What is the global market size of Location Based Services Market?

Location Based Services Market size was valued at USD 45.4 billion in 2021 and is poised to grow from USD 56.57 billion in 2022 to USD 409.48 billion by 2030, growing at a CAGR of 24.6% in the forecast period (2023-2030).

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

Q: Which region accounted for the largest share in Global Location Based Services Market?

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.

Report ID: SQMIG45D2072 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 120 | Figures: 77

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Location Based Services Market size was valued at USD 45.4 billion in 2019 and is poised to grow from USD 56.57 billion in 2023 to USD 409.48 billion by 2031, growing at a CAGR of 24.6% in the forecast period (2024-2031).

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. 'Apple', 'Google LLC', 'HERE Technologies', 'TomTom N.V.', 'Foursquare Labs, Inc.', 'Cisco Systems, Inc.', 'ESRI (Environmental Systems Research Institute)', 'IBM Corporation', 'Microsoft Corporation', 'Oracle Corporation', 'Qualcomm Inc.', 'Telenav, Inc.', 'Zebra Technologies Corporation', 'Ericsson AB', 'Navigine', 'Navisens', 'AirSage Inc.', 'Bluedot Innovation', 'Geoloqi', 'LocationSmart'

The market is projected to grow as a result of smart phones, social media, and the ease with which GPS technology is accessible

Location based mobile services are gaining popularity. A location-based service is available with a smart phone and data plan. Popular subcategories include social networking, local search and information services, navigation, and entertainment. On the mobile web, the major social networks are expanding quickly. Improved 3G networks, rising 3G handset usage, and the popularity of smart phones have persuaded vendors to support the huge growth of mobile applications, particularly location-aware apps. An additional conduit into the location based services market is offered through application store. Local search and social networking services will be ad-supported, but many operator navigation services are expected to continue being sponsored by service fees and tracking services. Mobile advertising is still a fragmented market with low revenues when compared to premium mobile sources. Therefore, location can be an important target marketing characteristic for some brands.

North America dominated the 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.

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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

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