Market Snapshot
The global location based services market is expected to reach USD 91,025 Million during the review period at a CAGR of 23.1% by the end of 2027. Location based services (LBS) were generally used for navigation but now are being used across all industry verticals and have a plethora of applications. However, in retail, LBS helps drive traffic to specific departments by presenting easy navigation to products, while in the healthcare sector, LBS technology has been favorably used to minimize revenue destruction owing to mislaid appointments in the hospitals.
At large venues and events, it helps in decreasing signage and operational costs due to its ability to offer cloud-based real-time mapping updates. In sporting events and stadiums, it enhances the experience with in-stadium wayfinding.
The global location based services market is anticipated to witness substantial market growth during the review period owing to many emerging players across the world. Additionally, the pandemic of Covid-19 is expected to limit the demand for LBS during the study period. Based on regions, the location based services market is divided into North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
Market Segmentation
The location based services market has been categorized into component, location type, technology, vertical, and region.
By component type, the global location based services market is divided into software, services, and hardware. Based on the location type, the global market has been classified into an outdoor and indoor. In terms of technology type, the global location based services market has been classified into GPS/GNSS, Wi-Fi, BLE Beacons, and others.
Depending on vertical, the global location based services market is segregated into government, defense and public utilities, retail and e-commerce, banking, financial services, and insurance (BFSI), automotive, transportation and logistics, industrial manufacturing, healthcare and life sciences, media and entertainment, and others.
Regional Analysis
Geographically, the global location based services market has been categorized into North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
North America is expected to lead the market for LBS during the review period. The regional market is driven by the increasing use of smartphones and high-speed cellular data plans. North America expected to register a 20.6% CAGR during the forecast period due to the rising adoption of smartphones, augmented reality, gaming, and fitness is expected to boost the market. North America is accounted for to contribute to the largest market share in 2018. The market of Asia-Pacific is anticipated to expand to register the highest CAGR of 26.3% during the study period, 2020 to 2026.
Major Players
The major players of the global location based services market are Microsoft Corporation (US), Oracle Corporation (US), TomTom International BV (Netherlands), Ericsson (Sweden), Qualcomm Inc. (US), NavInfo Co Ltd (China), IBM Corporation (US), Google Inc (US), Cisco Systems, Inc. (US), Rokk (UK), iSpace (US), Apple Inc. (US), Baidu, Inc. (China), Amazon.com Inc. (US), HERE Technologies (Netherlands), and Mapbox (Netherlands).
COVID 19 Impacts
We are continuously tracking the impact of the COVID-19 pandemic on various industries and verticals within all domains. Our research reports include the same and help you understand the drop and rise, owing to the impact of COVID-19 on the industries. Also, we help you to identify the gap between the demand and supply of your interested market. Moreover, the report helps you with the analysis, amended government regulations, and many other useful insights.

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