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Global Location-Based Services Market to be Driven by Rise in Usage of Smart Devices in the Forecast Period of 2021-2026

The new report by Expert Market Research titled, ‘Global Location-Based Services Market Size, Share, Price, Trends, Growth, Report and Forecast 2021-2026’, gives an in-depth analysis of the global location-based services market, assessing the market based on its segments like component, location type, service type, application, end use, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.

Note 1: For a snapshot of the primary and secondary data of the market (2016-2026), along with business strategies and detailed market segmentation, please click on the request sample report. The sample report shall be delivered to you within 24 hours.

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The key highlights of the report include:

Market Overview (2016-2026)

• Historical Market Size (2020): USD 35.4 billion
• Forecast CAGR (2021-2026): 24%
• Forecast Market Size (2026): USD 131 billion

The increase in smart phone and the usage of location-aware technologies across the globe is a key driver for location-based services industry. Further, the advancements in cloud, IOT, IT infrastructure are aiding the growth of the location-based services industry. There is also an emerging demand for wearable devices across developed and developing countries which is predicted to boost the market in the forecast period. Location-based services offers information related to specific location, which, in turn, provides various opportunities to various industries. In addition, the growing interests and competition among industry key players in the market are predicted to invest in the technological advancements of location-based services, which is expected to positively influence the market.

Industry Definition and Major Segments

Location based services (LBS) are mainly used for navigation but currently they are being used across all industry verticals and have a wide range of applications. Location based services (LBS) are widely deployed within the last decade across the globe.

Read Full Report with Table of Contents – https://www.expertmarketresearch.com/reports/location-based-services-market

On the basis of component, the market is divided into:

• Hardware
Software
• Services

Based on location type, the industry can be segmented into:

• Outdoor
Indoor

Based on service type, the industry can be segmented into:

• Professional
• Managed

By application, the industry is segmented into:

• Tracking and Navigation
• Marketing and Advertising
• Location-Based Health Monitoring
• Location-Based Social Networks
• Others

Based on end use, the industry can be segmented into:

• BFSI
Retail
• Manufacturing
Healthcare and Life Sciences
Media and Entertainment
• IT and Telecom
Transportation and Logistics
• Others

The regional markets for the product include:

• North America
• Europe
• The Asia Pacific
• Latin America
• The Middle East and Africa

Market Trends

The growing interests among the global population for wearable devices and smart devices is expected to aid the market growth of location-based services. There is a huge demand in various industries for indoor LBS and vertical positioning. Several industries across the globe are working on this area by the fusion of wireless sensors, geo-magnetic field and beacons which will be complementing the GPS. Location-based services has a critical role to play in enhancing all city services, from crime prevention to pest control, which, in turn, helps the government.

Key Market Players

The major players in the market are ALE International, Navizon, Inc., Apple Inc., Oracle Corporation, IBM Corporation, Cisco Systems, Inc, Microsoft Corporation

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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.

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