Key Market Insights
Location as a service market 2020 is moving ahead with a massive USD 286.7 Billion and project to redevelop at 23.70% of CAGR amid novel coronavirus pandemics. The figures for the market has been studied and accumulated by Market Research Future. The novel growth would be happening between 2022 and 2030 (forecasted period).
Top Grossing Factors
Location as a service proposes a wide range of opportunities owing to its ability to provide information related to a particular location or place. Location-based services are used with the help of real-time data through mobile devices that keep track of the geographical location of the phone. The surged use of smart devices and location-aware technologies compel the growth of the Location-based service market.
The privacy and security improved operational efficiency, reduce costs, increased customer engagement, and better returns on investments are also significant factors that primarily drive the location as a service market worldwide. The location as a service market has gathered valuations from businesses and government sectors. The uses of location-based services include proximity-based marketing, emergency services, store location, roadside assistance, travel information, fraud prevention, and mobile workforce management have substantially increased the value, which has contributed to the market’s growth. The growing awareness of the advantages of location as service analytics among organizations has further boosted the market growth and is estimated to boost in the forecast period as well.
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Furthermore, MRFR also finds that with advancements in technology, several industries from global-end are willing to adopt new systems, mainly to perk up their transportation efficiency. With the initiation of cloud and IoT systems, the enterprises are now able to automate most of their operations. The healthcare sector is also anticipated to observe a significant number of applications. The upward IoT applications, devised with healthcare requirements, are projected to contribute to the growth of the location as a service market. In the case of point, Texas Health saved USD 412,000 using the real-time location-based system. Medical equipment is now easily located and analyzed.
Segmentation of Market: Location as a Service
The global location as a service market is segmented on segments of component, location type, and end-users.
The location as a service market in terms of components: Comprise of Software, Android, Hardware, iOS, and Windows.
The location as a service market in terms of technology: Comprise of GPRS, GPS, GIS, and RFID.
The location as a service market in terms of connectivity: Comprise of wired and wireless.
The location as a service market in terms of deployment: Comprise of on-premises and on cloud
The location as a service market in terms of end-users: Comprise of BFSI, consumer electronics, retail, government, automotive, transportation, and healthcare.
Top Market Players
The well-known players in the global location as a service market are listed as Google Inc. (U.S.), Cisco Systems (U.S.), IBM Corp. (U.S.), Ericsson (Sweden.), Location Labs (U.S), Qualcomm (U.S.), Microsoft Corp. (U.S.), LocationSmart (U.S), Esri (U.S), Oracle Corp. (U.S.), Accelerite (U.S).
Region-Wise Outlook
Europe is likely to grasp a leading position in the market and is anticipated to expand at a remarkable CAGR till 2023. Europe is measured as one of the most technologically advanced regions, owing to the existence of key players working in the location as a service market. Well-known players in this region are making new investments in location as a service.
Asia Pacific is placed to be the fastest-growing region in the global location as a service market in terms of CAGR. The rising demand for a location as a service in the transportation and logistics industry will support the growth of the market in the Asia Pacific. Apart from this, rising infrastructure development in commercial offices, localities, and shopping malls will also offer lucrative growth opportunities for an indoor location as a service facility in the future.
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North America is also in the line of expectations to witness a significant share for the location as a service market owing to the increasing smartphone penetration and the growth of IoT technology. The North American region is the second-largest marketplace for in-vehicle navigation systems, with a leading manufacturer of aircraft, as well as one of the largest manufacturers of aerospace and maritime navigation services.
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