Global Mobile LBS System Market Size Was Worth USD 17.8 billion in 2020 and Is Projected to Grow to USD 39.2 billion by 2025

Octomber 04, 2021, New York, USA - Mobile Lbs System: Introduction

LBS stands for Location-Based Services. (LBS) utilizes the positioning capabilities of wireless apps to provide new services for mobile users. LBS is an essential and exciting area in the market for technology, providing the most cost-effective way to interact with mobile users.

The Global Mobile Lbs System Market Forecast: 

The Global Mobile LBS (Location-Based Services) Systems Market was estimated at USD 17.8 billion in 2020, and it is expected to register a CAGR of 17.1%, to reach USD 39.2 billion by 2025, during the forecast period 2021 to 2025.

The global mobile location-based services market is anticipated to see significant growth during the forecast time. Services that are based on the location data are those which directly depend on data created from the mapping and navigation data. There is a variety of indirect and direct applications that can be made using these services, such as the addition of information regarding location to the information published on social networks such as location mapping, for instance. These services can also be used to locate the nearest banks or find other locations of use. They are primarily based on two factors: the information derived from global positioning systems, which are mostly geospatial in nature, and information service providers that are able to help to improve and relay this information. The numerous uses of mobile-location services comprise a variety of analytic, individual, location-related fleet management, and applications for tracking shipments.

The market for mobile location-based services has experienced steady expansion over the last decade and more lately. This increase could be due to the growing supply of lower-cost GPS-equipped devices as well as the growth of services that provide personalization based on user's locations. The changes that are coming in are a result of mobile advertising, 3G internet services, and the global spread of 3G will also propel this market ahead. They are further bolstered by the latest regulations introduced by the government concerning the use of data. These factors are likely to give a substantial boost to the mobile location-based services market. It will be primarily a result of the expected increase in the number of users in the Asia-Pacific region.

Key Drivers and Restraints of Global Mobile Lbs System Market:  

Driver: Numerous applications of geospatial data that are driving the LBS market expansion.

In general, spatial data reflects the place, size, and form of an object on Earth, for example, an island, a building or township, mountain. It is believed that the analysis of spatial data is vital for businesses to comprehend the evolving business landscape and the challenges faced by regions, which is a major driver of the growth of markets.

The process of making decisions is usually lengthy, which leads to incorrect assumptions that limit the usefulness of data. The rising awareness among business executives of the advantages of LBS analytics has further contributed to the development of this market.

LBS solutions aid business executives in processing massive quantities of spatial data and gaining real-time insight into different business functions and, consequently, assists businesses in rapidly adapting to the ever-changing business landscape. For instance, in the retail sector, spatial data allows retailers to identify the connections between their products, stores, and types of customers across a range of different metrics and parameters. This influences the performance of sales.

Restraint: Stringent rules and regulation of government. 

The strictness of the rules and regulations is believed to have been one of the most significant obstacles to the expansion of the LBS market. The government rules and regulations restrict the gathering of data, location sharing, the use of information based on location, as well as the storage of data. The regulations of any country put the security of a country's prioritization and limit the use of data based on location.

GDPR of the European Union (EU) is the first effort to unify by the EU, which focuses on protecting the privacy of Personally Identifiable Information (PII) of the citizens.

The GDPR compliance services are in use extensively across Europe in addition to North America as compared to other regions, where the acceptance rates of GDPR compliance solutions and services is low. GDPR gives companies an opportunity to establish trust with customers in their operations and could boost sales and business performance. It could help in raising the standard of business practices, making it central to the way a company operates, and aligning with the values of its brand.

The Key Market Segmentation of the Global Mobile Lbs System Market: 

Global Mobile Lbs System Market can be divided into Component, Location Types, Applications, Vertical and Geographical landscapes, etc. 

Mobile Lbs System Market Segmentation By Component:

Platform

Hardware

Services

Mobile Lbs System Market Segmentation By Location Type:

Indoor

Outdoor

Mobile Lbs System Market Segmentation By Application:

Tracking and Navigation

Marketing and Advertising

Location-based Social Networks

Location-based Health Monitoring

Others (location-based gaming and emergency support)

Mobile Lbs System Market Segmentation By Vertical:

Transportation and Logistics

Retail

Government

Tourism and Hospitality

Manufacturing

Healthcare and Life Sciences

Media and Entertainment

Others 

Mobile Lbs System Market Segmentation By Geographical Landscape:

North America

Europe

Asia Pacific

South America

The Middle East and Africa

Major Key Players in the Global Mobile Lbs System Market Are:

Aruba Networks

Cisco 

IBM  

GE Healthcare 

Google  

Esri  

HERE  

Ericsson 

Foursquare  

CenTrak 

Microsoft  

Oracle  

TomTom 

Teldio 

Navigine  

AiRISTA Flow  

STANLEY Healthcare 

Spime 

KDDI 

NTT Docomo 

Zebra Technologies 

Leantegra 

Quuppa  

Ubisense  

Apple  

Qualcomm

The Covid-19 Impact Analysis:

The spread of COVID-19 has a medium impact on the expansion in the global LBS market. The COVID-19 virus has significantly affected the logistics and transportation sector manufacturing, the tourism industry, and hotel. The education, retail, and government sectors are also affected. The strict lockdown rules and shut-downs of import-export transactions by various nations have impacted the growth of the transportation and manufacturing, logistics, as well as retail industries during the pandemic.

Contrary to this, industries like healthcare, Life Sciences, Energy and utilities, are rapidly using the LBS platform and its services. With the growing numbers of patients suffering from COVID-19, the need for technologically advanced medical solutions has increased significantly during the midst of this pandemic. Along with wearables that are connected, robots are used to reduce stress on healthcare professionals and aid in treating patients. Drones are being utilized to transport medical samples and other supplies to and from COVID-19 hotspots. Thermometers with connected sensors are being utilized in hospitals (and in other public places) to check patients and medical staff.

The Global Mobile Lbs System Market Report Highlights:

In the month of April 2020, was the time that Google introduced a community mobility report to monitor the expansion of COVID-19. The reports provided by Google aid in determining changes in movement patterns over time, according to geographical location, and across different areas of interest that include grocery stores, recreation, and retail stores and parks, pharmacies, transit stations, as well as workplaces and residential. This information can assist public health officials in making crucial decision-making during the COVID-19 lockdown.

In the month of April 2020, TomTom worked with Verizon to improve Verizon's existing suite of navigation, location-based data, and intelligence. TomTom revealed that Verizon plans to integrate Maps' APIs from TomTom as well as SDKs into its location service offering. This collaboration will enable the developer community members to develop and incorporate the platform.

In the month of February 2020, Cisco featured Multiscreen-as-a-Service (MaaS) Location Based Services (LBS) app published by Phunware, Inc. in its Meraki Marketplace. Its Meraki Marketplace provides customers with access to apps developed on the basis of the Meraki platform. Multiple features such as Indoor Routing and Navigation, Off-Routing Notifications, and Location Sharing are offered by Phunware's MaaS LBS Software.