Location-Based Services Global Market Report 2022

Major players in the location-based services market are Apple Inc. , Cisco Systems, Inc. , Google LLC, Intel Corporation, Ericsson, Microsoft Corporation, Oracle Corporation, Qualcomm Inc. , Navigine, IBM, CommScope, HERE, ALE International SAS , AT&T Inc.


New York, June 07, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Location-Based Services Global Market Report 2022" - https://www.reportlinker.com/p06284282/?utm_source=GNW
, AiRISTA Flow, Quuppa, and NTT Docomo.

The global location-based services market is expected to grow from $55.92 billion in 2021 to $70.16 billion in 2022 at a compound annual growth rate (CAGR) of 25.5%. The market is expected to grow to $114.9 billion in 2026 at a compound annual growth rate (CAGR) of 15.5%.

The location-based services market consists of sales of location-based services by entities (organizations, sole traders, and partnerships) that are used to provide information on the location.These services are based on the location of a mobile user as determined by the device’s geographical location and use real-time geodata from a smartphone to provide information, entertainment or security.

Location-based services use the device location for the information and are applicable in the areas such as directions, local advertisement, and local news.

The different components of location-based services include platform, hardware, and services.Platforms are used to provide infrastructure for seamless positioning.

Platforms can transmit information using augment technology and maps.The different location types for location-based services include indoor and outdoor.

The location-based services technologies include GPS, assisted GPS, enhanced GPS, enhanced observed time difference, observed time difference, cell id, Wi-Fi, and other technologies, used for applications in location-based advertising, business intelligence & analytics, fleet management, mapping & navigation, proximity marketing, asset tracking, and other applications.

North America was the largest region in the location-based services market in 2021.Asia Pacific was the second largest market in location-based services market.

The regions covered in the location-based services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Upsurge in the use of smartphones/GPS-enabled devices is expected to propel the growth of location-based services.Location-based services combine internet, geospatial technologies and other information and communication technologies to provide targeted information to individuals on their smartphones based on geographic location in real-time.

According to the data by the Indian cellular and electronics association, the number of users using smartphones is expected to reach 829 million by 2022. Also, according to forecasts from Ericsson & The Radicati Group, the number of smartphone users is expected to increase from 6.05 billion in 2020 to nearly 7.33 billion by 2025. Therefore, an upsurge in the use of smartphones/GPS-enabled devices drives the location-based services market

Advancement in technology is a key trend gaining popularity in location-based services.Many companies are launching new advancements in location-based services to gain edge over their competitors.

For example, in February 2020, Cisco, a company operating in location-based services market-based in the United States had launched Multiscreen-as-a-Service (MaaS) Location Based Services (LBS) app that enables features such as indoor routing and navigation, off-route notifications, location sharing, customizable points of interest, simple real-time map management, additional real-time location services, native map experience, and landmark routing, which delivers navigation and wayfinding functionality across any campus or facility while simplifying and streamlining the underlying integration and management of hardware and software.

In June 2021, Verizon, an American wireless network operator acquired Senion for an undisclosed amount.With this acquisition, Verizon’s location-based portfolio will be expanded and empower the companies for the better safety of the enterprises.

Senion is a UK-based company operating in location-based services.

The countries covered in the location-based services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Read the full report: https://www.reportlinker.com/p06284282/?utm_source=GNW

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