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Location-based Services Market to Reach $157.34 Bn, Globally, by 2026 at 27.1% CAGR: Allied Market Research
Diversified scope of applications, rise in demand for location-based services, surge in demand for smartphones, and proliferation of business analytics solutions drive the growth of the global location-based services market. However, operational challenges and expensive real-time LBS restrain the market growth. On the other hand, emergence of new applications requiring LBS and technological advancements create new opportunities in the market.
Based on component, the hardware segment held the highest share in the global location-based services market in 2018, contributing for more than two-fifths of the total share, and will maintain its dominating position during the forecast period. This is due to surge in number of devices that deploy location-based services such as IoT. However, the services segment is expected to register the fastest rate with a CAGR of 29.0% from 2019 to 2026, owing to preferences for all-in-one suite.
Based on applications, the mapping and navigation segment accounted for nearly one-sixth of the total share of the global location-based services market in 2018. This is due to proliferation of maps and navigational applications in smartphones and IoT devices. However, the business intelligence & analytics segment will retain its highest market share by 2026. On the other hand, the location-based advertising segment is projected to grow at the largest CAGR of 31.1% from 2019 to 2026, owing to its functionalities such as close proximity advertising and others.
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Based on region, North America accounted for the highest share, accounting for more than two-fifths of the global location-based services market in 2018, and will maintain its lead during the forecast period. This is due to presence of the largest market players in the region. On the other hand, Asia-Pacific is expected to register the highest CAGR of 30.8% from 2019 to 2026. This is due to penetration of location-based software into smart devices including tablets and smartphones and increase in deployment of location-based services in various industries including manufacturing, real estate, construction, tourism, and others.
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