Key Market Insights
Location as
a service market 2020 is moving ahead with a massive USD ~99
Billion and project to redevelop at ~32% of CAGR amid novel coronavirus
pandemic. The figures for the market has been studied and accumulated by Market
Research Future. The novel growth would be happening between 2017 and 2023
(forecasted period).
Top Grossing Factors
Location
as a service proposes a wide range of opportunities owing to its abilities 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.
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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.
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.
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.
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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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).
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