The global Location-Based Services (LBS) market is expected to grow at a significant CAGR during the forecast period (2024-2031). A location-based service (LBS) is a collection of software-based services that enable end-users to access location-specific data and other online services such as mapping and navigation, local search and information, social networking and entertainment, proximity marketing, and asset tracking. For mapping and navigation, location-based services are frequently utilized. This is a significant driver driving the global location-based services market forward. Disaster and natural resource management, as well as entertainment initiatives, have benefited from location-based solutions. Using cutting-edge mapping software, camera solutions, unmanned vehicles, and sensors throughout the early stages of project management minimizes the risks associated with cost estimation, material waste, project completion, and dispute resolution. As a result, demand for geo-data has increased, and it is projected to be a significant driver of the global LBS market.
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The growing number of applications for location-based services across various industries is driving demand. Furthermore, the growth of the location-based services market is driven by technical improvements in software and hardware components, as well as their growing usage in navigation systems. Unorganized security laws and expensive component costs.
Following COVID-19, location-based services are likely to see an increase in demand to track sick people’s contacts, monitor viral propagation, evaluate footfall trends, and assess the impact of social distancing. Furthermore, Location-based services are used to collect geospatial data and information in the form of pictures and maps in a variety of business industries, including energy, construction, agriculture, civil engineering, archaeology, real estate, and media & entertainment. Globally, an increase in the usage of satellite imagery-based location-based services is expected to drive market growth. Furthermore, a rise in satellite imaging applications such as geographical mapping, disaster management, energy management, and security and surveillance has increased demand for location-based services that is expected to drive the global LBS market’s growth.
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Market Coverage
- Segment Covered-
o By Component
o By Technology
o By Application
o By Industry Vertical
- Regions Covered
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape: Google Inc., IBM Corp., Microsoft Corp., Oracle Corp., Qualcomm Inc.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Location-Based Services (LBS) Market by Segments
By Component
- Hardware
- Software
- Services
By Technology
- GPS
- Assisted GPS (A-GPS)
- Enhanced GPS (E-GPS)
- Enhanced Observed Time Difference
- Observed Time Difference
- Cell ID
- Wi-Fi
By Application
- Location-based Advertising
- Business Intelligence & Analytics
- Fleet Management
- Mapping & Navigation
- Local Search & Information
- Social Networking & Entertainment
- Proximity Marketing
- Asset Tracking
By Industry Vertical
- Transportation & Logistics
- Manufacturing
- Government & Public Utilities
- Retail
- Healthcare & Life Sciences
- Media & Entertainment
- IT & Telecom
- BFSI
- Hospitality
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