to gain strategic and a competitive advantage over their competitors. Furthermore, it ensures effective functioning of location based software which drives the location based services market growth. However, the service segment is expected to witness the highest growth in the upcoming years. This is attributed to increase in adoption of location based service software in various industry verticals. This increases the need for various services such as system integration and managed services. Most of the countries have started adopting these services to align all business tool such as manufacturing, marketing, sales together. This factor is projected to create location based service growth during the forecast period.
On the basis of region in location based services market share, North America leads the location based services market and this trend is anticipated to continue during the forecast period. This is attributed due to the increase in inclination of the businesses toward the use of digital technology for growing business. The location-based services market has experienced growth due to the increase in LBS industry in defense and transportation sectors. Geospatial mapping applications based on LBS are gaining popularity as a base for NASA and the United States Geological Survey (USGS) activities. However Asia-Pacific is expected to exhibit highest growth during the forecast period, owing to extensive proliferation of smartphone devices, which are GPS-enabled, presenting huge potential customer base for location-based services provider.
In addition, increase in internet penetration is supporting growth of this market. In addition, LBS is expected to hold a significant market share in countries such as India, China, Singapore, and others, owing to rise in adoption of user-friendly LBS solutions and high investment in defense, retail, military, and public transportation sectors. The market is driven by rise in number of industries, such as manufacturing, construction, real estate, tourism, and others; increase in adoption of smartphones and location-enhanced marketing; and integration of location-based search with social networking websites, which is expected to provide lucrative location based services market opportunity during the forecast period.
The report focuses on the location based services market trends, growth prospects, restraints, and location based services market analysis. The study uses Porter’s five forces analysis of the location based services industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, the threat of new entrants, the threat of substitutes, and bargaining power of buyers on the Location based services market trends.
The market is segmented on the basis of component, technology, application, industry vertical, and region. By component, LBS market is categorized into hardware, software, and services. By technology, it is divided into GPS, Assisted GPS (A-GPS), Enhanced GPS (E-GPS), and enhanced observed time difference, observed time difference, cell ID, Wi-Fi, and others. By application, the LBS market is classified into location-based advertising, business intelligence & analytics, fleet management, mapping and navigation, local search & information, social networking & entertainment, proximity marketing, asset tracking, and others. By industry vertical, it is segmented into transportation & logistics, manufacturing, government & public utilities, retail, healthcare & life sciences, media & entertainment, IT & telecom, BFSI, hospitality, and others. Region-wise, the market is performed across North America, Europe, Asia-Pacific, and LAMEA.
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As per location based services market forecast the post COVID-19, the Location based services market size was valued at $ 44.95 Billion in 2021 and is projected to reach $318.64 billion by 2030, growing at a CAGR of 23.4 % from 2020 to 2030. The COVID-19 outbreak has a moderate impact on the growth of the location based services market as worldwide lockdown during the COVID-19 has increased wide adoption of LBS software allowing projects to continue in a virtual and digital environment even when participants were unable to meet in person. The pandemic has compelled to find safer and efficient ways for construction of highways, offices, and homes.
The outbreak of COVID-19 is anticipated to have a positive impact on the growth location-based services market. With the emergence COVID-19, the use of location-based services is likely to enable governments to address impact of social distancing and facilitate tracking patterns of movements of individuals and traffic patterns. This is attributed to use of collection of location data from user’s devices. This location data is collected from only those devices in which the permission to collect data is granted. Location-based services are expected to gain traction, owing to their usage for predicting the next hotspot of COVID-19 and to preplan allocation of healthcare resources accordingly. Innovations and advances in location-based services post COVID-19 outbreak with features such as real-time tracking, location-based marketing, geotagging, and augmented reality have further supported the market growth. With increase in adoption of BYOD trend among industries across the globe, the penetration of location-based services has increased significantly. Governments and private sectors are majorly relying on the geolocation to curb the spread of novel coronavirus.
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The factors affecting the growth of the global location-based services market include diversified areas of application, increased demand for location-based services, technological advancements, upsurge in use of smartphones/GPS-enabled devices and rise in adoption of business intelligence. Location-based services, such as mapping, navigation, geographic information systems, and emergency response services are preferred among end-user, owing to their better navigation and tracking features. These major factors fuel the adoption of location-based services and solutions across various industries such as BFSI, education, retail & manufacturing, transportation, oil & gas, and others.
The global location-based services market is driven by factors such as high demand LBS across various sectors including agriculture, energy, defense, transportation, and others. The implementation of location-based services has revolutionized the transportation sector in terms of navigation and traffic management. The defense sector implements LBS for safeguarding borders and developing border maps in rescue operations. The real estate and civil engineering sectors have witnessed significant progress in terms of adoption of new technologies such as architectural planning, defining location of a project, and multi-dimensional modelling. Furthermore, LBS is used for various purposes including research & exploration, archeological surveys, mining, and oil & gas resource management. Thus, the rise in application areas of LBS in the aforementioned industries is expected to boost the growth of the LBS market during the forecast period.
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Key Benefits For Stakeholders
Key Market Segments & Key Market Players
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According to the CXOs of leading companies, the global location-based services market provides lucrative opportunities to market players. Increase in scope of applications of location-based services, such as geospatial mapping, disaster mapping, urban planning, and energy management, have contributed toward the location-based services market growth. Prominent players in the market have developed and launched new technologies, such as Beacons, E-GPS, and A-GPS to cater to a wide customer base in various nations, worldwide.
The transportation & logistics segment has a predominant share in the global location-based services market and is expected to maintain this trend during the forecast period. However, the demand for location-based services solutions is expected to significantly increase across sectors such as retail, telecom and IT, government & public utilities, real estate, and healthcare.
Moreover, increase in technological advancements such as driverless cars, 3-D mapping, and other supporting hardware & software components is expected to supplement the growth of the location-based services market. Market players have adopted product launch, acquisition, and partnership strategies to improve their product portfolio and expand their geographical outreach. Emerging economies are expected to provide lucrative growth opportunities to market players in the near future.
The major challenge for the service providers is to gather geo-spatial data and integrate it with advance analytics into existing legacy system infrastructure. This challenge is overcome by gathering data from connected devices such as smartphones and with advent of Internet of Things (IoT) has proliferated the demand for location-based services, which in turn is expected to boost the growth of the location-based services market.
The key players operating in the global location-based services market include Alcatel-Lucent SA, Apple, Inc., AT&T Inc., Bharti Airtel, LTD., Cisco Systems, Inc., Google Inc., HERE, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, and Qualcomm Inc. The key players have adopted various growth strategies to enhance and develop their product portfolio, strengthen their location-based services market share, and to increase their market penetration.
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