Location Based Services Market Size is Expected to Gain $402.4 Billion by 2031 at 24.6% CAGR: Allied Market Research
Increase in adoption of social media & smart phones, easy availability of GPS, and emergence of location-based technology is boosting the growth of the global location-based services market. In addition, the increase in number of smartphone users and internet accessibility positively impact the growth of the location-based services market.
Wilmington, DE, Oct. 26, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “*Global location based services market* by Component (Hardware, Software, and Services), Technology (GPS, Assisted GPS (A-GPS), Enhanced GPS (E-GPS), Enhanced observed time difference, Observed time difference, Cell ID, Wi-Fi, and Others), Application (Location-based Advertising, Business Intelligence & Analytics, Fleet Management, Mapping and Navigation, local Search & Information, Social Networking & Entertainment, Proximity Marketing, Asset Tracking, and Others), and Industry Vertical (Transportation & Logistics, Manufacturing, Government & Public Utilities, Retail, Healthcare & Life sciences, Media & Entertainment, IT & Telecom, BFSI, Hospitality, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2031”. According to the report, the global location-based services market was valued at $45.4 billion in 2021, and is projected to reach $402.4 billion by 2031, registering a CAGR of 24.6% from 2022 to 2031.
*Prime determinants of growth*
Increase in adoption of social media & smart phones, easy availability of GPS, and emergence of location-based technology is boosting the growth of the global location-based services market. In addition, the increase in number of smartphone users and internet accessibility positively impact the growth of the location-based services market. However, inflated cost of installation and maintenance and operational challenges is hampering the location-based services market growth. On the contrary, the growing penetration of 3G & 4G networks and continuous increase in the number of internet users are expected to offer remunerative opportunities for expansion of the location-based services market during the forecast period.
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*Report coverage & details:*
*Report Coverage* *Details*
Forecast Period 2022–2031
Base Year 2021
Market Size in 2021 $45.4 Billion
Market Size in 2032 $402.4 Billion
CAGR 24.6%
No. of Pages in Report 239
Segments covered Component, Technology, Application, Industry Vertical, and Region.
Drivers Increase in adoption of social media & smart phones, easy availability of GPS.
Emergence of location-based technology
The increase in number of smartphone users and internet accessibility
Opportunities The growing penetration of 3G & 4G networks and continuous increase in the number of internet users
Restraints Inflated cost of installation and maintenance
Operational challenges
*Covid-19 Scenario*
· The location-based services market has witnessed stable growth during the COVID-19 pandemic, owing to the growing demand for GPS-based solutions. Leading location-based services providers enhanced their services portfolio and product capabilities. In addition, the COVID-19 pandemic has resulted in changes in model performance, as more continuous monitoring and validation is required to mitigate various types of risks, compared to static validation and testing methods, which, in turn, drive the development of advanced technology models.
· In addition, the growing demand for Wi-Fi-based location solutions drives economies to shift their focus from responding to a pandemic to recovery, which lead to different growth opportunities for players in this market.
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*The software segment to maintain its leadership status throughout the forecast period.*
Based on the component, the hardware segment held the highest market share in 2021, accounting for nearly one-fourth of the global location-based services market revenue, owing to the Increase in penetration of smartphones, along with the rise in usage of 3G and 4G networks. However, the software segment is projected to manifest the highest CAGR of 26.9% from 2023 to 2032, owing to the rise in popularity of location-based advertising and mobile commerce.
*The location-based advertising segment to maintain its leadership status throughout the forecast period*
Based on application, the business intelligence and analytics segment held the highest market share in 2021, accounting for nearly one-fifth of the global location-based services market revenue, as it helps in improving decision-making, optimizing internal business, and increasing operational efficiency. However, the location-based advertising segment is projected to manifest the highest CAGR of 29.3% from 2022 to 2031, as it helps to increase organizational efficiency, reduce cost, and enhance customer engagement.
*Asia-Pacific maintain its dominance by 2031*
Based on region, North America held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global location-based services market revenue, owing to the increasing penetration of smartphones and developments in communication technology in the region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 27.3% from 2023 to 2032 and is likely to dominate the market during the forecast period, owing to increase in infrastructure development in commercial offices, localities, and shopping malls in the region.
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*Leading Market Players: -*
· ALE International,
· Apple, Inc.,
· AT&T Inc.,
· Airtel India.,
· Cisco Systems, Inc.,
· Google Inc.,
· HERE,
· IBM Corporation,
· Microsoft Corporation,
· Oracle Corporation,
· Qualcomm Technologies Inc.
*Key Industry Development* -
*April 2023*: RadiSys Corporation, a global open telecommunication solutions company, launched ReachPoint, an intelligent network geolocation platform. ReachPoint provides real-time GPS services, which can reach places, such as tall buildings, where GPS is unavailable.
*March 2022*: ZNet Technologies partnered with Acronis, a global leader in cyber protection, in the North America (USA and Canada) region the most comprehensive cyber protection solutions suite available and ZNet’s automation platform to automate billing and delivery of Acronis solutions for service providers.
*March 2021*: Wipro Ltd partnered with HERE Technologies to offer location-based services, to customers from energy and utilities, manufacturing, transport and Logistics, telecom, and automotive industry verticals.
*April 2020*: Apple Inc partnered with Google LLC on COVID-19 contact tracing technology to enable the use of Bluetooth technology to help governments and health agencies reduce the spread of the virus, with user privacy and security central to the design.
The report provides a detailed analysis of these key players of the global location-based services market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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