Press release
Location Based Services Market by Global Demand, Latest Technology and Outlook 2021-2030
Location Based Services are navigating systems that utilize geographical data information to locate personnel, place, or assets. Location based services are majorly navigation software services, location-based advertising services, social networking services, weather services, online & mobile commercialization services, indoor navigating tools, and tracking systems.
LBS provides spatial patterns and real-time insights of the data linked to specific locations, thereby providing critical services to the government authorities, BFSI sector, healthcare facilities, transportation, Logistics, and other end users.
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Competitive Landscape
The location based services market, which is highly competitive, consists of various market players. Some of the major market players include Alcatel-Lucent SA, Bharti Airtel, LTD., Apple, Inc., Microsoft Corporation, AT&T Inc., Qualcomm Inc., Google Inc., Cisco Systems, Inc., Oracle Corporation, International Business Machines Corporation, and HERE, among others.
To fight against the COVID-19 pandemic, the market players are undergoing various business strategies for the development and deployment of new technologies in the location based services market.
For instance, in April 2020, the major giants of location based services market, Apple Inc., and Google Inc., entered a partnership, for developing ‘COVID-19 contact tracing technology,’ contributing their part in combating the COVID-19 pandemic. Apple and Google plans at launching APIs and operating system-level technology to assist in enabling contact tracing, thereby serving government as well as health agencies in reducing the spread of novel corona virus.
In April 2020, Microsoft Corporation, the leading company in location based services market, announced that it has released new features on the Bing COVID-19 tracker to track novel corona virus infections across the globe and in India at hyperlocal level. Integrated with Apollo Healthcare bot for self-assessment, the tracker offers online telemedicine support and critical information that is available in nine Indian languages.
In the same month, Alcatel-Lucent Enterprise, one of the major key players in the location based services market, launched its ‘OmniAccess Stellar’ an end-to-end asset tracking solution that can immediately locate critical equipment and personnel with meter-level accuracy.
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Market Segmentations and Scope of the Study:
The global location based services market share has been analyzed on the basis of component, technology, application, industry vertical and geography.
Based on component, the Location Based Services market is segmented into hardware, services, and software. Based on technology, the market is classified into GPS, Assisted GPS (A-GPS), Enhanced GPS (E-GPS), Enhanced Observed Time Difference, Observed Time Difference, Cell ID, Wi-Fi, and others. Based on application, the Location Based Services market is categorized into Location-based advertising, business intelligence & analytics, fleet management, mapping and navigation, local search & information, social networking & entertainment, proximity marketing, asset tracking, and others. Based on industry vertical, the Location Based Services market is divided into manufacturing, transportation & Logistics, retail, government & public utilities, media & entertainment, healthcare & life sciences, BFSI, hospitality, IT & Telecom, and others. Geographic breakdown and analysis of each of the previously mentioned segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
Geographical Analysis
North America dominated the global location based services market, and is expected to maintain its dominance throughout the forecast period, accounting for the highest market share. This is attributed to factors such as presence of well-establish networking, telecommunication industry, and IT infrastructures, development of advanced product technologies as well as higher adoption of LBS system in this region.
Asia Pacific represents a substantial market growth in the global location based services market, and is expected to grow with the highest CAGR values throughout the forecast period. The major factors driving the location based services market in this region are, wide range of applications of LBS system in different industry verticals, increasing inclination towards geo-marketing, and growing demand of LBS from the regulatory bodies.
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