Market Overview:
The use of location-based services has risen exponentially during the COVID -19 crisis, with apps being created that can help users avoid contact with COVID hotspots or patients. The improvement in the accessibility of GPS technology is predicted to enhance the location-based service market in the forthcoming period. The burgeoning use of mobile devices is estimated to steer the growth of the location-based service market 2020. The ICT industry reports are produced by Market Research Future, which highlights market options for expansion. A USD 318.54 billion by 2030, with approximates a CAGR 23.12%
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For instance, TouchTunes, the digital jukebox company, implemented one such marketing techniques. TouchTunes wanted to target people inside bars containing its jukeboxes. Using the Pilgrim SDK developed by Foursquare, a location intelligence company, it is possible to determine a user’s location, how long they have been there, and ping that person accordingly. It has been layered into the TouchTunes app since March 2017 and works if a user has location-sharing always enabled. It was discovered that users who receive targeted messages when they are in locations with TouchTunes jukeboxes are 44% more likely to purchase music credits than users who do not receive such messages. They are 66% more likely to play a song.
Competitive Analysis
The key players of the global location based services market are Google Inc (US), Cisco Systems, Inc. (US), Amazon.com Inc. (US), HERE Technologies (Netherlands), Mapbox (Netherlands), TomTom International BV (Netherlands), Ericsson (Sweden), Qualcomm Inc. (US), Rokk (UK), iSpace (US), Apple Inc. (US), Baidu, Inc. (China), NavInfo Co Ltd (China), IBM Corporation (US), are Microsoft Corporation (US), and Oracle Corporation (US).
Segmental Analysis:
The segmental insight for the location-based service market is conducted on the basis of application, end-users, location type, component, and region. Based on the location types, the location-based service market is segmented into indoor location and outdoor location. Based on the component, the location-based service market is segmented into software, hardware, and services. The hardware segment is further divided into tags & transponders, sensors & readers, and others. The application-based segmentation of the location-based services consists of location-based infotainment, location-based search & advertising, location-based navigation, location based tracking, and others. Based on the end-user industries, the location-based service market is segmented into government, media & entertainment, retail, Defense, BFSI, industrial, and manufacturing. Based on the regions, the location-based service market is segmented into North America, Europe, Asia pacific, and the rest of the regions.
Regional Analysis:
Based on regions, the global location-based services market is divided into North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
In North America, the adoption of smartphone and GPS enabled handsets are higher, and more than 50% of all handset users now access LBS regularly. Overall, the region is expected to exhibit a 20.6% CAGR during the study period.
In Europe, a significant number of mobile subscribers use location enhanced applications regularly. Local search, social networking, and navigation services are the top application categories in terms of the number of users. Navigation services, ranging from basic map display of current surroundings to GPS-based turn-by-turn solutions, are the most common LBS offered by European operators.
The Asia-Pacific location-based services market is expected to register a 26.3% CAGR during the study period. With the growth in smart city projects in various countries of the region, the demand for LBS has increased. For instance, in South Korea, as a part of smart mobility imitative, providers are utilizing location intelligence of vehicles through GPS and superimposing it on GIS maps, providing real-time information about traffic congestion, alternate route, the optimum route to a specified destination and other modes of transport. Furthermore, retailers, manufacturing companies, and healthcare enterprises are also expected to utilize the capabilities of LBS to run the business operation effectively.
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