Location-based Services Market 2020 – SWOT Analysis, Business Overview & Key Market Players
Pune, Maharashtra, India, September 16 2020 (Wiredrelease) Allied Analytics :Extended scope of applications, increase in demand for location-based services, surge in demand for smartphones, and rapid proliferation of business analytics solutions are the major factors driving the growth of the global location-based services market. By technology, the assisted GPS segment would remain lucrative throughout 20192026.
North America dominated the location-based services market in 2019. This is attributed to presence of well-developed IT infrastructure in the region and high number of early adopters of emerging technology such as location analytics coupled with IoT devices. However, Asia-Pacific is projected to exhibit the highest CAGR during the forecast period, owing to the advent of digitalization and rise in number of smartphone users.
The global location-based services market was estimated at $23.74 billion in 2018, and is expected to reach $157.34 billion by 2026, growing at a CAGR of 27.1% from 2019 to 2026. The report offers a detailed analysis of the top winning strategies, drivers opportunities, market size estimations, competitive scenario, top investment pockets, and changing market trends.
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.
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Based on geography, North America contributed to more than two-fifths of the total market revenue in 2018 and would retain its dominance in terms of revenue. The Asia-Pacific region, on the other hand, would showcase the fastest CAGR of 30.8% by the end of 2026.
Based on technology, the assisted GPS segment garnered the highest share in 2018, holding nearly one-fifth of the total market. The same segment would also register the fastest CAGR of 28.4% till 2026.
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Based on component, the hardware segment accounted for more than two-fifths of the total market share in 2018 and is expected to rule the roost throughout the forecast period. At the same time, the services segment would cite the fastest CAGR of 29.0% during 20192026.
Some of the key market players profiled in the report include Alcatel-Lucent SA, Apple, Inc., ATT 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 and product development 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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