Users can access location-specific information and other internet services through a class of services known as a location-based service (LBS). Asset tracking, proximity marketing, local search and information, social networking and entertainment, mapping, and navigation are some of these features. Location-based services give information, entertainment, or security by using real-time geo-data from a variety of smart devices, including smartphones. One of the key factors propelling the growth of the location-based services market is the pervasive use of smart devices like sensors, IoT, and others. Businesses frequently give out prizes, vouchers, or discounts to patrons who check in at their establishments. Location-based services may be able to track a person's whereabouts using the GPS capabilities of a smartphone with the user's consent.
Location-based services are projected to assist governments in addressing the consequences of social exclusion and make it simpler to track people's movements and traffic patterns with the implementation of COVID-19. This is a result of the use of location information gathered from consumer electronics. This location data is only gathered by devices that have been given permission to collect data. It is anticipated that more location-based services would be used to predict the next COVID-19 hotspot and manage the deployment of healthcare resources accordingly. After the COVID-19 outbreak, developments and upgrades in location-based services with attributes including real-time tracking, location-based marketing, geotagging, and augmented reality have further aided the market's growth.
Location Based Services Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Alcatel-Lucent, Apple Inc., AT&T Inc., Bharti Airtel Limited, Cisco Systems, Inc., Google Limited Liability Company (LLC), HERE, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Qualcomm Technologies, Inc.
Global Location Based Services Market Segmentation:
By Component: Based on the Component, Global Location Based Services Market is segmented as; Hardware, Software and Service.
By Technology: Based on the Technology, Global Location Based Services Market is segmented as; Global Positioning System (GPS), Assisted GPS (A-GPS), Enhanced GPS (E-GPS), Enhanced Observed Time Difference, Observed Time Difference, Cell Id, Wi-Fi, And Others.
By Application: Based on the Application, Global Location Based Services Market is segmented as; 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: Based on the Industry Vertical, Global Location Based Services Market is segmented as; Transportation & Logistics, Manufacturing, Government & Public Utilities, Retail, Healthcare & Life Sciences, Media & Entertainment, IT & Telecom, BFSI, Hospitality, And Others.
By Region: Due to the rising acceptance of user-friendly LBS solutions and considerable investment in the defence, retail, military, and public transit sectors, LBS is predicted to hold a sizable market share in nations like India, China, Singapore, and others. The market is fuelled by an increase in the number of sectors, including manufacturing, construction, real estate, tourism, and others; increased smartphone adoption; location-enhanced marketing; and integration of location-based search with social networking websites, which is anticipated to create lucrative opportunities for location-based services during the forecast period.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.