Dublin, April 16, 2024 (GLOBE NEWSWIRE) -- The "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 - Global Forecast to 2031" report has been added to ResearchAndMarkets.com's offering.
The location-based services market is projected to reach $327.6 billion by 2031, at a CAGR of 15.9% during the forecast period 2024-2031
The report provides an in-depth analysis of the location-based services market across countries/regions and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2031.
The growth of the 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.
Asia-Pacific is expected to account for the largest share of the location-based services market. The large share of this regional 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. Also, this market is expected to register the highest CAGR during the forecast period.
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.
In 2024, the platforms/solutions segment is expected to account for the larger share of the location-based services market. The segment's large 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 the higher CAGR during the forecast period.
In 2024, the global navigation satellite system segment is expected to account for the largest share of the location-based services market. The segment's large market share is attributed to the diverse applications of GNSS, including precise positioning and real-time location tracking. Additionally, the growing demand for location-based advertising and the increasing need for GNSS in asset management also contribute to the significant market share of this segment. Additionally, this segment is projected to register the highest CAGR during the forecast period.
Based on application, the location-based services market is segmented into navigation, geo-marketing & advertising/target marketing, mapping & GIS, tracking, social networking, commercial applications, infotainment, and other applications. In 2024, the navigation segment is expected to account for the largest share 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.
In 2024, the outdoor segment is expected to account for the larger share of the location-based services market. The segment's large market share is attributed to the rising demand for location-based services for outdoor applications, including navigation and mapping, asset tracking, and outdoor proximity marketing, and the increasing deployment of LBS, particularly for automotive and pet tracking applications.
In 2024, the government & public sector segment is expected to account for the largest share of the location-based services market. The segment's large market share is attributed to government & public sector organizations' growing use of location intelligence tools for tracking and planning and governments' increasing need for risk management and monitoring and securing national borders.
However, the retail & e-commerce segment is expected to register the highest CAGR during the forecast period. The growth of this segment is driven by the rising need for location-based data for targeted marketing campaigns, the increasing popularity of location-based survey and feedback collection tools, the growing usage of retail asset management tools, and the increasing need for supply chain management in the retail sector.
Key Questions Answered in the Report
- Which are the high-growth market segments in terms of component, technology, application, location type, and end-use industry?
- What is the historical market size for the global location-based services market?
- What are the market forecasts and estimates for 2024-2031?
- What are the major drivers, restraints, opportunities, challenges, and trends in the global location-based services market?
- Who are the major players in the global location-based services market, and what are their market shares?
- What is the competitive landscape like?
- What are the recent developments in the global location-based services market?
- What are the key trends and high-growth countries?
- Who are the local emerging players in the global location-based services market? How do they compete with other players?
Market Insights
Factors Affecting Market Growth
- Increasing Use of Spatial Data and Analytics Across Industries Boosting the Demand for Location-based Services
- Proliferation of Location-based Services in the Retail Sector Driving Market Growth
- Surging Utilization in the Agriculture Sector Boosting the Demand for Location-based Services
- Dynamic Government Rules and Regulations for Location-based Services Restraining Market Growth
- Constant Upgrades in Mapping and Navigation Solutions Expected to Generate Growth Opportunities for Market Stakeholders
- Growing Demand for Wearable Devices Expected to Accelerate Market Expansion
- High Procurement and Implementation Costs Hindering the Adoption of Location-based Services
Key Trends
- Use of 5G Technology for Improved Real-time Analysis
- Development of GIS Software Using AR and VR Technologies
Location-based Services: Ecosystem Analysis
Vendor Selection Criteria/Factors Influencing Purchase Decisions
Companies Featured
- 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)
- Nextbillio.AI Pte. Ltd. (Singapore)
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
- Outdoor
- Indoor
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 & Telecom
- Aerospace & Defense
- BFSI
- Energy & Utilities
- Hospitality
- Automotive
- Agriculture
- Education
- Manufacturing
For more information about this report visit https://www.researchandmarkets.com/r/h7lyv3
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
