Portland, OR, Feb. 20, 2020 (GLOBE NEWSWIRE) -- According to the report, the global location-based services market was estimated at $23.74 billion in 2018, and is expected to reach $157.34 billion by 2026, growing at a CAGR of 27.1% from 2019 to 2026. The report offers a detailed analysis of the top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, top investment pockets, and changing market trends.
Expanded scope of applications, rise in demand for location-based services, increase in demand for smartphones, and rapid spread of business analytics solutions fuel the growth of the global location-based services market. On the other hand, high cost of real-time based LBS and several operational challenges restrain the growth to some extent. Nevertheless, high-end technological advancements and newer applications requiring LBS solutions are expected to pave the way for a number of opportunities in the near future.
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The hardware segment to lead the trail by 2026
Based on component, the hardware segment accounted for more than two-fifths of the total market share in 2018 and is expected to rule the roost throughout the forecast period. At the same time, the services segment would cite the fastest CAGR of 29.0% during 2019–2026.
The assisted GPS segment to retain its lion’s share till 2026
Based on technology, the assisted GPS segment garnered the highest share in 2018, holding nearly one-fifth of the total market. The same segment would also register the fastest CAGR of 28.4% till 2026.
North America to maintain its dominance during 2019–2026
Based on geography, North America contributed to more than two-fifths of the total market revenue in 2018 and would retain its dominance in terms of revenue. The Asia-Pacific region, on the other hand, would showcase the fastest CAGR of 30.8% by the end of 2026.
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Frontrunners in the industry
The key players analyzed in the market report include,
They have adhered to different strategies including expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others to heighten their stand in the market.
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