Asia-Pacific and MENA Location-based Services Market to Witness a Pronounce Growth During 2021 To 2030

Location-based services (LBS) are widely used for mapping, globally. LBS solutions have emerged as an effective tool for information services, disaster and natural resource management, and entertainment projects. Moreover, technological advancements in software & hardware components, and their increased adoption in navigation solutions drive the growth of the location-based services market. However, unorganized security regulations regarding location data and the high cost of components are expected to restrict the adoption of LBS in the market.

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LBS is used in various industry verticals, such as transportation and logistics, manufacturing, government & public utilities, retail, healthcare & life sciences, media & entertainment, IT & telecom, BFSI, hospitality, and others, to obtain geospatial data and information in the form of images and maps. In addition, an increase in applications of satellite imaging, such as geographical mapping, disaster management, energy management, and security & surveillance boosts the demand for LBS, which is expected to fuel the growth of the market.

On the basis of components, the hardware segment is expected to have the largest share in 2020. This is attributed to the rise in penetration of smartphones and the increase in usage of 3G and 4G networks, which drive the growth of the market. In addition, key players are increasingly developing low-priced GPS and other components to cater to the demand of consumers. Furthermore, the services segment is expected to grow at the fastest CAGR during the forecast period.

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This is attributed to the rise in popularity of location-based advertising and mobile commerce, which are expected to also provide an impetus to players for developing application-specific software to meet the growing demand of consumers. The evolution of IoT, the increase in penetration of 4G networks, and the rise in applications in business intelligence are anticipated to fuel the development of the hardware component in Asia-Pacific and MENA regions.

By country, the Asia-Pacific and MENA location-based services market was dominated by China in 2020 and is expected to maintain this trend during the forecast period, owing to China's aerospace sector, which is booming. The defense and military industries are putting a lot of money into exploiting LBS from Russian and Israeli satellites. Additionally, a number of Chinese internet powerhouses have launched their own LBS platforms.

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Moreover, the rise of the location-based services market in China is aided by demand from various industries, such as energy, transportation, and the military. However, India is expected to grow at the fastest CAGR during the forecast period, as IT use for tracking and providing location-based services has increased dramatically in the Indian industrial sector.

The Asia-Pacific and MENA location-based services market is positively impacted by the COVID-19 outbreak. This is attributed to the fact that customers are looking to location-based services to assist them in preparing for the future beyond COVID-19. Many LBS market vendors are curating their offerings to incorporate automated social distance monitoring. This is because location-based services handle compliance management by giving critical dashboards and data that show how well social distancing is being used, supporting businesses in proactive crisis management.

The key players profiled in the Asia-Pacific and MENA location-based services industry analysis include Apple Inc., AT&T Intellectual Property, Alibaba Group Holding Limited, Cisco Systems, Inc., Google LLC, HERE, International Business Machines Corporation, Microsoft, Oracle, and Qualcomm Technologies Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

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