Location-based Services Market to Rise at 20% CAGR Till 2026
The global Location-based Services (LBS) Market size is projected to reach USD 66.61 billion by 2026. According to a report published by Fortune Business Insights™, titled “Location-Based Services (LBS) Market.
Location based services are used in applications across diverse industries. The increasing use of social media and smartphones has emerged in favor of market growth. The use of smart devices and the increasing applications of this product with the help of location based services will contribute to the growth of the market in them coming years. Location based services (LBS) is used in global positioning systems (GPS), theft detection, tracking devices, and other devices will constitute an increase in the Location-Based Services Market size in the coming years.
The report offers insights into the latest Location-Based Services Market trends. It highlights leading companies in the market and discusses the strategies that these companies have adopted in recent years. Additionally, the report encompasses several factors that have contributed to the growth of the market in recent years. Forecast values of the market have been provided for the period of 2019-2026. The competitive landscape scenario has been discussed in detail. The market has been segmented on the basis of several criteria including component, end user, application, and regional demographics. Factual figures have been evaluated through trusted sources. Other forecast valued have been gathered through interviews and opinions of experienced market research professionals.
Increasing Number of Mergers and Acquisitions to Aid Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of mergers and acquisitions have had the highest impact on market growth. In May 2019, Foursquare announced the acquisition of Placed, a company engaged in location analytics. With this acquisition, Placed will gain access to Foursquare’s massive global customer reach. The company will strengthen its business hold in the United States. This acquisition will not only help the company generate substantial Location-Based Services Market revenue but will have a direct impact on the growth of the global market in the coming years.
North America to Emerge Dominant; Increasing Investment in Product R&D to Aid Growth
The market is segmented on the basis of regional demographics into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, North America is projected to emerge dominant in the coming years due to recent technological advancements in the communication and network technology. As of 2018, the market in North America was worth USD 5.91 billion and this value is likely to increase in the coming years due to the increasing smartphone penetration across this region. Besides North America, Asia Pacific will also exhibit considerable growth in the coming years, owing to the huge population and subsequently rising use of smartphones in several countries across this region.
List of the leading companies that are operating in the global Location-Based Services Market are:
