Fortune Business Insights offers a detailed overview of the global market in a report, titled “Location-Based Services Market Size, Share and Global Trend By Component, By Location, By Application, By the end-user industry and Geography Forecast till 2026.” The report identifies drivers, opportunities, and restraints which helps our readers to understand the current and future situation of location-based services. In addition to this, it presents a thorough understanding of the competitive landscape by presenting information on key players operating in the market. It does so by offering an in-depth analysis of the qualitative and quantitative information on the market size and growth.
Rapid deployment of smart cities will increase the adoption of location-based services, driving the global location-based services market. The primary focus of these services is to offer visualization, location-based assessment, monitoring in real-time, and tracking. Moreover, location-based devices allow tracking of individuals in places such as operating rooms, fabrication facilities, and emergency wards. Mobile operators provide location information for different services which include analytics, fraud management, and safe authentication. In addition to this, mobile operators are using location information in bulk to improve their network performance. Spurred by these trends, the location-based services market growth is expected to increase in the forecast years. Entertainment channels and social networking sites are the biggest customers of location-based services.
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The report profiles some of the leading players in the global market. These include:
- Apple Inc.
- Google Inc.
- Cisco Systems Inc.
- Intel Corporation
- Qualcomm Inc.
- Samsung Electronics Co., Ltd.
- Facebook, IBM Corp
Some of the recent developments by companies are mentioned below:
February 2019: HERE Technologies signed an agreement with Volvo Car Group to offer onboard cloud services to help Volvo enhance the driver experience and vehicle performance.
June 2019: Google announced the launch of auto delete control for location history on Android and iOS, allowing users to delete the location data after some time.
“Rising Adoption of IoT Technology to Uptick Growth for the Market in North America”
Among regions, North America is anticipated to grow at a considerable rate in the global location-based services market by 2026. The growth is attributable to the rising penetration of smartphones and the increasing adoption of IoT technology. Furthermore, the presence of leading players such as Google, Microsoft Corporation and others is likely to drive the market. These companies are putting constant efforts in the research and development of location-based technology. Among countries, Canada and the U.S. are the highest contributors to the market, aiding the location-based services market revenue in North America.
The demand for location monitoring applications across organizations is increasing, which is expected to boost the market in Europe. The presence of reliable and technologically enhanced agencies on location-based services is further adding to the growth of the market. An increasing number of smartphone consumers are expected to account for a major part of the location-based services market share. Countries such as China, South Korea, Malaysia, and Singapore are the biggest contributors to the market.
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“HERE Technologies Signed an Agreement with Volvo Car Group to Offer Cloud Services for Geographic Places”
The emergence of self-driving cars is expected to give impetus to the growth of the market in the forthcoming years. Moreover, organizations around the world are increasingly investing in location-based services that are contributing to the growth of the market. On the downside, privacy issues among the location-based services customers are expected to hamper the growth of the market by 2026.
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