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U.S. Location-based Services Market CAGR of 26.3%, Resilient Futures A Guide to Future-Proofing Your Business Through Market Size Wisdom

U.S. Location-based Services Market CAGR of 26.3%, Resilient Futures A Guide to Future-Proofing Your Business Through Market Size Wisdom

The latest research report, “U.S. Location-based Services Market”, covers various aspects of the industry, including market size, status, trends, and future insights for the next 10 years. It provides a detailed analysis of competitors and key market drivers, highlighting growth opportunities. The report includes analysis of top players, revenue streams, CAGR status, as well as SWOT and PESTLE analysis for each geographic region. This comprehensive research combines qualitative and quantitative data from primary and secondary sources. It aims to provide an in-depth understanding of the current market scenario and the impact of COVID-19 on the industry. The report thoroughly examines each segment of the market.

The U.S. location-based services market size was valued at $6.61 billion in 2019, and is projected to reach $41.96 billion by 2027, growing at a CAGR of 26.3% from 2020 to 2027. Advent of digitalization boosts the need for location-based services (LBS), owing to its capability to offer customized marketing strategy solutions, which, in turn, creates new revenue growth opportunities for players opting for these solutions. Location-based services proliferate the demand for analytical solutions, due to their ability to provide and analyze real-time geo-data. For instance, retailers can strategize their marketing campaigns on the basis of customer locations for the nearest store or location-based offers. This is likely to help retailers with new and advanced revenue growth opportunities, which, in turn, is expected to boost the location-based services market during the forecast period.

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Market Overview: 

This research report provides valuable insights into the current market situation, drawing information and analysis from various sources. It scrutinizes prominent industry players, presenting details on their product specifications, pricing analysis, sales figures, market share, and raw material suppliers. Moreover, the report highlights the principal market trends and drivers, giving a holistic overview of the entire landscape. 

Unveiling the Significant Growth Factors: 

The report delves into the intricate tapestry of factors driving the growth of the Market. A comprehensive analysis of market drivers includes the surging demand for energy-efficient and environmentally friendly solutions, the relentless march of industrialization, and the expansion of the manufacturing sector. These factors, among others, contribute to the market’s upward trajectory. 

By component, the hardware segment was the highest contributor in the location-based services market in year 2019, due to the advent of digitalization among various industry verticals and high penetration of smartphones among individuals across the country. Rise in penetration of smartphones and increase in usage of 3G & 4G networks drive the U.S. market growth. In addition, key players have focused on developing low-priced GPS and other components to cater to the increasing demand of consumers, which significantly contributes toward the growth of the U.S. market.

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Moreover, surge in adoption of mobile commerce and social media activities is expected to supplement the adoption of hardware components in the LBS market. However, services segment is expected to grow with the highest CAGR during the forecast period, due to increase in demand for services-as-a-solution in digital transformation activities among industries. Thus, major players operating in the U.S. location-based services market are investing in innovative location-based analytical solutions to gain competitive advantages.

The outbreak of COVID-19 is anticipated to have a positive impact on the growth of location-based services market. With the emergence COVID-19, the use of location-based services is likely to enable governments to address the impact of social distancing and facilitate tracking patterns of movements of individuals and traffic patterns. Innovations and advances in location-based services post COVID-19 outbreak with features such as real-time tracking, location-based marketing, and geo-tagging, have further supported the market growth.

The report focuses on the growth prospects, restraints, and location-based services market analysis. The study provides Porter’s five forces analysis of the location-based services industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers.

Market Performance of Leading Companies: 

KEY PLAYERS
– Alcatel-Lucent SA
– Apple, Inc.
– AT&T Inc.
– Cisco Systems, Inc.
– Google Inc.
– HERE
– International Business Machines Corporation
– Microsoft Corporation
– Oracle Corporation
– Qualcomm Inc.

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Key benefits of the report:
? This study presents the analytical depiction of the U.S. location-based services industry along with the current trends and future estimations to determine the imminent investment pockets.
? The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the U.S. location-based services market share.
? The current market is quantitatively analyzed from 2020 to 2027 to highlight the U.S. location-based services market growth scenario.
? Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
? The report provides a detailed U.S. location-based services market analysis based on competitive intensity and how the competition will take shape in coming years.

The market research report closely monitors the performance of companies in the market. It provides strategic analysis, micro and macro market trends and scenarios, pricing analysis, and a holistic overview of the market situation during the forecast period. The report also examines key players, major collaborations, mergers, and acquisitions, trending innovations, and business policies. 

Major Segments of the market: 

The research report includes specific market segments based on region (country), manufacturers, type, and application. Each segment provides information about production and consumption during the forecast period, aiding in the identification of key factors that contribute to market growth. 

Segment review
The U.S. location-based services market is segmented into component, technology, application, and industry vertical. By component, the market is categorized into solution, services and connectivity technology. The applications covered in the study include location-based advertising, business intelligence & analytics, fleet management, mapping and navigation, local search & information, social networking & entertainment, proximity marketing, asset tracking, and others. Depending on industry vertical, the LBS industry is segregated into transportation & logistics, manufacturing, government & public utilities, retail, healthcare & life sciences, media & entertainment, IT & telecom, BFSI, hospitality, and others.

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Key players of the location-based services market analyzed in the research include Alcatel-Lucent SA, Apple, Inc., AT&T Inc., Cisco Systems, Inc., Google Inc., HERE, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, and Qualcomm Inc. and others. They have adopted various strategies including new product launches, collaborations, partnerships, mergers & acquisitions, joint ventures, agreements, and others to gain a stronghold and international presence across U.S.

TOP IMPACTING FACTORS
Rise in demand for location-based services owing to its diversified scope of applications is a major factor expected to drive the growth of the market. Surge in demand for location-based services among various industry verticals for applications such as location-based advertising, business intelligence & analytics, and fleet management is further expected to offer remunerative opportunities for the expansion of the global LBS industry during the forecast period.

The U.S. location based services market trends are as follows:

New product launches to flourish the market
Rise in demand for location-based services owing to its diversified scope of applications is a major factor expected to drive the growth of the market. Surge in demand for location-based services among various industry verticals for applications such as location-based advertising, business intelligence & analytics, and fleet management is further expected to offer remunerative opportunities for the expansion of the U.S. location based industry during the forecast period.

Diversified scope of applications
The growth of the LBS market is driven by the diversified scope of applications across various sectors. For instance, LBS is used for navigation, traffic management, asset tracking, and proximity-based marketing. In addition, it finds its application in fraud prevention, mobile workforce management, and context advertising. Energy & resource management agencies use LBS for evaluation of land cover, vegetation, water resource management, and geology mapping. The defense & military sector utilize LBS for surveillance, battlefront analysis, and strategy formulation. In civil engineering, LBS solution is used for resource mapping, evaluation of geological information, and estimation of suitable location for building, planning, & construction activities. In addition, transportation, media & entertainment, insurance, and tourism sectors offer a wide scope of applications for LBS.

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Increase in demand for location-based services
Location-based services are used to provide information about user’s location through internet by using real-time geo-data. The advent of smart devices, wireless technologies, cloud computing, Internet of Things (IoT), and smartphone applications has led to aggrandized traffic on websites. This has fueled the adoption of LBS to improve services and enhance user experience depending upon the end user’s location, which, in turn, is expected drive the market growth. Therefore, LBS has gained importance across various sectors, including government authorities, defense & intelligence, transportation, telecommunication, manufacturing, e-retailing, energy, and natural resource management. Furthermore, increase in penetration of connected devices and machine-to-machine communication systems has notably boosted the need for real-time location-based data sets. This has significantly driven the demand for Internet of Things (IoT) devices across diverse sectors, which is helping companies to develop smart geo-mapping solutions. Thus, aforementioned are key factors are expected to fuel the growth of the U.S. market growth during the forecast period.

KEY MARKET SEGMENTS
BY COMPONENTS
– Solution
o Software
o Hardware
– Service
o Consulting
o System Integration and Deployment
o Support and Maintenance
– Connectivity Technology
o WiFi
o Bluetooth
o Cellular Technology
o GNSS
o Others

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BY APPLICATION
– Location-based Advertising
– Business Intelligence & Analytics
– Fleet Management
– Mapping & Navigation
– Local Search & Information
– Social Networking & Entertainment
– Proximity Marketing
– Asset Tracking
– Others

BY INDUSTRY VERTICAL
– Transportation & Logistics
– Manufacturing
– Government & Public Utilities
– Retail, Healthcare & Life Sciences
– Media & Entertainment
– IT & Telecom
– BFSI
– Hospitality
– Others ?

Questions & Answers Market Research/Analysis Report Contains to your following:

What is the current size of the market and how is it expected to grow in the future?

What are the key drivers influencing market growth?

What are the major challenges or constraints faced by market participants?

What are the emerging trends and opportunities in the market?

Who are the major competitors in the market and what is their market share?

What are the key customer segments and their preferences within the market?

What are the regional or geographic trends and variations within the market?

What are the regulatory and legal factors impacting the market?

What are the technological advancements or innovations shaping the market?

What are the pricing trends and strategies observed in the market?

What are the distribution channels and their effectiveness in reaching the target market?

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Study Objectives:

  • Conduct a SWOT analysis to evaluate global manufacturers’ market competition.
  • Define, describe, and forecast the market based on type, application, and region.
  • Assess global and regional market potential, advantages, opportunities, challenges, constraints, and risks. Identify drivers and barriers to market growth.
  • Recognize high-growth categories for stakeholder analysis. Strategically analyze growth trends and submarket contributions.
  • Examine competitive developments like expansions, agreements, new product launches, and acquisitions.
  • Create detailed growth profiles of key players and assess their expansion strategies.

Research Methodology:

  • Establish research goals, questions, and hypotheses.
  • Outline the research design, approach, data collection methods, and sampling strategy.
  • Detail data collection procedures, including primary and secondary sources, instruments, and data cleaning processes.
  • Explain data analysis methods, encompassing statistical tests and qualitative coding.
  • Address study limitations, biases, sources of error, and data constraints.
  • Consider ethical considerations, including informed consent, participant confidentiality, and minimizing harm.

Report Scope:

  • Offer comprehensive market segmentation and revenue estimates across verticals and regions.
  • Highlight key market drivers, restraints, challenges, and opportunities for stakeholders.
  • Enhance stakeholders’ comprehension of competitors and bolster their business positioning.
  • Incorporate competitor ecosystem, new product development, agreements, and acquisitions in the competitive landscape section.

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