Location-Based Services (LBS) Market Projected CAGR Of 24.3% During The Forecast Period

The global location based services market size accounted for $36.35 billion in 2020, and is expected to reach $318.64 billion in 2030, with the projected CAGR of 24.3% during the forecast period.

Because location-based services (LBS) can provide solutions for tailored marketing strategies, the advent of digitalization increases demand for these services, which in turn opens up new avenues for companies who choose to use them to increase their revenue. The market is comprehensively evaluated in the study on the global location-based services (LBS) industry. The research provides a thorough analysis of the market's key segments, trends, drivers, restraints, competitive environment, and other important elements.

Market Overview:

The expanding usage of smartphones, social media, and the availability of GPS technology are all predicted to propel the expansion. Location-based services increase the demand for an analytical solution because they can deliver and assess real-time geo-data. For instance, companies can use customer location data to organise their marketing campaigns depending on the closest store or deals that are only available in a certain area. These fresh, creative revenue-growth opportunities for retailers will probably be advantageous, which will contribute to the expansion of the Location-Based Services (LBS) Market during the course of the forecast period.

Location-based services are currently seriously threatened by government privacy laws and restrictions. Most software developers are now aware of both the self-regulatory norms set by the industry and the expanding corpus of international privacy laws that govern its use. The substantial continuous expenditures in the integration of 3D map apps with smartphones have also attracted market titans like Nokia, Samsung, and other OEMs. Microsoft Corp. and Amazon Inc. are just two of the online web service providers that have started to offer 3D maps on their platforms.

The research provides information on the most recent trends in the market for location-based services. It lists the market's top corporations and talks about the latest business strategies these companies have followed. The research also includes a number of additional elements that have helped the market expand recently. Market forecast values have been given for the time period. The scenario of the competitive landscape has been thoroughly addressed. A number of factors, including component, end user, application, and regional demographics, have been used to segment the market. Trustworthy sources have examined the veracity of the facts. Further forecast values have been acquired through interviews and the advice of seasoned market research specialists.

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Global Location-based Services (LBS) Market: Segmentations

Global Location-based Services (LBS) Market: Major Players
International Business Machines Corporation
Oracle Corporation
Qualcomm Inc.
Alcatel-Lucent SA
HERE
Cisco Systems, Inc.
Apple, Inc.
Microsoft Corporation
Bharti Airtel, LTD.
AT&T Inc.
Google Inc.

Global Location-based Services (LBS) Market: By Types
Hardware
Software
Services

Global Location-based Services (LBS) Market: By Applications
Location-based Advertising
Business Intelligence & Analytics
Fleet Management
Mapping & Navigation
Local Search & Information
Social Networking & Entertainment
Proximity Marketing
Asset Tracking

Global Location-based Services (LBS) Market: Regional Analysis
The countries covered in the regional analysis of the Global Location-based Services (LBS) market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Russia, Italy, Spain, Turkey, Netherlands, Switzerland, Belgium, and Rest of Europe in Europe, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, China, Japan, India, South Korea, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), and Argentina, Brazil, and Rest of South America as part of South America.

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The report provides a basic overview of the industry including definitions, classifications, and industry chain structure. The Location-based Services (LBS) market analysis is provided for the international markets including development trends, competitive landscape analysis, and key regions development status. Development policies and plans are discussed as well as manufacturing processes and cost structures are also analyzed. This report also states import/export consumption, supply and demand, price, revenue and gross margins.

The hardware segment dominated the overall location-based services market on the basis of component, and this trend is anticipated to last for the entire projected period. This is a result of businesses using location-based services more frequently to get a strategic and competitive edge over their rivals. Also, it guarantees the efficient operation of location-based software, which fuels the expansion of the market for location-based services. The service sector, however, is anticipated to increase at the fastest rate in the following years. This is due to a rise in the use of location-based service software across numerous industry sectors. This boosts the demand for several services, including managed services and system integration.

Key Benefits:
• The analysis provides an overview of the factors driving and limiting the growth of the market including trends, structure and others.
• Market estimation for type and geographic segments is derived from the current market scenario and expected market trends.
• Porter's Five Force Model and SWOT analysis are used to study the global Location-based Services (LBS) market and would help stakeholders make strategic decisions.
• The analysis assists in understanding the strategies adopted by the companies for the growth of this market.
• In-depth analysis of the types of Location-based Services (LBS) would help in identifying future applications in this market.

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