Global Location Based Services Market to Garner $183.81 Billion by 2027, Says AMR
Increase in demand for location-based services and smartphones, rapid proliferation of business analytics solutions, and diversified scope of applications proliferate the growth of the global location-based services market. Moreover, the market across North America region dominated the market in 2019 and is expected to lead the trail throughout the forecast period.
Portland, OR, Jan. 11, 2021 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global location-based services market was estimated $28.95 billion in 2019, and is anticipated to reach $183.81 billion by 2027, manifesting a CAGR of 26.3% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Increase in demand for location-based services and smartphones, rapid proliferation of business analytics solutions, and diversified scope of applications proliferate the growth of the global location-based services market. On the other hand, high cost of real-time-based LBS and operative challenges restrain the market to certain extent. Nevertheless, newer applications requiring LBS solutions and technological advancements are anticipated to usher a plethora of opportunities for the market players in the future.
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Covid-19 Scenario-
- The Coronavirus outbreak has led to increase in demand for location-based services for monitoring the spread of Coronavirus in high-density population.
- Governments, on the other hand, have been using location-based services to track the movement of people in large Covid-19 clusters.
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The global location-based services market is divided into component, technology, application, industry vertical, and region. The mapping and navigation segment accounted for largest market share in 2019, with nearly one-fifths of the global market. Based on application, the location-based advertising segment is anticipated to manifest the highest CAGR of 30.4% in between 2019 to 2027.
Based on industry vertical, the transportation & logistics segment dominated with the largest share in 2019, contributing to around 14% of the global market. At the same time, the retail segment is projected to portray the highest CAGR of 29.7% during the forecast period.
Based on region, the North America region held the largest share in 2019, with more than two-fifths of the market. The region is anticipated to lead the trail throughout the forecast period. On the other hand, the market across the Asia-Pacific region is expected to manifest the highest CAGR of 30.0% from 2020 to 2027. The report also analyzes regions including LAMEA and Europe.
The key market players in the report include International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Alcatel-Lucent SA, Apple, Inc., AT&T Inc., Bharti Airtel, LTD., Cisco Systems, Inc., Google Inc., HERE, and Qualcomm Inc.
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