REDDING,
Calif., May 6, 2024 /PRNewswire/ -- According to a
new market research report titled, 'Location-based
Services Market by Component, Technology (GNSS, GPS),
Application (Navigation, Tracking), Location Type, End-use Industry
(Government and Public Sector, Transportation & Logistics,
Smart Cities), and Geography - Forecast to 2031', the
global location-based services market is projected to reach
$327.6 billion by 2031, at a CAGR of
15.9% from 2024–2031.
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Location-based services (LBS) utilize the geographical location
of devices to provide real-time insights to users and help
businesses build strategies based on the data acquired. In recent
years, location-based services have gained significant prominence
and have become an integral part of organizations. Mapping,
navigation and tracking, proximity marketing or target marketing,
real-time traffic updates, location-specific weather reports,
roadside assistance, mobile workforce management,
fraud prevention, and other commercial applications
are key features offered by location-based service providers. These
services are being widely adopted by businesses across different
domains.
The growth of the global location-based services market is
driven by the increasing use of spatial data and analytics across
industries, the proliferation of location-based services in the
retail sector, and the surging use of location-based services in
the agriculture sector. However, dynamic government rules and
regulations for location-based services restrain the growth of this
market.
Furthermore, constant upgrades in mapping and navigation
solutions and the growing demand for wearable devices are
generating growth opportunities for the stakeholders in this
market. However, the high costs of procuring and implementing
location-based services are a major challenge impacting the growth
of the location-based services market. Additionally, the use of 5G
technology for improved real-time analysis and the development of
GIS software using Augmented Reality (AR) and Virtual Reality (VR)
technologies are prominent trends in this market.
The global location-based services market is segmented by
component (platforms/solutions [location-powered mobile apps,
location intelligence platforms, and location-based messaging] and
professional services [mapping services, implementation &
support, and consulting & development services]), technology
(global navigation satellite system, global positioning system
[assisted GPS and enhanced GPS], Wi-Fi, near-field communication,
and other technologies), applications (navigation [smart parking,
route planning, and other navigation applications], geo-marketing
& advertising/target marketing, mapping & GIS, tracking
[valuables & stolen goods tracking, pet tracking, parolees
tracking, and child tracking], social networking [chat &
instant messaging services, dating apps, and friend locator apps],
infotainment, commercial applications, and other applications),
location type (outdoor and indoor), end-use industry (government
& public sector, transportation & logistics, smart cities,
retail & E-Commerce, consumer goods, media & entertainment,
travel & tourism, BFSI, IT & telecommunications,
healthcare, hospitality, aerospace & defense, energy &
utilities, automotive, agriculture, education, and manufacturing),
and geography. The study also evaluates industry competitors and
analyses the market at the country and regional levels.
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Based on component, in 2024, the platforms/solutions
segment is expected to account for the larger share of
80% of the location-based services market. The
segment's large market share is attributed to market players'
increasing focus on launching location-based solutions, the
increasing popularity of location-powered mobile apps, the growing
need for location intelligence platforms to analyze and visualize
geographic and location-based data, and the increasing adoption of
location-based messaging platforms among consumers.
Also, this segment is projected to register a higher CAGR during
the forecast period.
Based on technology, in 2024, the global navigation
satellite system segment is expected to account for the largest
share of the global location-based services market. The segment's
large market share is attributed to the increasing need for GNSS in
asset management also contributes to the significant market share
of this segment, the growing demand for location-based advertising,
and the diverse applications of GNSS, including precise positioning
and real-time location tracking. Moreover, this segment is also
projected to register the highest CAGR of 16.7% during the
forecast period.
Based on application, in 2024, the navigation
segment is expected to account for the largest share of 43%
of the location-based services market. The segment's large market
share is attributed to the rapid implementation of comprehensive
navigation solutions by automakers and increasing initiatives by
leading LBS players to develop automotive navigation services.
Moreover, this segment is projected to register the highest CAGR
during the forecast period.
Based on location type, in 2024, the outdoor segment
is expected to account for the larger share of the global
location-based services market. The segment's large market share is
attributed to the increasing deployment of LBS, particularly for
automotive and pet tracking applications, and the rising demand for
location-based services for outdoor applications, including
navigation and mapping, asset tracking, and outdoor proximity
marketing.
However, the indoor segment is expected to register a higher
CAGR during the forecast period. The growth of this segment is
driven by the increasing implementation of LBS to facilitate
efficient navigation in indoor environments such as shopping malls,
airports, and large buildings and the rising need to track people
and objects within indoor spaces.
Based on end-use industry, in 2024, the government &
public sector segment is expected to account for the largest share
of 20% of the location-based services market. The segment's
large market share is attributed to governments' increasing need
for risk management and monitoring and securing national borders
and the government & public sector organizations' growing use
of location intelligence tools for tracking and planning
purposes.
However, the retail & e-commerce segment is expected to
register the highest CAGR of 23% during the forecast period.
The growth of this segment is driven by the increasing need for
supply chain management in the retail sector and the rising need
for location-based data for targeted marketing campaigns.
Based on geography, in 2024, Asia-Pacific is expected to account for the
largest share of 33% of the location-based services market.
The large share of this market is mainly attributed to factors such
as the high penetration of mobile devices, a strong customer base
for consumer solutions, and the rising deployments of map-based
platforms across Chinese organizations. The Asia-Pacific location-based services market is
estimated to be worth USD 39
billion in 2024. Also, this market is expected to
register the highest CAGR during the forecast period.
The key players operating in the global location-based services
market are HERE Global B.V. (Netherlands), Google LLC (U.S.) (a subsidiary
of Alphabet Inc.), TomTom N.V. (Netherlands), Esri (U.S.), Hexagon AB
(Sweden), Trimble Inc. (U.S.),
Cisco Systems, Inc. (U.S.), QUALCOMM Incorporated (U.S.), Microsoft
Corporation (U.S.), AT&T Inc. (U.S.), Zebra Technologies
Corporation (U.S.), International Business Machines Corporation
(U.S.), ALE International (France), Precisely (U.S.), Rohde & Schwarz
GmbH & Co. KG (Germany), and
Nextbillion.AI Pte. Ltd. (Singapore).
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Scope of the Report:
Location-based Services Market Assessment—by
Component
- Platforms/Solutions
- Location-powered Mobile Apps
- Location Intelligence Solutions
- Location-based Messaging
- Professional Services
- Mapping Services
- Implementation & Support Services
- Consulting & Development Services
Location-based Services Market Assessment—by
Technology
- Global Navigation Satellite System
- Global Positioning System
- Assisted GPS
- Enhanced GPS
- Wi-Fi
- Near-field Communication
- Other Technologies
Location-based Services Market Assessment—By
Application
- Navigation
- Smart Parking
- Route Planning
- Other Navigation Applications
- Geo-marketing & Advertising/Target Marketing
- Mapping & GIS
- Tracking
- Valuables & Stolen Goods Tracking
- Pet Tracking
- Parolees Tracking
- Child Tracking
- Social Networking
- Chat & Instant Messaging Services
- Dating Apps
- Friend Locator Apps
- Infotainment
- Commercial Applications
- Other Applications
Location-based Services Market Assessment—By Location
Type
Location-based Services Market Assessment—By End-use
Industry
- Government & Public Sector
- Transportation & Logistics
- Smart Cities
- Retail & E-commerce
- Consumer Goods
- Travel & Tourism
- Media & Entertainment
- Healthcare
- IT & Telecommunications
- Aerospace & Defense
- BFSI
- Energy & Utilities
- Hospitality
- Automotive
- Agriculture
- Education
- Manufacturing
Location-based Services Market Assessment—by
Geography
- Asia-Pacific
- China
- Japan
- India
- Singapore
- South Korea
- Australia & New Zealand
- Taiwan
- Rest of Asia-Pacific
- North America
- Europe
- U.K.
- Germany
- France
- Spain
- Italy
- Netherlands
- Switzerland
- Rest of Europe
- Middle East & Africa
- Latin America
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