Location-based Services Market 2020 - Impact due to COVID 19 Along with key major Players | Alcatel-Lucent SA, Apple, Inc., AT&T Inc., Bharti Airtel, LTD., Cisco Systems

Expanded scope of applications, rise in demand for location-based services, increase in demand for smartphones, and rapid spread of business analytics solutions fuel the growth of the global location-based services market. On the other hand, high cost of real-time based LBS and several operational challenges restrain the growth to some extent. Nevertheless, high-end technological advancements and newer applications requiring LBS solutions are expected to pave the way for a number of opportunities in the near future.

Diversified scope of applications, rise in demand for location-based services, surge in demand for smartphones, and proliferation of business analytics solutions drive the growth of the global location-based services market

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Based on region, North America accounted for the highest share, accounting for more than two-fifths of the global location-based services market in 2018, and will maintain its lead during the forecast period. This is due to presence of the largest market players in the region. On the other hand, Asia-Pacific is expected to register the highest CAGR of 30.8% from 2019 to 2026. This is due to penetration of location-based software into smart devices including tablets and smartphones and increase in deployment of location-based services in various industries including manufacturing, real estate, construction, tourism, and others.

Based on applications, the mapping and navigation segment accounted for nearly one-sixth of the total share of the global location-based services market in 2018. This is due to proliferation of maps and navigational applications in smartphones and IoT devices. However, the business intelligence & analytics segment will retain its highest market share by 2026. On the other hand, the location-based advertising segment is projected to grow at the largest CAGR of 31.1% from 2019 to 2026, owing to its functionalities such as close proximity advertising and others.

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Based on component, the hardware segment held the highest share in the global location-based services market in 2018, contributing for more than two-fifths of the total share, and will maintain its dominating position during the forecast period. This is due to surge in number of devices that deploy location-based services such as IoT. However, the services segment is expected to register the fastest rate with a CAGR of 29.0% from 2019 to 2026, owing to preferences for all-in-one suite.

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Some of the key market players profiled in the report include Alcatel-Lucent SA, Apple, Inc., AT&T Inc., Bharti Airtel, LTD., Cisco Systems, Inc., Google Inc., HERE, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, and Qualcomm Inc. These players have adopted various development strategies such as product launch, product development, and others to stay competitive in the market. This study includes location-based services market analysis, trends, and future estimations to determine the imminent investment pockets.

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