DUBLIN--(BUSINESS WIRE)--The "Location-Based Services (LBS) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global location-based services (LBS) market reached a value of US$ 27.28 Billion in 2021. Looking forward, the the market to reach a value of US$ 96.85 Billion by 2027, exhibiting a CAGR of 23.51% during 2021-2027.
Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Location-Based Services (LBS) Market Trends:
The growing utilization of LBS to locate friends, nearest restaurants, or advertising deals to shoppers in the nearby area currently represents one of the key factors driving the market. Moreover, there is a rise in the demand for LBS among businesses to offer a dynamic user experience and a convenient method for interacting with customers.
This, along with the technological advancements, such as global cell identity (CGICTA), enhanced observed time difference (E-OTD), and a combination of mobile positioning and satellite-based global positioning system (GPS), is positively influencing the market. In addition, governments of several countries are promoting the use of LBS to achieve smooth transportation goals as a part of their smart city projects, which is propelling the growth of the market.
Besides this, key market players are extensively investing in research and development (R&D) activities to introduce 3D map applications with smartphones. This, coupled with the escalating demand for LBS in the e-commerce industry, is expected to strengthen the growth of the market in the coming years.
The competitive landscape of the industry has also been examined along with the profiles of the key players being
- ALE International SAS (China Huaxin Post
- Telecom Technologies Co.
- Apple Inc.
- Creativity Software Ltd (SS8 Networks Inc.)
- Esri India Technologies Private Limited
- GL Communications Inc.
- Google LLC (Alphabet Inc.)
- HERE Technologies
- Intel Corporation
- International Business Machines Corporation
- Microsoft Corporation
- Oracle Corporation
- Qualcomm Incorporated
- Teldio Corporation
- Zebra Technologies Corporation.
Key Questions Answered in This Report:
- How has the global location-based services (LBS) market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global location-based services (LBS) market?
- What are the key regional markets?
- What is the breakup of the market based on the component?
- What is the breakup of the market based on the technology?
- What is the breakup of the market based on the location type?
- What is the breakup of the market based on the application?
- What is the breakup of the market based on the end user?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global location-based services (LBS) market and who are the key players?
- What is the degree of competition in the industry?
Key Market Segmentation:
Breakup by Component:
Breakup by Technology:
- Assisted GPS (A-GPS)
- Enhanced GPS (E-GPS)
- Enhanced Observed Time Difference (E-OTD)
- Observed Time Difference
- Cell ID
Breakup by Location Type:
Breakup by Application:
- Emergency Services
- Tracking Services
- Navigation Services
- Social Media Services
- Information Services
- Gaming and Entertainment Services
- Advertising and Promotion Services
Breakup by End User:
- Banking, Financial Services, and Insurance (BFSI)
- IT and Telecom
- Transportation and Logistics
- Healthcare and Life Services
Breakup by Region:
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
For more information about this report visit https://www.researchandmarkets.com/r/q29nqs