Location-Based Services Market to Record USD 152.95 Mn Growth | Alibaba Group Holding Ltd., Alphabet Inc., and Apple Inc. emerge as dominant players | Technavio
NEW YORK, Jan. 6, 2022 /PRNewswire/ -- Location-based services Market Facts at a Glance-
- Total Pages: 120
- Companies: 10+ – Including Alibaba Group Holding Ltd., Alphabet Inc., Apple Inc., AT&T Inc., Cisco Systems Inc., Facebook Inc., Foursquare Labs Inc., HERE Global BV, International Business Machines Corp., and Microsoft Corp.
- Coverage: Key drivers, trends, and challenges; Product insights & news; Value chain analysis; Parent market analysis; Vendor landscape; COVID impact & recovery analysis
- Segments: Type (outdoor and indoor)
- Geographies: North America, Europe, APAC, South America, and MEA
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According to the recent market study by Technavio, the Location-Based Services Market Size is expected to increase by USD 152.95 billion from 2020 to 2025, with an accelerated CAGR of 31.04%. The report provides a detailed analysis of drivers & opportunities, top winning strategies, competitive scenario, future market trends, market size & estimations, and major investment pockets.
North America will register the highest growth rate, occupying 49% of the global market share. The US is the key market for location-based services in North America. However, the market growth in this region will be slower than the growth of the market in APAC.
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Vendor Insights-
The location-based services market is fragmented and highly competitive. The market includes diverse players such as location providers, location technology developers, digital map providers, platform providers, application developers, navigation providers, mobile operators, proximity marketing providers, and mobile search providers. The market is also witnessing an increase in the number of start-ups offering innovative location-based services, which is further increasing the competition.
Alibaba Group Holding Ltd.: The company offers a wide range of LBS products such as GPS tracker, Fleet Asset Management Software Development Service, among various others.
Alphabet Inc.: The company offers Google Location Services (GLS).
Apple Inc.: The company offers indoor maps, 3D digital maps, Flyover, Siri, among various others.
AT&T Inc.: The company offers Donde, a location-based messaging service for mobile devices.
Cisco Systems Inc.: The company offers Cisco Location Appliance.
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Regional Market Outlook
The location-based services market growth in North America will be significant during the forecast period. The rapid adoption of mobile media by enterprises for promoting products and services coupled with the increasing adoption of location-enabled searches by individual users is driving the market growth in North America. The US is the prominent market for location-based services market in North America.
Download our FREE sample report for more key highlights on the regional market share of most of the above-mentioned countries.
Latest Drivers & Trends Driving the Market-
- Location-Based Services Market Driver:
- Rise in demand for personal and enterprise navigation services:
The use of navigation systems has enabled logistics companies to track the movement of goods across the world using real-time sensors, which is also helping them in enhancing their operational efficiencies. In addition, the rising availability and the declining cost smartphones have significantly increased the demand for personal and enterprise navigation services for multiple purposes. All these factors are increasing the demand for location-based services, which is driving the growth of the market.
- Location-Based Services Market Challenge:
- Increasing use of LED fixtures by LBS:
The integration of LED fixtures with LBS solutions is one of the main trends gaining traction in the market. The use of LED fixtures for LBS removes the need for additional hardware infrastructure for lighting, thereby reducing costs. It helps users locate the products or services quickly. The LED fixtures can also be used to communicate with consumers' smartphones to provide directions to varied services in airports, museums, and retail shops. This trend is expected to have a positive impact on the growth of the market during the forecast period.
Find additional information about various other market Drivers & Trends mentioned in our FREE sample report.
Related Reports:
GPS Market by Application and Geography - Forecast and Analysis 2022-2026
Location-Based Services (LBS) Market Scope | |
Report Coverage | Details |
Page number | 120 |
Base year | 2020 |
Forecast period | 2021-2025 |
Growth momentum & CAGR | Accelerate at a CAGR of 31.04% |
Market growth 2021-2025 | USD 152.95 billion |
Market structure | Fragmented |
YoY growth (%) | 30.12 |
Regional analysis | North America, Europe, APAC, South America, and MEA |
Performing market contribution | North America at 49% |
Key consumer countries | US, China, Germany, UK, and Japan |
Competitive landscape | Leading companies, competitive strategies, consumer engagement scope |
Companies profiled | Alibaba Group Holding Ltd., Alphabet Inc., Apple Inc., AT&T Inc., Cisco Systems Inc., Facebook Inc., Foursquare Labs Inc., HERE Global BV, International Business Machines Corp., and Microsoft Corp. |
Market Dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period. |
Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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SOURCE Technavio
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