Location-Based Services Market to Grow at CAGR of 22% through 2032 – Increasing Smart Connected Device Ownership to Propel Growth
The global location-based services market size is anticipated to grow from USD 40 billion to USD 292.18 billion in 10 years. The market will experience rapid growth due to the increasing demand for location-based services across industries during the forecast period.
Newark, Oct. 12, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 40 billion in 2022 global location-based services market will reach USD 292.18 billion by 2032. By 2025, it is predicted that smart cities will be worth $310 billion. The development of smart cities will be aided by several reasons, including population expansion, increased investment in creative city planning, and supportive programmes. The primary concept of a city is to utilize knowledge and technology to improve the city’s economics, sociology, politics, and general well-being. The use of location-based services in designing and managing smart cities has expanded due to technological innovation and the growing automation and digitalization of the world’s economy. Additionally, it is utilized in business, disaster preparedness, tourism, healthcare, energy, and education. It aids companies in determining their target markets. Therefore, the rise in applications is encouraging for the market’s growth.
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Key Insight of the Global Location-based Services Market
Asia Pacific is expected to rise the fastest during the forecast period.
The digital infrastructure expansion and the use of cutting-edge technologies drive the region’s growth. One of the best examples of the advancements the area is making in location-based services is the creation of India’s navigation technology. The sizeable consumer market that uses location-based services given the rise in smartphone ownership, the expansion of internet use, the telecom boom, and supportive government policies for enhancing the digital economy. The regional market expansion will be aided by the rising innovation produced by both public and private entities, rising stakeholder collaboration, and rising adoption and acceptance of technology-driven solutions.
In 2022, the GPS segment dominated the market with the largest market share of 35% and market revenue of 14 billion.
The technology segment is divided into GPS, enhanced GPS, observed time difference, Wi-Fi, assisted GPS, enhanced observed time difference, cell ID and others. In 2022, the GPS segment dominated the market with the largest market share of 35% and market revenue of 14 billion.
In 2022, the mapping and navigation segment dominated the market with the largest market share of 36% and market revenue of 14.40 billion.
The application segment is divided into social networking and entertainment, asset tracking, mapping and navigation, fleet management, local search and information, proximity marketing, business intelligence and analytics, location-based advertising, and others. In 2022, the mapping and navigation segment dominated the market with the largest market share of 36% and market revenue of 14.40 billion.
In 2022, the transportation and logistics segment dominated the market with the largest market share of 32% and market revenue of 12.80 billion.
The industry vertical segment is divided into transportation and logistics, government and public utilities, healthcare and life sciences, IT and telecom, hospitality, manufacturing, retail, media and entertainment, BFSI and others. In 2022, the transportation and logistics segment dominated the market with the largest market share of 32% and market revenue of 12.80 billion.
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Advancement in market
September 2023 – Scientists were particularly interested in human traffic patterns during the peak of the COVID outbreak, and location-based cellular services can provide this information. To process location-based cell phone data and create much more detailed datasets that better estimate fine-scaled social contacts in public spaces, a group of scientists used resources at the National Energy Research Scientific Computing Centre (NERSC) at Lawrence Berkeley National Laboratory (Berkeley Lab). These datasets can be used, among other things, to understand the impact of public health interventions and messaging on social distancing. The datasets are accessible on the Open Science Framework – Centre for Open Science, and their work was highlighted in a study published in Nature’s Scientific Data publication.
Driver: the growing ownership of smart gadgets.
With increased possession of smart, linked gadgets, the digital era has drastically changed the global economy. The expansion of the digital economy has been accelerated by rising disposable income among the populace and falling smartphone retail prices due to an increase in participants and technological advancements. The government’s measures to reform the market economy by strengthening the IT infrastructure have also helped the market flourish by increasing internet adoption, accessibility, and data service affordability. The advent of location-based services is also aiding the market’s expansion via mobile applications. The desire for more location-based services is driven by the young population, which has a high level of digital awareness. Therefore, the expansion of the worldwide location-based services market will be driven by the rising ownership of smart connected devices.
Restraints: The expensive installation and infrastructural costs.
The infrastructure, staff, and funding needed to maintain, improve, and monitor location-based services are significant. It is a labour- and money-intensive process. Additional issues that demand focus and funding are implementing location-based services and their correctness. As a result, the market’s expansion is constrained by the high infrastructure and installation costs.
Opportunities: integration of AI and IoT in LBS.
The introduction of the 5G network, optical fibre, AI, IoT, and other technologies has contributed to the growth and enhancement of the IT infrastructure. These technologies have the potential to significantly enhance the features and uses of location-based services, creating lucrative market prospects over the course of the projection period.
Challenge: Data safety and security risks.
The proliferation of digital assets and services has outpaced safeguards against data theft, user security and safety regulation. International organizations and national governments are still working on regulations to monitor and control digital services to safeguard consumer interests, given the increased risk of data theft, which can be used against consumer interests. Businesses use geographical data from consumers to use dark patterns and persuade them to make irrational decisions. Similar trends are witnessed everywhere, which might challenge the market’s growth as governments introduce stringent regulations over such services.
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Some of the major players operating in the global location-based services market are:
• ALE International
• Apple, Inc.
• AT&T Inc.
• Cisco Systems, Inc.
• Google LLC
• HERE Technologies
• IBM Corporation
• Microsoft Corporation
• Oracle Corporation
• Qualcomm Technologies, Inc.
Key Segments covered in the market:
• Enhanced GPS
• Observed Time Difference
• Assisted GPS
• Enhanced Observed Time Difference
• Cell ID
• Social Networking and Entertainment
• Asset Tracking
• Mapping and Navigation
• Fleet Management
• Local Search and Information
• Proximity Marketing
• Business Intelligence and Analytics
• Location-Based Advertising
By Industry Vertical
• Transportation and Logistics
• Government and Public Utilities
• Healthcare and Life Sciences
• IT and Telecom
• Media and Entertainment
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client’s objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client’s requirements whether they are looking to expand or planning to launch a new product in the global market.
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