Dublin, March 01, 2024 (GLOBE NEWSWIRE) -- The "Asia-Pacific Location-based Services Market by Component, Technology (GNSS, GPS), Application (Navigation, Mapping, GIS), Location Type, End-use Industry (Transportation & Logistics, Retail & E-commerce), and Geography - Forecast to 2031" report has been added to ResearchAndMarkets.com's offering.
The Asia-Pacific location-based services market is projected to reach $118.2 billion by 2031, at a CAGR of 17.3% during the forecast period 2024-2031
This research report provides an in-depth analysis of the Asia-Pacific location-based services market including key market trends, market sizes, market shares, recent developments, and forecasts to 2031.
The growth of the Asia-Pacific location-based services market is driven by 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 are expected to generate growth opportunities for the players operating in this market. However, the high costs of procuring and implementing location-based services are a major challenge impacting market growth. Additionally, the use of 5G technology for improved real-time analysis and the development of GIS software using Augmented Reality (AR)/Virtual Reality (VR) technologies are prominent trends in this market.
In 2024, China is expected to account for the largest share of the Asia-Pacific location-based services market. China's large market share is mainly attributed to the growing demand for automated smart driving solutions, automotive companies' increased focus on launching autonomous cars, trucks, and construction vehicles, the increasing utilization of GNSS hardware, and the growing use of drones in hospital operations.
However, India is expected to register the highest CAGR during the forecast period due to the increase in drone-based operations among state governments and increasing collaborations between market players for launching new products.
Based on component, the Asia-Pacific location-based services market is segmented into platforms/solutions and professional services.
In 2024, the platforms/solutions segment is expected to account for the larger share of the Asia-Pacific 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. This segment is also projected to register the higher CAGR during the forecast period.
Based on technology, the Asia-Pacific location-based services market is segmented into Global Navigation Satellite System (GNSS), Global Positioning System (GPS), Wi-Fi, Near-field Communication (NFC), and other technologies.
In 2024, the global navigation satellite system segment is expected to account for the largest share of the Asia-Pacific location-based services market. The segment's large market share is attributed to the diverse range of applications of GNSS, including precise positioning and real-time location tracking. Additionally, the growing demand for location-based advertising and the increasing use of GNSS in asset management contribute to the segment's significant market share. This segment is also projected to register the highest CAGR during the forecast period.
Based on application, the Asia-Pacific location-based services market is segmented into navigation, geo-marketing & advertising/target marketing, mapping & GIS, tracking, social networking, infotainment, commercial applications, and other applications.
In 2024, the navigation segment is expected to account for the largest share of the Asia-Pacific 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. This segment is also expected to register the highest CAGR during the forecast period.
Based on location type, the Asia-Pacific location-based services market is segmented into outdoor and indoor locations.
In 2024, the outdoor segment is expected to account for the larger share of the Asia-Pacific location-based services market. The segment's large market share is attributed to the rising demand for outdoor location-based services for various applications, including improved navigation and mapping, asset tracking, and outdoor proximity marketing, and the increasing deployment of outdoor location-based services, particularly for automotive and pet tracking applications.
However, the indoor segment is expected to register the higher CAGR during the forecast period due to the growing need to track people and objects within indoor spaces and the increasing implementation of indoor location-based services to facilitate efficient navigation in indoor environments such as shopping malls, airports, and large buildings.
Based on end-use industry, the Asia-Pacific location-based services market is segmented into government & public sector, transportation & logistics, smart cities, retail & E-commerce, consumer goods, media & entertainment, travel & tourism, BFSI, IT & telecom, healthcare, hospitality, aerospace & defense, energy & utilities, automotive, agriculture, education, and manufacturing.
In 2024, the transportation & logistics segment is expected to account for the largest share of the Asia-Pacific location-based services market. The segment's large market share is attributed to the increasing need for real-time tracking of vehicles using GPS, the growing use of location intelligence tools to analyze traffic patterns and congestion in real time, and the increasing usage of location intelligence tools for route optimization.
However, the retail & E-commerce segment is expected to register the highest CAGR during the forecast period due to 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 was the historical market size for the Asia-Pacific 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 Asia-Pacific location-based services market?
- Who are the major players in the Asia-Pacific location-based services market, and what are their market shares?
- What is the competitive landscape like?
- What are the recent developments in the Asia-Pacific location-based services market?
- What are the key trends and high-growth countries?
- Who are the local emerging players in the Asia-Pacific location-based services market, and how do they compete with the other players?
Market Insights
Factors Affecting Market Growth
- 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
- 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/VR Technologies
Case Studies
Location-based Services: Ecosystem Analysis
Location-based Services: Ecosystem Components
Vendor Selection Criteria/Factors Influencing Purchase Decisions
Company Profiles (Company Overview, Financial Overview, Product Portfolio, and Strategic Developments)
- HERE Global B.V. (Netherlands)
- Google LLC (a subsidiary of Alphabet Inc.) (U.S.)
- 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.)
- ALE International (France)
- Precisely (U.S.)
- Rohde & Schwarz GmbH & Co. KG (Germany)
- Nextbillion.AI Pte. Ltd. (Singapore)
Competition Analysis
- Key Growth Strategies
- Competitive Benchmarking
- Competitive Dashboard
- Industry Leaders
- Market Differentiators
- Vanguards
- Emerging Companies
- Market Ranking, by Key Players
For more information about this report visit https://www.researchandmarkets.com/r/yrus8o
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