The global location based services market size is projected to reach USD 66.61 billion by 2026. According to a report published by Fortune Business Insights™, titled “Location-Based Services (LBS) Market Size, Share & Industry Analysis, By Component (Hardware, Software, Services), By Location Type (Indoor, Outdoor), By Application (Emergency Services, Tracking Services, Navigation Services, Social Media Services, Information Services, Gaming/Entertainment Services, Advertising/Promotion Services, Others), By End-User (BFSI, IT and Telecommunications, Retail, Transportation and Logistics, Government, Healthcare and Life Sciences, Manufacturing and Others) and Regional Forecast, 2019-2026,” the market was worth USD 16.14 billion in 2018. Driven by applications across diverse industries, the market will exhibit a CAGR of 20.0% during the forecast period, 2019-2026.
Location based services are used in applications across diverse industries. The increasing use of social media and smartphones has emerged in favor of market growth. The use of smart devices and the increasing applications of this product with the help of location based services will contribute to the growth of the market in the coming years. Location based services (LBS) are used in global positioning systems (GPS), theft detection, tracking devices, and other devices that will constitute an increase in the location based services market size in the coming years.
Increasing Number of Mergers and Acquisitions to Aid Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of mergers and acquisitions has had the highest impact on market growth. In May 2019, Foursquare announced the acquisition of Placed, a company engaged in location analytics. With this acquisition, Placed will gain access to Foursquare’s massive global customer reach. The company will strengthen its business hold in the United States. This acquisition will not only help the company generate substantial location based services market revenue but will have a direct impact on the growth of the global market in the coming years.
Some of the leading companies that are operating in the global location based services market are:
• AT&T Inc.
• Cisco Systems, Inc.
• Telefonaktiebolaget LM Ericsson
• IBM Corporation
• Alcatel-Lucent Enterprise (ALE)
• Google LLC
• HERE Global BV
• Intel Corporation
• Microsoft Corporation
• Qualcomm Technologies Inc.
• Eseye Limited
• Apple Inc.
Key Industry Developments:
October 2019: HERE technologies launched ‘HERE Live Sense SDK’, a new software development kit. HERE Live Sense SDK aims to help drivers to take better decisions about upcoming obstacles such as potholes, road closures and construction zones without the need for cloud processing.
The report offers an elaborative analysis of numerous factors affecting the global location-based services (LBS) market. These include opportunities, growth drivers, threats, key developments, and restraints. In addition to this, it further helps in analyzing, segmenting, and defining the market based on different segments such as component, location type, applications, and end-user. It strategically analyzes several strategies such as product innovations, mergers, alliances, joint ventures, and acquisitions adopted by players in the industry. The report includes LBS market research across several regions.
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