Getting things done on-the-go or knowing things around with few clicks, are the boons of technology. This elevates the standard of lifestyle. Aptly backed by global positioning system (GPS) technology, one can now have information regarding anything that requires a map within seconds. The real-time information has also revamped logistics in a significant way. The global location based service market is expected to climb an astounding CAGR of 28% during the forecast period (2017-2023). Market Research Future (MRFR) in their extensively analyzed paper has covered various driving factors that are going to give foundational support to the market. Among them, mobile phones’ proliferation of different strata of the society, easy GPS accessibility, increased analytical capacity of communications and 3G and 4G technology holding considerable ground in developing regions can be considered having a remarkable impact on the future of the market.
However, security and privacy can be a threat as associated trackers can reveal personal data to miscreants. But this cannot hold back the market for long as its ability to provide much-needed information with on a detailed level can bring in accolade for location based service.
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Some of the major influencers of the global location based services market are Cisco Systems (U.S.), Google Inc. (U.S.), IBM Corp. (U.S.), Microsoft Corp. (U.S.), Oracle Corp. (U.S.), Qualcomm (U.S.), ESRI (U.S.), Zebra Technologies (U.S.), Ericsson (Sweden.), Teldio (U.S.), and others.
The market for global Location Based Services Market can be segmented by location type, component, application, and end-users.
Based on location type, the market can be segmented into indoor location and outdoor location.
Component-wise the market includes hardware, software, and services. Hardware is further segmented into sensors and readers, tags and transponders and others. Software is sub-segmented into location analytics, geocoding and reverse geocoding, reporting and visualization, risk analytics, and others. Services can be sub-segmented into deployment and integration, support and maintenance and consulting services.
Application-wise segmentation includes location based navigation, location based search and advertising, location based tracking, location based infotainment, and others.
Based on end-users, the market can be segmented into banking, financial services and insurance (BFSI), retail, defense, government, media & entertainment, industrial manufacturing, and others.
Region-specific analysis of Location Based Service Market covers namely North America, Europe, Asia Pacific (APAC), and the Rest-of-the-World (RoW).
North America is the current bellwether of the global market with the maximum share of the revenue generated. The region owes its superiority to this tendency to adopt latest technologies and implement that in the workforce. In addition, a superior technological infrastructure backs it up sufficiently. With a large pool of communication providers and navigational operators, the region is quite poised to own up its market position. The APAC is to witness the fastest growth rate and Japan, in this region, is touted to play a significant role.
The global market is witnessing continuous integration of latest technologies that is ushering in bigger prospects for the market. One such is blockchain technology which can be used to target a specific set of people and customize as per requirements.
Sonect is a software that uses location based service in such a way that anyone can turn into a ‘virtual ATM.’ This software aims to develop location-based on-demand service which would reduce the cost of cash distribution for banks and would ease up storing of cash for retailers.
On the other hand, Omnicom has created its own location based mobile advertising market which would target large groups of people with specific messages after analyzing their individual needs.
LIST OF TABLES
Table 1 Global Location Based Services Market: By Region, 2017-2023
Table 2 North America Location Based Services Market: By Country, 2017-2023
Table 3 Europe Location Based Services Market: By Country, 2017-2023
Table 4 Asia Pacific Location Based Services Market: By Country, 2017-2023
Table 5 The Middle East & Africa Location Based Services Market: By Country, 2017-2023
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LIST OF FIGURES
FIGURE 1 Global Location Based Services Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Five Forces Analysis Of Global Location Based Services Market
FIGURE 4 Value Chain Of Global Location Based Services Market
FIGURE 5 Share Of Global Location Based Services Market In 2017, By Country (In %)
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