Location Based Service Industry Overview, Dynamics, Key Industry, Opportunities and Forecast to 2023

Overview

With the advancements in the area of mobile communication, there is a rapid rise in the adoption of location based services. A location based service is an application which is capable of enable users’ access to services based on their real time locations. Some of them include search, navigation, tracking and many more.

Key Players

Some of the key players in the global Location Based Service Industry are Cisco systems (U.S.), Google Inc. (U.S.), IBM Corp. (U.S.), Microsoft Corp. (U.S.), Oracle Corp. (U.S.), Qualcomm (U.S.), ESRI (U.S.), Zebra Technologies (U.S.), Ericsson (Sweden.), Teldio (U.S.) among others.

Segments

The global Location Based Service Industry is classified on the basis of component which consists of hardware, software, and services. The software segment is further classified into location analytics, geocoding & reverse geocoding, reporting & visualization, risk analytics, and many others. Geocoding and reverse geocoding provides users the exact geographical coordinates which can be obtained through the connected IP address of mobile device. In general, geocoding and reverse-geocoding is a software which decodes the co-ordinates through specific algorithms encoded in it. Reverse geocoding helps in getting the exact street number which is used in navigation maps.

Location based services can be found in various applications such as advertising, search, tracking and many more. Location based advertising refers to advertisements which appears on mobile devices based on the users location. Location based advertising is gaining traction. A recent survey by Cisco, predicts that by 2020 there will be 5.5 billion mobile users which is nearly 70% of the global population. This increasing number has gained the attention of most of the organizations to implement location based advertising to withstand competition. The organizations are capable of building marketing strategies through real time behavior of the consumers.

Technology companies like Apple and Google are developing many location based applications that can help users to find their personal search easy. Google being an open platform is allowing third party developers to design applications based on the user’s interest and their location.

Regional Analysis

The global Location Based Service Industry is studied for North America, Europe, Asia Pacific and the rest of the world. Market research Future predicts that North America holds a majority of the market share and is expected to grow at steady rate through the forecast period. Being a technologically advanced region, availability of low cost GPS devices and adoption of the latest technologies such as 5G are driving the market in this region. Asia Pacific is anticipated to have the highest growth rate during the forecast period. Increase in usage of mobile phones, penetration of 4G technology, and demand for Internet of Things are driving the market.

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