Moreover, surge in adoption of mobile commerce and social media activities is expected to supplement the adoption of hardware components in the LBS market. However, services segment is expected to grow with the highest CAGR during the forecast period, due to increase in demand for services-as-a-solution in digital transformation activities among industries. Thus, major players operating in the U.S. location-based services market are investing in innovative location-based analytical solutions to gain competitive advantages.
The outbreak of COVID-19 is anticipated to have a positive impact on the growth of location-based services market. With the emergence COVID-19, the use of location-based services is likely to enable governments to address the impact of social distancing and facilitate tracking patterns of movements of individuals and traffic patterns. Innovations and advances in location-based services post COVID-19 outbreak with features such as real-time tracking, location-based marketing, and geo-tagging, have further supported the market growth.
The report focuses on the growth prospects, restraints, and location-based services market analysis. The study provides Porter’s five forces analysis of the location-based services industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers.
Segment review
The U.S. location-based services market is segmented into component, technology, application, and industry vertical. By component, the market is categorized into solution, services and connectivity technology. The applications covered in the study include location-based advertising, business intelligence & analytics, fleet management, mapping and navigation, local search & information, social networking & entertainment, proximity marketing, asset tracking, and others. Depending on industry vertical, the LBS industry is segregated into transportation & logistics, manufacturing, government & public utilities, retail, healthcare & life sciences, media & entertainment, IT & telecom, BFSI, hospitality, and others.
Key Players of the location-based services market analyzed in the research include Alcatel-Lucent SA, Apple, Inc., AT&T Inc., Cisco Systems, Inc., Google Inc., HERE, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, and Qualcomm Inc. and others. They have adopted various strategies including new product launches, collaborations, partnerships, mergers & acquisitions, joint ventures, agreements, and others to gain a stronghold and international presence across U.S.
TOP IMPACTING FACTORS
Rise in demand for location-based services owing to its diversified scope of applications is a major factor expected to drive the growth of the market. Surge in demand for location-based services among various industry verticals for applications such as location-based advertising, business intelligence & analytics, and fleet management is further expected to offer remunerative opportunities for the expansion of the global LBS industry during the forecast period. The U.S. location based services market trends are as follows:
New product launches to flourish the market
Rise in demand for location-based services owing to its diversified scope of applications is a major factor expected to drive the growth of the market. Surge in demand for location-based services among various industry verticals for applications such as location-based advertising, business intelligence & analytics, and fleet management is further expected to offer remunerative opportunities for the expansion of the U.S. location based industry during the forecast period. Diversified scope of applications
The growth of the LBS market is driven by the diversified scope of applications across various sectors. For instance, LBS is used for navigation, traffic management, asset tracking, and proximity-based marketing. In addition, it finds its application in fraud prevention, mobile workforce management, and context advertising. Energy & resource management agencies use LBS for evaluation of land cover, vegetation, water resource management, and geology mapping. The defense & military sector utilize LBS for surveillance, battlefront analysis, and strategy formulation. In civil engineering, LBS solution is used for resource mapping, evaluation of geological information, and estimation of suitable location for building, planning, & construction activities. In addition, transportation, media & entertainment, insurance, and tourism sectors offer a wide scope of applications for LBS.
Increase in demand for location-based services
Location-based services is used to provide information about user’s location through internet by using real-time geo-data. The advent of smart devices, wireless technologies, cloud computing, Internet of Things (IoT), and smartphone applications has led to aggrandized traffic on websites. This has fueled the adoption of LBS to improve services and enhance user experience depending upon the end user’s location, which, in turn, is expected drive the market growth. Therefore, LBS has gained importance across various sectors, including government authorities, defense & intelligence, transportation, telecommunication, manufacturing, e-retailing, energy, and natural resource management. Furthermore, an increase in penetration of connected devices and machine-to-machine communication systems has notably boosted the need for real-time location-based data sets. This has significantly driven the demand for Internet of Things (IoT) devices across diverse sectors, which is helping companies to develop smart geo-mapping solutions. Thus, aforementioned are key factors are expected to fuel the growth of the U.S. market growth during the forecast period.
Key benefits of the report:
- This study presents the analytical depiction of the U.S. location-based services industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the U.S. location-based services market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the U.S. location-based services market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed U.S. location-based services market analysis based on competitive intensity and how the competition will take shape in coming years.
Key Market Segments
By Components
- Solution
- Software
- Hardware
- Service
- Consulting
- System Integration and Deployment
- Support and Maintenance
- Connectivity Technology
- WiFi
- Bluetooth
- Cellular Technology
- GNSS
- Others
By Application
- Location-based Advertising
- Business Intelligence & Analytics
- Fleet Management
- Mapping & Navigation
- Local Search & Information
- Social Networking & Entertainment
- Proximity Marketing
- Asset Tracking
- Others
By Industry Vertical
- Transportation & Logistics
- Manufacturing
- Government & Public Utilities
- Retail, Healthcare & Life Sciences
- Media & Entertainment
- IT & Telecom
- BFSI
- Hospitality
- Others
Key Players
- Alcatel-Lucent SA
- Apple, Inc.
- AT&T Inc.
- Cisco Systems, Inc.
- Google Inc.
- HERE
- International Business Machines Corporation
- Microsoft Corporation
- Oracle Corporation
- Qualcomm Inc.
Table of Contents
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 178 |
Published | August 2020 |
Forecast Period | 2019 - 2027 |
Estimated Market Value ( USD | $ 6.61 billion |
Forecasted Market Value ( USD | $ 41.96 billion |
Compound Annual Growth Rate | 26.0% |
Regions Covered | United States |