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Location Based Service Market 2018: Global Industry Analysis and Opportunity Assessment, Forecast to 2023Magarpatta, )
Location based service uses real-time location information of users with the help of their mobile devices to provide services nearby the user such as entertainment, information and many more. Location based services can be used in several perspectives such as health related, financial or other user interests. For instance, location based services can help in finding services such as the nearest ATM or tracking the location of delivery vehicle.
Location based services require basic components like software application which can run on mobile devices, mobile carrier which helps in transmitting the signal, content provider, GPS component, and mobile devices. The location based application software must be developed in smaller size by considering end user compact mobiles and their low configuration capabilities.
Individual users can take advantage of location based services through location based search, location based gaming and also helps in providing navigational services. For enterprises, location based services are helpful in deploying mobile workforce management, asset tracking management, logistics optimization through selection of optimal routes, and location based advertising based on target segment.
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The market for global location based services market is driven by the increasing number of mobile phones and availability of easily accessible GPS technology. The advancements in analytical capabilities in the field of communications and expansion of existing 3G and 4G technologies in the developing regions are fuelling the location based services market.
Microsoft Corporation, a leading multinational technology company is offering location based services through its cloud platform known as Azure. Azure is capable of providing various services like search, maps, geo-coding, traffic management, routing services and many more. Microsoft developed this service in an open platform so that enterprises can alter according to their tools and requirements.
The global location based services market is estimated to grow up to USD 80 Billion by 2023 with approximate CAGR of 28 % during forecast period 2018 to 2023.
The market for global Location Based Service Market is segmented on the basis of location type, component, application, end-users, and region. On the basis of location type, the segment is further classified into indoor location and outdoor location. On the basis of component, the segment hardware, software, and services. The hardware segment is further divided into sensors and readers, tags and transponders and others. The software segment is further classified into location analytics, geocoding and reverse geocoding, reporting and visualization, risk analytics, and many others. The services can be classified into deployment and integration, support and maintenance and consulting services. Location based services can be used in various applications such as location based navigation, location based search and advertising, location based tracking, location based infotainment and others. The end-user industries of location based services are BFSI, retail, Defense, government, media & entertainment, industrial manufacturing and many more.
Acuity Brands, Inc., an electronics manufacturing company, is offering end to end indoor positioning services which are based on IoT platform. The solution from Acuity helps organizations to enhance their business operations by providing customer interaction.
In future, Blockchain technology is about to enhance location-based advertising. Block chain technology acts as monetary reward which can be customized as per the requirements in location based service, which can be used for targeting specific group.
Globally, North America holds a major market share in the global location based services market. North America, being home to many communication providers and having strong navigation services in family or home based solutions are driving the market in the region. Asia Pacific is expected to show faster growth rate due to increasing adoption GPS services through mobile phones. Japan is anticipated to show rapid rate through the forecast period due to the increasing use of navigation services and location based advertising in the region is fuelling the market growth.
Some of the key players in 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.) among others.
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Mobile network operators
LBS applications developers
Wireless infrastructure provider
Mobile content developers and aggregators
Mobile commerce and advertising companies
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