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Global Location-Based Services Market Expected to Grow at a CAGR of 24% During 2021-2026, Aided by Rising Technological Advancements

According to a new report by EMR titled, Global Location-Based Services Market Report and Forecast 2021-2026’, the market attained USD 35.4 billion in 2020. The industry is further expected to grow at a CAGR of 24% in the forecast period of 2021-2026 to reach a value of USD 131 billion by 2026.

The location-based services industry is being driven by an increase in smart phones across the globe, as the product uses location-aware technologies. As the location-based services are able to provide information related to specific location, the market is expected to witness several lucrative opportunities in the forecast period. The demand for wearable devices is expected to increase in recent years, which, in turn, is expected to boost the market growth of location-based services . Further, the escalation of location-based apps among consumers are predicted to drive the market in the forecast period. Additionally, the advancements in technology, such as well-developed IT infrastructure combined with IOT has aided the growth of location-based services industry.

The increasing demand for location-based services is encouraging the industry key players, like Apple Inc. (NASDAQ: AAPL) and Microsoft (NASDAQ: MSFT) to make significant investments in the industry. In November 2017, Microsoft (NASDAQ: MSFT) launched Azure Location Based Services for geospatial needs across industries. It offers various options for customization and opportunities beyond connected cars to power smart cities, IoT and industrial applications in sectors ranging from manufacturing to retail, to automotive. Various innovations in the industry is expected to foster market growth over the forecast period.

Market Analysis by Component, Location Type, Service Type, Application, End Use, and Region:

  • The location-based services industry, on the basis of component, is divided into hardware, software, and services. 
  • Based on location type, the industry is segmented into outdoor and indoor.
  • By service type, the industry is categorised into professional and managed.
  • On the basis of application, the market is divided into tracking and navigation, marketing and advertising, location-based health monitoring, location-based social networks, and others.
  • Based on end use, the industry is divided into BFSI, retail, manufacturing, healthcare and life sciences, media and entertainment, IT and telecom, transportation and logistics, and others.
  • Regionally, the market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for location-based services is driven by the advancements in technology across the world.
  • The market is aided by the growing usage of location-based apps among consumers.
  • The rising advancements in internet services, coupled with navigation services, are bolstering the market growth of location-based services.
  • Other factors driving the market growth is increasing emphasis on advancements by the industry key players.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for location-based services for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the component, location type, service type, application, end use, and major regions of location-based services. 
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

ALE International, Navizon, Inc., Apple Inc., Oracle Corporation, IBM Corporation, Cisco Systems, Inc, Microsoft Corporation, among others, are the key players in the global location-based services market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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