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

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).

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.