(PRWEB) July 22, 2014
Location-based services (LBS) technology is diversifying businesses by providing ubiquitous applications on location-based data. The retail and food and beverage industries are using LBS devices in order to reduce transportation costs. Due to these factors, the revenue of the location-based service market has reached $8.12 billion in 2014, and is expected to reach $39.86 billion by 2019 at a calculated CAGR of 37.50% during this period. Top industries providing this service are Microsoft, Google, Cisco, IBM, and HP.
In recent times, owing to the emerging era of technology, there is an increase in the number of smartphone users. Consequently, the need for location-based services is rising. The changing business environment requires data to be made available at consumer locations. Various organizations generate profit by identifying the location information of the customer. Smartphones, which have various in-built location-based applications for the user, are the backbone of this market. Social networking at any location with the benefit of utilizing the information is enhancing the need for location-based services day by day. Some of the key players in the location-based services market are Facebook, Microsoft, Cisco, and Blackberry.
North America is one of the developed regions in technology and software applications. Various organizations are serving the LBS market by using location-based services or apps to track their customers and this data for marketing purposes.
The North American location-based services market is estimated to grow from $2.75 billion in 2014 to $13.10 billion by 2019, at an expected CAGR of 36.70% for this period.
Browse through the market data tables, figures and detailed ToC on the “North America Location Based Services (LBS) Market”.
Europe Location Based Services (LBS) Market
Europe has tech-savvy organizations that are fully dependent on location-based services. The generation of various location-based services software is growing due to the rising demand for location tracking apps and devices, which is beneficial for supply chain, business operations, transportation, and more. Various organizations generate profits by identifying the location information of customers and vendors. The European location-based services market is estimated to grow from $2.32 billion in 2014 to $8.26 billion by 2019, at an expected (CAGR) of 28.90% for this period.
Asia-Pacific Location Based Services (LBS) Market
Asia-Pacific is the largest growing market for location-based services. As technology develops, along with private organizations, governments in the Asia-Pacific region have adopted location-based services. Due to this there is a strong growth in the LBS market. The government needs to expand their supply chain management system for which they are highly dependent on these services.
Most of the organizations in this region have their customers and clients in other regions; hence, tracking their location benefits these organizations.
The Asia-Pacific location-based services market is estimated to grow from $1.55 billion in 2014 to $11.10 billion by 2019, at an expected CAGR of 48.20% for this period.
Latin America Location Based Services (LBS) Market
Companies in Latin American regions offer customers with more opportunities for cost reduction through various benefits and deals based on location-based services. This drives the market and indicates a promising future. Enterprises use location-based services to increase their advertising impact and to improve customer satisfaction.
The Latin American location-based services market is estimated to grow from $845.50 million in 2014 to $4,065.20 million by 2019, at an expected CAGR of 36.90% for this period.
Middle East and Africa Location Based Services (LBS) Market
In the Middle East and African region there is huge presence of big firms that can invest heavily in latest technology and keep it up to date. Due to this, organizations are receiving up-to-date maps and spatial information. Location-based services are very cost effective in this region.
Safeguarding of the private and personal information of users is one of the factors that is driving this market. Security applications and social networking apps are boosting the market in South Africa.
The Middle East and African location-based services market is estimated to grow from $685.80 million in 2014 to $3,350.80 million by 2019, at an expected CAGR of 38.50% for this period.
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