Global Mobile Location-Based Services Market to Expand at 24.6% CAGR Till 2023
Research On Global Markets has announced the addition of a market research report titled “Global Mobile Location-Based Services Market (2018-2023)” to their offering. According to the report, the global mobile location-based services market is expected to reach approximately USD 86.0 Bn by 2023, expanding at a compounded annual growth rate (CAGR) of 24.6% during the 2018-2023 period. Recent developments in positioning technologies, and improved data transmission through edge computing, cloud computing, and 5G, are expected to aid the growth of this market.
The research report published by Research On Global Markets features a comprehensive analysis of the global mobile location-based services market segments based on application, end user industry, and location of interest. In terms of application, location-based advertising is one of the major applications that has been witnessing tremendous growth over the past few years. The development and increasing use of beacons, geo-fencing, and geo-tagging for digital and proximity marketing have ensured the highest CAGR (27.2%) for this segment. Mapping and navigation has emerged as one of the most used service in mobile LBS, and the segment held the largest market share (28.4%) in 2018.
Based on end user industry, retail, healthcare, transportation, travel and tourism, and BFSI are leveraging the power of mobile LBS to enhance digital experiences among customers. Being an early adopter of mobile LBS, the retail industry dominated the market with a market share of 33%, owing to extensive use of mobile LBS in digital marketing and proximity-based advertising. In terms of location of interest, physical location segment enjoys the highest market share globally (58%) because mobile LBS is primarily based on the real-time physical location of subjects, according to Research On Global Markets.
Research On Global Markets tracks the performance of the mobile location-based services market across the key geographies of North America, Europe, Latin America, Asia-Pacific, the Middle East and Africa. In 2018, North America was the market leader in mobile LBS with a share of approximately 44% share. However, Asia-Pacific is anticipated to witness the highest CAGR (27.6%) during the forecast period due to the increased use of mobile LBS, and high technology adoption rates in this region. Europe, however, may experience a setback, owing to strict government policies regarding privacy.
Research On Global Markets tracks the performance of the major players operating in the global mobile location-based services market including Google Inc., Near Corporation, Groundtruth, Place IQ, Telenity, Foursquare, Uber, Groupon, Facebook, and Baidu Inc., among others.
Key highlights of this report:
- Market overview - Forecasted (2018 – 2023) market revenue (USD Bn)
- Analysis of the global mobile location-based services market – based on application
- Analysis of the global mobile location-based services market – based on end user industry
- Analysis of the global mobile location-based services market – location of interest
- Market trends
- Market drivers
- Market challenges
- Analysis of the competitive landscape
This report has been formulated and designed with the purpose of giving businesses a concise understanding of the demand for mobile location based services across the world to determine the viability of the market, develop strategies based on the drivers, and to help brands identify competition and respond accordingly.