Location-based Services Market: Industry Overview, Trends and Growth Opportunities Forecast Till 2027 | AMR

Increased use of smart devices and location-aware technologies drive the growth of location-based services market.

PORTLAND, PORTLAND, OR , UNITED STATES, August 11, 2021 /EINPresswire.com/ — 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.

The 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.

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.

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.

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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.

Profiling Key Players: 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.

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Covid-19 scenario:

1. The demand for location-based services has increased as they are being used to monitor the spread of Coronavirus a pandemic in high-density population.
2. Governments have been using location-based services to track how people are moving in large Covid-19 clusters.

Highlights of the report:

1. Comprehensive assessment of all opportunities and risk in the global market.
2. Location-based services market recent innovations and major events.
3. Detailed study of business strategies for growth of the location-based services market-leading players.
4. Conclusive study about the growth plot of location-based services market for forthcoming years.
5. In-depth understanding of location-based services market-particular drivers, constraints, and major micro markets.
6. Favourable impression inside vital technological and market latest trends striking the location-based services market.

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