USD 20 billion
Report ID: SQSG45D2014 | Region: Global | Published Date: December, 2022 | Pages: 165 | Tables: 120 | Figures: 72
Location Based Services Market was valued at USD 20 billion in 2021, and the market size is estimated to reach USD 69.19 billion by 2028, at a CAGR of 19.40% over the forecast period (2022-2028).
A location-based service (LBS) is a group of services, provided by software, that enable users to access location-specific data and other online services. These features include mapping and navigation, local search and information, social networking and entertainment, proximity marketing, asset tracking, and others. In order to deliver information, entertainment, or security, location-based services provide real-time geo-data from a variety of smart devices, such as smartphones. High adoption of smart devices like sensors, IoT, and others are some of the key reasons boosting the location based services market's expansion. The location based services industry is growing in popularity because of its many advantages.
Over the last few years, location based services (LBS) have become increasingly popular. A growing number of people use it to find acquaintances nearby, find the closest restaurant, or advertise specials to local customers. LBS enables businesses to keep customers informed about their orders while providing users with access to current and pertinent information about their surroundings. All of these LBS applications provide a dynamic user experience, offering a practical way for companies to communicate with customers.
Wireless-assisted GNSS (A-GNSS), observed timing difference of arrival (OTDOA), observed time difference of arrival (E-OTD), and hybrid technologies, which integrate A-GNSS with other established technologies, can all be used to determine location. By tracking the movement of vehicles, location-based services can provide commuters and service seekers with a more precise position and estimated arrival time in real time. This is predicted to become a sizeable market because of the major efforts made by nations throughout the world to attain smooth transportation goals as part of their smart city programmes. These changes would lead to more opportunities, notably in the Latin American and Asian-Pacific region. Hence, driving the global location based services market.
Furthermore, industry giants like Nokia, Samsung, and other OEMs are joining this market due to the sizeable ongoing investments for the integration of 3D map apps with smartphones. A number of online web service providers, including Microsoft Corp. and Amazon Inc., have begun to offer 3D maps on their platforms. For instance, Parrot, a well-known company that makes wireless accessories for smartphones, has positioned its consumer drones for purposes in 3D modelling, mapping, and agriculture. Throughout the projected period, these occurrences are anticipated to fuel market demand in emerging economies.
US Location Based Services Market is poised to grow at a sustainable CAGR for the next forcast year.
Global Market Size
USD 20 billion
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For better understanding, we have segmented the global location based services market by component, location type, application, vertical and region. Based on component, the Location Based Services Market is segmented into platform, services and hardware. Based on location type, the Location Based Services Market is segmented into indoor and outdoor. Based on application, the Location Based Services Market is segmented into GIS, navigation, tracking, social media. Based on vertical, the Location Based Services Market is segmented into logistics, retail, healthcare, media, defence, and others. Based on region, the Location Based Services Market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
During the forecast period, the hardware segment is projected to accelerate the growth of the location based services market
In 2021, the hardware sector had the largest market share of the location based services market and it is anticipated to maintain its dominance throughout the forecast period. This sector's rise is primarily due to an increase in industry-wide digitization. Additionally, the growing popularity of geotagging and user-focused multimedia content will present new business prospects for major participants in the location based services industry worldwide.
During the forecast period, the global location based services software segment is projected to grow at the fastest rate. The market has grown tremendously due to rising social media marketing usage and rising industry player knowledge of the benefits of location-based services (LBS). In addition to solutions, businesses also offer consultation, support, and maintenance services as well as integration and deployment.
The outdoor location segment held the largest market share of the global location based services market
Outdoor location based services find data based on the user and the device utilising GPS, satellites, and a remote location sensor. Applications of outdoor location-based services include geomarketing & advertising, asset tracking, person tracking, client location tracking, vehicle tracking, freight management, road-optimization and planning, visualisation of exploration and infotainment, regional activity warning, and security management. In addition, because GPS is widely accessible and location-based apps have improved analytical capabilities, outdoor location based services are anticipated to hold a significant market share in the global location based services market.
Furthermore, the indoor location based services market is expanding at the fastest rate. Positioning technologies like Bluetooth Low Energy (BLE), RFID, or Ultra-wideband have effectively improved customer experience and advanced manufacturing in the indoor location based services. Since, nearly every industry vertical is implementing cutting-edge technology to grow their enterprises, the need for indoor LBS is anticipated to rise in the upcoming years. The expansion of the location based services market is being fueled by a greater uptake of cutting-edge technologies across sectors, such as cloud, big data, and AI. Additional benefits of indoor location based services include real-time mapping, indoor wayfinding, indoor space management, asset tracking, indoor location tracking, event scheduling and management, and safety alerts.
Due to the growing accessibility of location-aware technologies, navigation services now holds the highest market share
Navigation services dominated the global location based services market in 2021. One of the positioning systems accessible is used by navigation services to pinpoint precise locations for a mobile device. Users will be able to be directed or navigated to the desired areas with its help. Google Maps, which is available on a global platform and can be loaded on many operating systems, is one example of location based services navigation.
Due to the increased accessibility of the internet, the proliferation of mobile devices, and the development of targeting technology, advertising and promotion services is anticipated to register highest CAGR throughout the forecast period. Location based services offer several benefits over conventional marketing and can be an effective tool for connecting with clients and offering tailored marketing solutions. Businesses now have a variety of chances to target areas where customers are most likely to interact with their products owing to location-based marketing. Location-based advertising is being used by business players since it is inexpensive and ensures exposure to the right audiences.
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North America dominated the global location based services market in 2021 and it is expected to maintain its dominance throughout the forecast period. The lucrative rise in North America is primarily attributable to the region's growing smartphone adoption and advancements in communication technologies. Location-based services (LBS) are being used by businesses in the region to find their customers, which will help them expand their businesses. Because there are more smartphone users in the US than anywhere else in North America, and infrastructure is developing at a rapid rate, the US has emerged as the region major contributor in the growth of location based services market. In addition, the market will be impacted throughout the projected period by the profitable expansion of cutting-edge technologies like the Internet of Things (IoT), artificial intelligence (AI), and cloud computing.
Europe is anticipated to dominate the market and have impressive CAGR growth. Due to the presence of major participants in the market for location-based services, Europe is regarded as one of the technologically most developed regions. Leading regional players are increasing their investments in location based services.
In terms of CAGR, Asia Pacific is predicted to have the fastest growth in the global location based services market. The market in Asia Pacific will expand as a result of rising demand for location based services in the transportation and logistics sector. In addition, this region's expanding infrastructure in commercial buildings, neighbourhoods, and shopping centres presents lucrative growth prospects for indoor location based services. China is not only a major regional market for location-based services, but also a global market, owing to significant growth in investments in infrastructure and technological capabilities, combined with internet and mobile penetration, the country holds a prominent position in the region as well as the global location based services market.
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Location Based Services Market Driver
One of the key factors propelling the expansion of the global location based services market is the rising use of smartphones and other wireless devices. The popularity of location-based check-in applications, improvements in communication technology's analytic capabilities, and the accessibility of inexpensive GPS-mounted gadgets are further factors that are anticipated to contribute to the growth of the location based services industry. Additionally, increasing use of social media, mobile networking, and the Internet of Things (IoT), communications breakthroughs and ongoing research & development in 4G and 5G technologies in economically expanding regions are few of the major reasons boosting the global location based services market growth.
The global location based services market is expected to have significant development potential because of the persistent demand for location-based applications in e-commerce, food delivery, tourism, and social networking applications. Retailers can assess consumer preferences using location based services (LBS), which also provide quick access to information about goods or services. For instance, based on consumer location, retailers may arrange their advertising efforts for their closest shop or area-based offers. Retailers will benefit from this as it will enable them generate more revenue and provide their customers customised goods and services.
High functionality location based services are becoming more prevalent in the automotive industry. LBS help truck and vehicle drivers determine the optimum route, which decreases idle time and boosts productivity. Vehicle telematics, navigation, emergency services, asset tracking, traffic services, and emergency services are just a few of the value-added services that automakers make sure to offer to their consumers.
Location Based Services Market Challenge
All the participants in the mobile ecosystem, such as users, advertisers, marketing vendors, and advertising service agencies, have significant challenges when it comes to pricing for location based services. Voice and data services, including applications, have very different price structures. For voice services, network operators often use per-minute and flat rate pricing structures, while open-ended pricing structures are used for data services. The current system of charging customers based on airtime and data usage has not been well received by customers. Future high-speed networks (4G and higher) may open up new market opportunities with their straightforward and alluring pricing structures. Content providers who intend to make money through promotions and location-based advertising that will draw customers to a storefront face some difficult pricing decisions. It has not yet been tested how much users are prepared to pay for LBS or the best way to entice them with promotional offers and bundled services in a mobile setting. The uptake of location based services and the resulting consumer demand will be substantially impacted by prices. Customers want these services to be straightforward, transparent, and worth the money they spend on them.
The level of customer privacy protection provided by network operators will determine how widely location based services are adopted. Unwanted mobile advertising is frequently viewed as obtrusive, and some customers resent marketing initiatives that invade their privacy. The providers of location based services need to be aware of the delicate balance between personalisation and resolving privacy issues. Customer data should be gathered and processed in order to give customised context-specific location based services. However, suitable management and security measures should be implemented while handling customer personal data. Mobile devices have a high degree of personalization, which opens up a lot of opportunity for on-demand customised location based services. Privacy protection for customers will be crucial as these services are introduced.
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Google has been actively offering location based services and solutions, such as search engine, cloud computing, and location-based advertising. The goal of Google location-based services (LBS) is to deliver a more precise device location and to increase location accuracy in general. Additionally, based on the user's location, Google Maps offers helpful information about nearby eateries, ATMs, and other locations. The business also provides integration of the LBS API for other application developers. Google Now, Google Search, and Knowledge Graph are other location based services offered by the search giant.
Maps and location-based services (LBS) are offered by HERE, an Open Location Platform firm, across a variety of displays and OSs. It offers services and solutions to several end-use industries, including the public sector, infrastructure, telecom, utilities, and the automotive, transportation, and logistics sectors. It offers services and solutions to several end-use industries, including the public sector, infrastructure, telecom, utilities, and the automotive, transportation, and logistics sectors. A variety of location-based services (LBS) are available from HERE, including Fleet Telematics, Geocoding, Geo visualization, HERE Advertising Data Services, and HERE Mobile SDK, which adds smart location context to user location data for more accurate location.
Apple location-based services enable Apple and outside app developers to track Apple customers' present locations and provide them a range of location based services. Apple has recently seen increased success with indoor location based services. Additionally, the business expanded its indoor location based services technology by introducing iBeacon and acquiring WIFI SLAM.
Location Based Services Market Top Players Company Profiles
Location Based Services Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
According to our analysis, diverse application areas, rising location-based service demand, technical improvements, rising usage of smartphones and GPS-enabled devices, and rising business intelligence adoption are the factors influencing the growth of the worldwide location based services market. Due of their superior navigation and tracking capabilities, location-based services including mapping, navigation, geographic information systems, and emergency response services are chosen by end users. The adoption of location-based services and solutions is fuelled by these key reasons in a variety of sectors, including BFSI, education, retail & manufacturing, transportation, oil & gas, and others.
|Market size value in 2021||USD 20 billion|
|Market size value in 2028||USD 69.19 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Location Based Services Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Location Based Services Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Location Based Services Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Product ID: SQSG45D2014