Location-Based Services Market Is Expected To Reach $114 Billion By 2026 Due To The Upsurge In The Use Of Smartphone And GPS Enabled Devices
TBRC's market research report covers location-based services market size, location-based services market forecasts, major location-based services companies and their market share, key strategies to undertake, and more.
LONDON, May 10, 2022 /PRNewswire/ -- According to The Business Research Company's research report on the location-based services market, an upsurge in the use of smartphones/GPS-enabled devices is expected to propel the growth of location-based services. Location-based services combine the internet, geospatial technologies, and other information and communication technologies to provide targeted information to individuals on their smartphones based on geographic location in real-time. According to the data by the Indian Cellular and Electronics Association, the number of users using smartphones is expected to reach 829 million by 2022. Also, according to forecasts from Ericsson & The Radicati Group, the number of smartphone users is expected to increase from 6.05 billion in 2020 to nearly 7.33 billion by 2025. Therefore, an upsurge in the use of smartphones/GPS-enabled devices drives the location-based services market.
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The global location-based services market size is expected to grow from $55.92 billion in 2021 to $70.16 billion in 2022 at a compound annual growth rate (CAGR) of 25.5%. The global location-based services industry growth is expected to reach $114.9 billion in 2026 at a CAGR of 15.5%.
Advancement in technology is a key trend gaining popularity in location-based services. Many companies are launching new advancements in location-based services to gain an edge over their competitors. For example, in February 2020, Cisco, a company operating in the location-based services market based in the United States, launched the Multiscreen-as-a-Service (MaaS) Location Based Services (LBS) app that enables features such as indoor routing and navigation, off-route notifications, location sharing, customizable points of interest, simple real-time map management, additional real-time location services, native map experience, and landmark routing, which delivers navigation and wayfinding functionality across any campus or facility while simplifying and streamlining the underlying integration and management of hardware and software.
Major players in the location-based services market are Apple Inc., Cisco Systems, Inc., Google LLC, Intel Corporation, Ericsson, Microsoft Corporation, Oracle Corporation, Qualcomm Inc., Navigine, IBM, CommScope, HERE, ALE International SAS, AT & T Inc., AiRISTA Flow, Quuppa, and NTT Docomo.
The global location-based services market research report is segmented by component into platform, hardware, services; by location type into indoor, outdoor; by technology into GPS, assisted GPS (A-GPS), enhanced GPS (E-GPS), enhanced observed time difference (E-OTD), observed time difference, cell ID, Wi-Fi, others; by application into location-based advertising, business intelligence and analytics, fleet management, mapping and navigation, social networking and entertainment, proximity marketing, asset tracking, others.
North America was the largest region in the location-based services market in 2021. Asia-Pacific was the second largest market in the global location-based service market. The regions covered in the global location-based services market forecast are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Location-Based Services Global Market Report 2022 –Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors' revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors' approaches.
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