Dublin, March 29, 2023 (GLOBE NEWSWIRE) -- The "Location-based Services Market by Component, Technology, Application, Location, Industry Vertical - Global Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global location-based services market is expected to reach $239.70 billion by 2029, growing at a CAGR of 15.2% during the forecast period of 2022 to 2029
The growth of this market is mainly attributed to the integration of location-based services for developing HD road network maps for autonomous vehicles, the increasing usage of location-based services in the agriculture sector, the proliferation of location-based services in the retail sector, and the growing significance of location-based services in strategic planning and crime analysis.
Based on component, the professional services segment is expected to register a faster growth rate during the forecast period.
The growth of this segment is driven by factors, such as the increasing demand for location-based professional services, including mapping, implementation & support, and consulting and development services, comprehensive expertise in designing location-based applications, and growing demand for the development of advanced functionalities, hardware integration, and support & maintenance of the location-powered applications.
Based on industry vertical, in 2022, the transportation & logistics segment is expected to account for the largest share of the global location-based services market.
The rising demand for location-based services by the transportation industry, the growing demand for GPS-enabled systems across the transportation industry, and the increasing deployment of location-based services by leading LBS players are factors driving the growth of the location-based services market. However, the retail and consumer goods segment is expected to record the fastest growth rate during the forecast period.
In 2022, Asia-Pacific is estimated to account for the largest share of the location-based services market.
The large market share of Asia-Pacific is attributed to the increasing deployment of location-based services across Asian countries, the growing demand from food & beverage industries to deliver fresh meat and seafood products, and the favorable government initiatives across Asian countries that support the adoption of location-based services.
In recent years, developed APAC markets, especially Japan, India, South Korea, Australia, Greater China, and Singapore, have accelerated the adoption of location-based services and solutions.
Also, the increasing deployment of location-based services across Asian countries is driving the growth of the APAC location-based services market.
In addition, the favorable government initiatives across Asian countries that support the adoption of location-based services are also encouraging the growth of the APAC LBS market.
For instance: in 2021, the National Highways Authority of India (NHAI) announced its plans to replace toll plazas with GNSS-based tolling systems within the next two to three years for reducing traffic congestions at toll booths and providing relief to motorists.
Key questions answered in the report
- Which are the high growth market segments in terms of the components, applications, technologies, location type, industry vertical, and countries?
- What is the historical market for location-based services across the globe?
- What are the market forecasts and estimates from the period of 2019-2029?
- What are the major drivers, restraints, and opportunities in the global location-based services market?
- Who are the major players in the global location-based services market and what shares of the market do they hold?
- Who are the major players in various countries and what shares of the market do they hold?
- How is the competitive landscape?
- What are the recent developments in the global location-based services market?
- What are the different strategies adopted by the major players in the global location-based services market?
- What are the geographical trends and high growth countries?
- Who are the local emerging players in the global location-based services market and how do they compete with the other players?
Market Dynamics
Drivers
- Proliferation of Location-based Services In the Retail Sector
- Surge In the Use of Location-based Services In the Agriculture Sector
- Growing Significance of LBS In Strategic Planning And Crime Analysis
Restraints
- Dynamic Government Rules And Regulations for Location-based Service
Opportunities
- Growing Incorporation of Drones Across Various End Users
- Constant Upgrades In Mapping And Navigation Solutions
Challenges
- High Procurement And Implementation Cost
- Security Privacy And Accuracy Issues In Location-based Services
Key Trends
- Growing Demand for Location-based Simulations to Increase Covid-19 Vaccine Uptake Or to Deal With the Pandemic
- 3d Mapping Solutions for Data Visualization
GNSS Technological Trends
- Smartphones And Tablets
- Wearables
- Portable Navigation Devices
- Digital Cameras
- Personal Tracking Devices
- Robots/Drones
Case Studies
Location-based Services (Lbs) Ecosystem Analysis
Components of Location-based Services Ecosystem
Location-based Services (Lbs) Value Chain Analysis
Stakeholders of the Location-based Services Market
Company Profiles (Business Overview, Financial Overview, Product Portfolio, Strategic Developments)
- ALE International
- Google LLC
- Apple Inc.
- Rohde & Schwarz GmbH & Co. KG
- AT&T Inc.
- Cisco Systems Inc.
- HERE Technologies
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- Qualcomm Technologies Inc.
- Telefonaktiebolaget LM Ericsson
- TomTom N.V.
- Foursquare
- ESRI
- Intellias Ltd
- Zebra Technologies
- Aruba Networks
- SAP SE
- Precisely
- Hexagon AB
- Trimble Inc..
Scope of the Report
Location-based Services Market, by Component
- Platforms/Solutions
- Location Intelligence Solutions
- Location-powered Mobile Applications
- Location-based Messaging
- Professional Services
- Mapping Services
- Implementation & Support
- Consulting and Development Services
Location-based Services Market, by Technology
- Global Positioning System (GPS)
- Global Navigation Satellite System (GNSS)
- Wi-Fi
- Near Field Communication
- Other Technologies
Location-based Services Market, by Application
- Geo Marketing and Advertising or Target Marketing
- Mapping & GIS
- Navigation
- Smart Parking
- Route Planning
- Other Navigation Applications
- Tracking
- Children Locators
- Parolees Monitoring
- Pets locators
- Tracking of valuable and stolen goods
- Social Networking
- Dating
- Friend Locator
- Chat and Instant Messaging Services
- Infotainment
- Commercial
- Other Applications
Location-based Services Market, by Location Type
- Indoor
- Outdoor
Location-based Services Market, by Industry Vertical
- Transportation & Logistics
- Government & Public Sector
- Retail and Consumer Goods
- Manufacturing
- Healthcare & Life Sciences
- Media & Entertainment
- Aerospace & Defense
- Agriculture
- Hospitality & Tourism
- BFSI
- IT & Telecom
- Other Industries (Gaming, Oil and Gas, Mining, Education)
Location-based Services Market, by region
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Netherlands
- Switzerland
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Singapore
- Taiwan
- Australia and New Zealand
- Rest of Asia-Pacific
- Latin America
- Mexico
- Brazil
- Rest of Latin America
- Middle East & Africa
- UAE
- Israel
- Rest of MEA
For more information about this report visit https://www.researchandmarkets.com/r/v4uv8k
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