Location Based Services Market Size, Share, Growth Analysis, By Component(Platform, Services, Hardware), By Location Type(Indoor, Outdoor), By Application(GIS, Navigation, Tracking, Social Media), By Vertical(Logistics, Retail, Healthcare, Media), By Region - Industry Forecast 2024-2031

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.