Location-Based Services Market Revolution: Understanding The Market And Its Impact

Published: 2024-03-22
Views: 48
Author: henry7020
Published in: Business

Location-Based Services Market size was valued at USD 23.12 billion in 2022 and is expected to grow to USD 81.85 billion By 2030 and grow at a CAGR of 17.12 % over the forecast period of 2023-2030.

Location-Based Services (LBS) market has witnessed remarkable growth in recent years, driven by the proliferation of smartphones and advancements in geospatial technologies. These services leverage location data to offer personalized experiences, ranging from navigation and mapping to targeted advertising and location-based analytics. The market is characterized by intense competition, with key players constantly innovating to enhance user experience and expand their service offerings.

One of the key drivers propelling the growth of the Location-Based Services market is the increasing adoption of Internet of Things (IoT) devices. These devices, equipped with location-tracking capabilities, generate vast amounts of geospatial data that can be leveraged by LBS providers to offer innovative solutions across various industries such as retail, transportation, and healthcare. Additionally, the rising demand for location-based advertising solutions among marketers seeking to target consumers based on their real-time location is expected to further fuel market growth.

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Covid 19 impact analysis:

The latest report is the most recent study that offers 360° coverage of the Location-Based Services industry that has been facing the brunt of the adverse economic impact of the COVID-19 outbreak since the beginning of this year. The global health crisis has affected nearly every aspect of the business vertical and led to massive disruptions to the global Location-Based Services market demand and supply chains. Researchers draw predictions for the market scenario in the post-COVID era. The report, additionally, assesses the present market situation and estimates its future outcomes, keeping in mind the impact of the pandemic on the global economic landscape.

Major companies profiled in the market report include

   Microsoft Corporation, Qualcomm Technologies, Inc., Oracle Corporation, Intel Corporation, Cisco Systems, Inc., AT&T Inc., HERE, Eseye Limited, Apple, Inc., Airtel India., ALE International, Google LLC, IBM Corporation .

Research objectives:

The latest research report has been formulated using industry-verified data. It provides a detailed understanding of the leading manufacturers and suppliers engaged in this market, their pricing analysis, product offerings, gross revenue, sales network & distribution channels, profit margins, and financial standing. The report’s insightful data is intended to enlighten the readers interested in this business sector about the lucrative growth opportunities in the Location-Based Services market.

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https://www.snsinsider.com/reports/location-based-services-market-2950 

It has segmented the global Location-Based Services market on the basis of technology, application, end-use, and region:

By Component

 l Hardware

l Software

l Services

By Technology        

l GPS

l Assisted GPS (A-GPS)

l Enhanced GPS (E-GPS)

l Enhanced Observed Time Difference

l Observed Time Difference

l Cell ID

l Wi-Fi

l Others

By Location Type

l Indoor

l Outdoor

By Application

l Emergency Services

l Tracking Services

l Navigation Services

l Social Media Services

l Information Services

l Gaming/Entertainment Services

l Advertising/Promotion Services

l Others

By End User

l Banking, Financial Services, and Insurance (BFSI)

l IT and Telecommunications

l Retail

l Transportation and Logistics

l Government

l Healthcare and Life Sciences

l Manufacturing

l Others

Key Objectives of the Global Location-Based Services Market Report:

·The report conducts a comparative assessment of the leading market players participating in the global Location-Based Services market.

·The report marks the notable developments that have recently taken place in the Location-Based Services industry

·It details on the strategic initiatives undertaken by the market competitors for business expansion.

·It closely examines the micro- and macro-economic growth indicators, as well as the essential elements of the Location-Based Services market value chain.

·The repot further jots down the major growth prospects for the emerging market players in the leading regions of the market

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