Location as a Service Market Highlights:
Market Research Future (MRFR), in its newly published research report, asserts that the global market is booming and expected to grow exponentially over the review period, reaching an exponential market valuation at USD 99 Billion by 2023, at healthy 32% of CAGR in the forecast period between 2017 and 2023.
Augmented utilization of smartphones and smart devices that are equipped with global positioning systems, fast development of consumer electronics industry, growing demand automobiles that are implanted with navigation system, better reliance of mobility-on-demand applications on global positioning system as their operative platform, and improved affordability of smartphones are majorly driving the growth of the Location as a Service Market during the assessment period.
The major market players operating in the global location as a service market as identified by MRFR are Google Inc. (U.S.), Cisco Systems (U.S.), Ericsson (Sweden.), Qualcomm (U.S.), LocationSmart (U.S), Location Labs (U.S), Oracle Corp. (U.S.), Microsoft Corp. (U.S.), Esri (U.S), IBM Corp. (U.S.), Accelerite (U.S) among others.
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The global location as a service market analyzed on the basis of component, connectivity type, technology, deployment, end-users.
The component is segmented into software, hardware, and others. the hardware segment was the major contributor in 2018 and is slated to grow at the highest rate in terms of CAGR in the the location-based services market forecast period due to the advent of digitalization among numerous industry verticals and high penetration of smartphones among individuals across the globe. The rise in the penetration of smartphones, along with increased adoption of 3G and 4G networks, drives the growth of the market. Major players are increasingly developing low-priced GPS and other components to cater to the demand of consumers. An increase in the deployment of mobile commerce and social media activities is anticipated to further complement the growth of hardware components in the LBS market. In addition to these, the services segment is expected to grow at the highest rate due to an increase in demand for services-as-a-solution in digital transformation activities among end use verticals, especially in emerging economies.
The connectivity type is segmented into wired, wireless and others. The technology is segmented into GPS, GPRS, RFID, GIS, and others. The adoption of wireless signals, such as Wi-Fi as well as Bluetooth, for internal navigation is on the rise due to the advent of personal wireless communication technologies and the proliferation of personal communication devices. Additionally, increasing the focus of organizations on customer centricity and wearable technologies are some of the factors driving the indoor location service market.
The deployment is segmented into on premises, on cloud, and others.
The geographic analysis of the global market has been analyzed in four major regions, including North America, the Asia Pacific, Europe, and the rest of the world (Latin America, the Middle East, and Africa).
The North American region commands the significant share of the global location as a service market during the review period. The factors such as increased application of smartphones and smart devices that are fortified with global positioning systems, rapid development of consumer electronics industry, high demand automobiles that are installed with navigation system, increased dependence of mobility-on-demand applications on global navigation system as their operational platform, and augmented affordability of smartphones are majorly driving the growth of the global location as a service market in the North America region. The high pace of expansion of infrastructure in the US, along with the high growth of the Artificial Intelligence (AI), Internet of Things (IoT), and cloud computing, has attributed to the augmented growth of the north american location as a service market in the US.
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