Location-based Services (LBS) Industry Projected to Exceed $126 Bn by 2025 - FMCG & E-Commerce Sector Expected to Witness Significant Growth
Friday, March 27, 2020
DUBLIN, March 19, 2020 /PRNewswire/ -- The "Location-based Services Market - Growth, Trends, and Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The global location-based services market (hereafter referred to as LBS) was valued at USD 36.2 billion in 2019, and it is expected to reach USD 126.4 billion by 2025, registering a CAGR of 23.2%, during the period of 2020-2025.
The proliferation of smartphone usage is driving the location-based services market. According to a report by the United Nations, nearly 41.5% of the total world population, as of 2019, were smartphone users.
With advancements in technology, many industries are willing to adopt new systems, primarily to improve their transportation efficiency. With the advent of cloud and IoT systems, the enterprises now can automate most of their operations. The healthcare sector is also expected to witness a more significant number of applications. The growing IoT applications, devised with healthcare requirements, are expected to contribute to the growth of the market study for the healthcare vertical. For instance, Texas Health saved USD 412,000 using the real-time location-based system. Medical equipment is now easily located and maintained.
Generation and storage of data have created further opportunities for the end-users, who can use the data for multiple purposes that include understanding fuel consumption patterns, the efficiency of drivers, position of products, and goods within a supply chain, in warehouse and estimation of best places for the product positioning. This opens opportunities that are limited to the visions of the user's application needs.
Furthermore, with the significant ongoing investments for integration of 3D maps applications with smartphones, market players, such as Nokia, Samsung, and other OEMs, are entering this market. Online web services providers, such as Amazon Inc. and Microsoft Corp., among others, have also started offering 3D maps on their platforms. For instance, Parrot, a prominent player providing wireless devices for mobile phones, has positioned its consumer drones, for 3D modeling, mapping, and agricultural uses. These instances are expected to drive market demand across emerging economies during the forecast period.
In October 2018, GSMA Global data said that there were more than 9.166 billion mobile connections, including M2M connections and 5.169 billion unique mobile subscribers. With the increased penetration of mobile connectivity, technological advancement in network connectivity and economies of scale have impacted the market positively.
Furthermore, many retail companies are already implementing geofencing in their marketing strategy. For instance, Walgreens is using geofencing to promote customer loyalty by pushing a notification that allows the user to open their app every time they enter the geofenced area. The user can further view promotional offers by looking at their account details. The implementation of geo-marketing in retail is, thus, boosting the market for location-based services.
The location-based services currently face tremendous risks from government policies and regulations on consumer privacy. Most of the software application developers are becoming aware of the increasing international privacy laws, as well as industry codes of self-regulation, that govern its usage.Google is planning to implement a new policy change that will require all of the app developers to undergo an approval process before their apps collect the user's location information while running in the background. This policy is applied for all new apps from August 2020.
Key Market Trends
-- FMCG and E-Commerce Sector Expected to Witness Significant Growth
-- North America Expected to Occupy Significant Share
The location-based services market is fragmented. Ongoing research and technological advancements are expected to be the key trends in the market. The companies are adopting various strategies to expand their customer base and mark their presence in the market.
Notable Industry Developments
-- February 2020 - Cisco Meraki launched Phunware location-based services
in the Meraki Marketplace. The Meraki Marketplace now provides Phunware,
an important channel to thousands of Cisco Meraki customers, across more
than 100 countries worldwide, to suit the potential customers and
existing clients need for LBS solutions for their network environments,
without the risk of deploying unproven technology.
-- October 2019 - Qualcomm Technologies Inc. collaborated with the Indian
Space Research Organization (ISRO) to provide support for India's
Regional Navigation Satellite System (IRNSS), Navigation with Indian
Constellation (NavIC), in select chipset platforms across the company's
upcoming portfolio. The solution is built on Qualcomm Technologies'
leading foundational inventions in location-based position technology.
As part of the updated platforms, the Qualcomm Location Suite supports
up to seven satellite constellations concurrently, including the use of
all NavIC's operating satellites for more accurate location performance,
faster time-to-first-fix (TTFF) position acquisition, and improved
robustness of location-based services.
Key Topics Covered
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Applications in the End-user Industries
4.2.2 Increasing Smartphone Consumer Base
4.3 Market Restraints
4.3.1 Security and Privacy of Data
4.4 Industry Attractiveness - Porter's Five Force Analysis
4.5 Industry Value Chain Analysis
5 QUALITATIVE SNAPSHOT
5.1 By Application
5.1.1 Location Based Advertising
5.1.2 Business Intelligence and Analytics
5.1.3 Fleet management
5.1.5 Social Networking
5.1.6 Other Applications
5.2 By Technology
5.2.2 Observed Time Difference of Arrival (OTDOA) and Enhanced Observed Time Difference of Arrival (E-OTD)
5.2.5 Bluetooth Low Energy (BLE)
5.2.6 Other Technologies
6 MARKET SEGMENTATION
6.1 By Location
6.2 By Service Type
6.3 By End-user Industry
6.3.1 FMCG and E-commerce
6.3.4 IT and Telecom
6.3.6 Other End-user Industries
6.4.1 North America
6.4.4 Latin America
6.4.5 Middle East & Africa
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 ALE International
7.1.2 Teldio Corporation
7.1.3 Cisco Systems Inc.
7.1.4 Creativity Software Ltd.
7.1.5 DigitalGlobe Inc.(Maxar Technologies )
7.1.6 Ericsson Inc.
7.1.7 IndoorAtlas Ltd.
7.1.8 Esri Technologies Ltd.
7.1.9 GL Communications Inc.
7.1.10 Google LLC
7.1.11 HERE Global B.V.
7.1.12 HPE Aruba Inc.
7.1.13 IBM Corporation
7.1.14 Intel Corporation
7.1.15 Microsoft Corporation
7.1.16 Qualcomm Technologies Inc.
7.1.17 TeleMapics LLC
8 INVESTMENT ANALYSIS
9 MARKET OPPORTUNITIES AND FUTURE OUTLOOK
For more information about this report visit https://www.researchandmarkets.com/r/9mojsy
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Research and Markets
Laura Wood, Senior Manager
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