The GMI Research's latest analysis reveals that the Location-Based Services (LBS) Market is slated to register a significant CAGR over the forecast period. This is attributed to the increasing applications of cloud computing and IoT systems and the strong demand for location-based applications in various sectors, such as food delivery, tourism, and transportation for applications including travel information, mobile workforce management.

Dublin, Ireland -- (SBWire) -- 03/16/2021 --Location-Based Services (LBS) Market Dynamics (including market size, share, trends, growth, forecast, and industry analysis)

Key Drivers

The significant factors contributing to the growth of the location-based services market size include the strong adoption of smartphones and location-aware technologies, including Wi-Fi, Enhanced Observed Time Difference (E-OTD), GPS, Wi-Fi, RFID, and assisted GPS (A-GPS). According to the location-based services market research, the increasing applications of cloud computing and IoT systems and the strong demand for location-based application in various sectors, such as food delivery, tourism, and transportation for applications including travel information, mobile workforce management, store locator, delivery information, vehicle tracking, and fraud prevention will further surge the growth of the LBS market. As per the World Bank, in 2018, about 51% of the global population has utilized internet connection, and the rising number of mobile cellular subscriptions has boosted from 7.9 billion in 2018 to 8.2 billion in 2019. This factor will bolster the growth of the location-based services market. As per the location-based services market report, growing concerns of users associated with data security and personal privacy are major factors hindering market growth.

Request for a FREE Sample Report on Location-Based Services (LBS) Market

Location-Based Services (LBS) Market's leading Manufacturers:

- Cisco Systems, Inc.
- Telefonaktiebolaget LM Ericsson
- Maxar Technologies
- International Business Machines Corporation
- Hewlett Packard Enterprise Development LP
- Alphabet Inc.
- Microsoft Corporation
- Oracle Corporation
- TomTom International BV.
- Here Technologies

Component Segment Drivers

Based on components, the hardware is anticipated to lead the market over the coming years due to the increasing penetration of mobile devices like laptops, smartphones, and tablets, growth in the use of 4G and 3G networks, and the availability of low-priced GPS components and sensors. As per the GSM Association, 72% of the global population will be connected to a mobile network by the end of 2030, which will further stimulate the growth of the smartphone sector, thus fuelling the growth of the LBS market.

To Know More About Location Based Services Market

Application Segment Drivers
Based on application, navigation services is expected to dominate the market due to the rising application of LBS in indoor navigation in wide facilities, including educational campuses, shopping malls, healthcare centers, airports, corporate offices, recreational spaces, shopping malls, and zoo parks among others. The strong penetration of GPS-enabled smartphones and vehicles will further boost the markets' demand.

Location-Based Services (LBS) Market Segmentation:

Segmentation by Component:

- Hardware
- Software
- Services
o Deployment and Integration
o Support and Maintenance
o Consulting and Training

Segmentation by Location Type:

- Indoor
- Outdoor

Segmentation by Application:

- Emergency Services
- Tracking Services
- Navigation Services
- Social Media Services
- Information Services
- Entertainment Services
- Advertising Services
- Others

Segmentation by End-User:

- BFSI
- IT and Telecommunication
- Retail
- Transportation and Logistics
- Government
- Healthcare
- Manufacturing
- Others

Segmentation by Region:

- North America

o United States of America
o Canada

- Asia Pacific

o China
o Japan
o India
o Rest of APAC

- Europe

o United Kingdom
o Germany
o France
o Spain
o Rest of Europe

- RoW

o Brazil
o South Africa
o Saudi Arabia
o UAE
o Rest of the world (remaining countries of the LAMEA region)

About GMI Research
GMI Research is one of the leading market research and consulting company that offers consulting services, syndicated research reports, and customized market research reports. We help our client to make informed business decisions and provide market intelligence studies related to the various industries such as automotive, energy, healthcare, chemicals, technology, and other sectors. Our research teams include seasoned analysts and researchers have hands-on experience in every regions, including Asia-pacific, Europe, North America, and the Rest of the World. Our market research report provides in-depth analysis, which contains refined forecasts, a bird's eye view of the competitive landscape, factors impacting the market growth, and several other market insights to aid companies in making strategic decisions. Featured in the 'Top 20 Most Promising Market Research Consultants' list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to help our clients to stay ahead of the curve.