New York, US, Nov. 17, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Location Based Services Market: By Component, Location Type, Technology, By Vertical- Forecast till 2030, the market is anticipated to acquire a valuation of approximately USD 112,073 Million by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 18.1% during the assessment timeframe.
Location-based Services Market Overview:
The location-based services market is expected to garner rapid revenue growth. The proliferation of mobile phones and the evolving GPS technology would support the market growth. Over recent years, location-based marketing & advertising have garnered huge prominence. In today’s competitive business environment, location-based services have become imperative for all brands. Businesses are continually spending on developing new location-based marketing & advertising techniques to make their advertising initiatives more effective, precise, and relevant.
Location-based marketing/advertising provides vast advantages to businesses in reaching out to their customer base in a particular location. Location-based marketing enables advertisers to build high-quality databases and more accurately forecast consumer spending. Its additional features increase consumer connections and audience visibility. Increased use of the internet and GPS-enabled mobile devices accelerate market expansion.
Campaigns for targeted programmatic advertising have emerged as more cost-effective and goal-oriented solutions as location becomes especially important for companies with physical stores. Advertisers have started realizing the importance of location-based services. The use of predictive modeling tools and interactive visualization is growing with the widening automation initiatives.
As a result, this accelerates the methods of developing and analyzing predictive models to be used in tasks, including customer analytics and risk reporting, etc. Organizations that are streamlining their sales pipelines and shifting their focus from lead generation to customer base are creating huge market demand. With the growing adoption of location-based services in the increasing number of companies offering financial services, the market has a positive outlook in the years to come.
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Players leading the global location-based services market include-
- Apple Inc. (US)
- Qualcomm Inc. (US)
- AT&T Inc. (US)
- Bharti Airtel LTD. (India)
- Oracle Corporation(US)
- Google Inc. (US)
- HERE Alcatel-Lucent SA (France)
- International Business Machines Corporation(US)
- Cisco Systems Inc. (US)
- Microsoft Corporation(US).
Location-based Services Market Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 112,073 Million |
| Growth Rate | CAGR of 18.1% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Increase demand for wearable devices have led to an increased usage of location-based services. |
| Key Market Drivers | The rise in the usage of ride-hailing applications |
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Industry Trends
Advances in analytical capabilities in the communications field and expansion of existing 3G/4G and 5G technologies are some factors fuelling the location-based services market. Moreover, the increasing uptake of location-based services in healthcare insurance and financial services industries escalates the market on the global platform.
Additional factors influencing the market growth include the proliferation of IoT platform that helps organizations enhance their business operations by providing customer interaction. Furthermore, the penetration of Blockchain technology, which is expected to strengthen location-based advertising in the future, would foster the growth of the market.
The emergence of social media analytics is a primary factor driving the growth of the location-based services market. Rapidly increasing social media platforms have accelerated the demand for location-based services to track user interactions on these sites. Also, the increasing importance of sentiment analysis and advances in text analysis has prompted organizations to integrate social media into their business process.
Location-based Services Market Segments
The Location-based Services Market is segmented into location types, components, applications, end-users, and regions. The location type segment is sub-segmented into indoor location and outdoor location. The component segment is sub-segmented into hardware (sensors & readers, tags & transponders, and others), software (location analytics, geocoding & reverse geocoding, reporting & visualization, risk analytics, and many others), and services (deployment & integration, support & maintenance, and consulting services).
The application segment is sub-segmented into navigation, location-based search & advertising, location-based tracking, location-based infotainment, and others. The end-user segment is sub-segmented into BFSI, retail, defense, government, media & entertainment, industrial manufacturing, and others. The region segment is sub-segmented into the Asia-Pacific, North America, Europe, and the Rest-of-the-World.
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Location-based Services Market Regional Analysis
North America dominates the global location-based services market with the largest market share. The region is home to many communication technology providers with strong navigation services, which, in turn, impacts the regional market growth. Moreover, the demand for home-based solutions and technological advantages are key drivers for the regional market. Besides, the early adoption of cloud-based deployment services propels the growth of the market.
The location-based services market in the Asia Pacific region is gradually emerging as a promising market globally. The market has been valued considerably and is expected to create a substantial revenue pocket over the forecast period. Increasing adoption of GPS services and cloud-based services alongside the proliferation of smartphones are providing enormous opportunities across businesses.
Japan, China, and India are rapidly growing APAC countries anticipated to show a rapid rate through the forecast period. The increasing use of navigation services and location-based advertising in the region is providing better scope for the APAC countries to advance in the field of location-based services.
Location-based Services Market Competitive Analysis
The highly competitive location-based services market appears fragmented due to the competitive landscape formed by many notable players and new entrants. Product launch, agreement & partnership, M&A, and expansion are the key strategic initiatives traced from the recent proceedings in the market.
They continuously launch products and services in developing economies to take advantage of the economic growth in these regions. Industry players strive to deliver core specification technologies to help drive interoperability across the location-based services market.
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For instance, on Oct.31, 2022, Keysight Technologies, Inc. (the US), a leading technology provider for advanced design & validation solutions, announced receiving validation from Global Certification Forum (GCF) for its 5G LBS Assisted Galileo (A-Galileo) test case. Keysight Combines 5G technologies and global navigation satellite system (GNSS) technology to accelerate the implementation of location-based services (LBS).
This achievement will accelerate the LBS implementation in smartphones, enabling mobile phone vendors to verify if designs comply with the latest 3GPP specifications and support accurate location positioning. This technology will be useful across crucial industries, including healthcare, road & aerial transportation, emergency & rescue services, public safety, and homeland security.
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