MarketAccording to Vantage Market Research, the global location base service market was valued at USD 36.35 Billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 23.2% between 2021 to 2028.Location-based services (LBS) refer to services that aresupportedthe situationof a mobile user as determined by the device's geographical location. LBS applications provide servicesand datathat are most relevant to the user at that location. Google Maps, Foursquare, Yelp, and Facebook Places are among the more popular services. Location-based services use a smartphone's GPS technologyto tracea personality'slocation if that person has opted into permitit.
Increase Adoption Of Well Access System Market Boosting The Market Growth
LBS isone ofthe foremosthigh-priced tracking technologies. However, the increased competitionwithin theLBS market has led tothe eventof cost-effective LBS solutions by some players operationalwithin the10;Themarketplace forLBS technologies has witnessed steady growth in recent years,attributable tothe rising number of players entering this market who provide LBS platforms equipped with innovative features for 160;the increasein thenumber of start-upsand therefore theincreased accessibility to personalized solutions arethe 2major factors that have led to high competitionwithin theLBS market. Players operationalwithin theLBS markettry todevelop secure and advanced solutionsto remainaheadwithin thecompetition. Furthermore, LBSis employedfor various purposes including research & exploration, archaeological surveys, mining, and oil & gas resource management. Thus,the increasein application areas of LBSwithin theaforementioned industriesis predictedto spice upthe expansionof the LBS market during the forecast period.
Whereasthe foremostfactorthat'sobstructingthe situationbase service market growth is location tracking systems is transforming various industries where the efficient utilization of resources is critical. With the expansion of the digital world, public concern regarding privacy is 10;Union members in diverse industries complain that an LBS network is used to observebreak timesand dealinghours of employees unfairly, and employees are worried about the loss of their freedom.
The global location base service market is segmented onthe ideaof
component, technology, application,
industry vertical, and region. By
component, the LBS market is categorized into hardware, software, and
services. By
technology,it'sdivided into GPS, Assisted GPS (A-GPS), Enhanced GPS
(E-GPS), and enhanced
observed time difference, observed time difference, cell
ID, Wi-Fi, and others. By application, the LBS
marketis classedinto
location-based advertising, business intelligence & analytics, fleet
management,
mapping and navigation, local search & information, social-networking & entertainment, proximity marketing, asset
tracking, and
others.
Onthe basisof the region in location-based services market share, North America leadsthe situation-based services market, and this trend is anticipated to continue during the forecast period. This can beattributedthanks tothe risein the inclination ofthe companiestowardthe employmentof digital technology for growing business.
The study of key players offering Location-Based Service (LBS) and Real-Time Location Systems (RTLS) market. It profiles major vendorswithin theLocation-Based Service (LBS) and Real-Time Location Systems (RTLS) 160;The mainvendorswithin theLocation-Based Service (LBS) and Real-Time.