Because they can deliver information related to a certain location or site, location-based services market (LBS) present a variety of opportunities. Location-based services track the geographic location of the phone and use real-time data from mobile devices. The expansion of the LBS market is driven by the rising adoption of smart devices and location-aware technology.
Store location, proximity-based marketing, emergency services, travel advice, roadside assistance, mobile workforce management, and fraud prevention are just a few applications for location-based services. The market growth has been further accelerated by enterprises' rising knowledge of the benefits of LBS analytics.
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The size of the global location-based services (LBS) market was USD 16.14 billion in 2018 and is anticipated to grow to USD 66.61 billion by 2026, at a CAGR of 20.0%.
Key Players For This Report:
• AT&T Inc.
• Cisco Systems, Inc.
• Telefonaktiebolaget LM Ericsson
• IBM Corporation
• Alcatel-Lucent Enterprise (ALE)
• Google LLC
• HERE Global BV
• Intel Corporation
• Microsoft Corporation
• Qualcomm Technologies Inc.
• Eseye Limited
• Apple Inc.
Due to the growing popularity of smartphones, the increasing accuracy with which a smartphone user's location can be tracked, and the growing commercial significance of the geo-data obtained from smartphone use, real-time location systems and location-based services are an interconnected pair of technologies. While location-based services offer a platform for third-party users to use the location information for a variety of purposes, real-time location systems use the digital mapping capabilities of modern smartphones to give accurate location tracking.
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Regional Analysis:
The most recent LBS market study from Fortune Business Insights provides analysis across five major continents: North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. Each continent is further divided by nations.
During the forecast period, North America is anticipated to hold the biggest market share for location-based services. North America brought in USD 5.91 billion in income in 2018 and is projected to bring in up to USD 22.58 billion by 2026. Throughout the projection period, North America will dominate the worldwide LBS market. The lucrative rise in North America is primarily attributable to the region's growing smartphone adoption and advancements in communication technologies. Location-based services (LBS) are being used by businesses in the area to find their customers, which will help them expand their businesses. Due to the highest number of location-based services (LBS) users, the US has become the largest market in North America.
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