Location Based Services Market

Location Based Services Market generated a revenue of USD 30,980.2 Million in 2022 and is forecast to witness a 19.4% CAGR during forecast period (2023-2030), and is predicted to reach USD 1,27,973.2 Million in 2030 due to the growing penetration of social media, smartphones, increasing digitalization across various end-use industries, and increasing demand for mobile location-based services.

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Overview of Location-Based Services Market

Increasing awareness about the advantages of LBS analytics and accelerating smartphone, social media, and the Internet of Things penetration are projected to fuel the location-based services market growth. Further, rising adoption of location-based services in food, tourism, and e-commerce end-use industries, owing to the ability of LBS to interpret consumer preferences and offer an immediate access to products or services, will propel the location-based services market size.

The growing demand of LBS among businesses in order to offer dynamic user experience and a convenient method for interacting with customers, ongoing technological innovations which include the enhanced observed time difference (E-OTD), global cell identity (CGICTA), and a combination of mobile positioning and satellite-based global positioning system (GPS), will boost the market growth. In addition, the growing emphasis of government across several nations to encourage the use of LBS to achieve smooth transportation goals will further add to the market growth. Besides the increasing investment by leading players in research and development (R&D) activities to launch 3D map applications with smartphones and the surging demand for Location based service in the e-commerce industry, will boost the market growth.

Moreover, the emerging need for higher productivity in automotive sector has increased the adoption of Location-based services, driving the market size. This is because the services help to find the best possible route to minimize time wastage. Ongoing innovations in the field of communication and developments in 4G and 5G technologies is developing nations have bolstered the market. However, growing awareness pertaining data safety and privacy is forecast to impede the location-based services market over the upcoming years.

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Location Type – Segment Analysis

Based on the location type, the Indoor segment is anticipated to increase at a higher CAGR during the forecast period owing to the increasing usage of the indoor location-based services by several organizations as a result of the rising implementation of advanced technologies such as artificial intelligence, big data, 3D platforms, and cloud computing. Moreover, various advantages provided by indoor location-based services such as assistance, security, the ability to meet the customer’s demands will further attract many customers in the market.

Vertical – Segment Analysis

Based on the vertical, the Transportation & Logistics segment is expected to grow at a higher compound annual growth rate over the forecast period due to the increasing usage of location-based services in this vertical to enhance the capital returns and increase the customer’s loyalty. Location-based services offer the ability to facilitate the system-wide inventory management, enhances communication, help to track the missing equipment.

The use of location-based services (LBS) in the retail industry is forecast to lead the market as it helps consumers to access physical retail stores and share their personal experiences. LBS in the retail industry helps businesses and leading players to collect data about the spending habits of customers from various locations, which is estimated to augment the market growth.

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Region – Segment Analysis

Based on the region, North America is anticipated to grow at a higher compound annual growth rate during the forecast period owing to the accelerated adoption of location-based services among various enterprises and organizations. Furthermore, the increasing penetration of smartphones & the internet and growing implementation of cutting-edge technologies such as cloud computing, IoT, and artificial intelligence, are further driving the growth of the location-based services market in this region.

Asia Pacific is estimated to lead the market over the forecast period, due to their growing demand in the transportation and logistics industry. Increasing infrastructural development in localities, commercial offices, and shopping malls will offer enormous growth opportunities for indoor location-based services.

Top Market Players

Various notable players operating in the market include Google Inc., Microsoft, IBM Corporation, Cisco Systems, Inc., Oracle Corporation, Qualcomm, Ericsson, TomTom International BV, Zebra Technologies, and Esri, among others.

Key Developments:

• • In 2021 – Kloudspot Inc. collaborated with Cisco Meraki to help organizations provide a secure and smarter workspace experiences for customers and employees. The Kloudspot Platform and KloudVision incorporated real-time location intelligence and video analytics acquired from the Cisco Meraki intuitive cloud-first platform to integrate unique safety features.
  • In 2021- MTS collaborated with Ericsson to establish private networks in Russia. The strategic partnership was intended to serve the demand and jointly support the fourth industrial revolution which will be developed on the latest network infrastructure offered by LTE/5G networks.
  • In 2021, Cisco initiated Multiscreen-as-a-Service (MaaS) Location Based Services (LBS) app, with several features, such as Indoor Routing and Navigation, Off-Route Notifications, and Location Sharing.
  • In 2020, Qualcomm, in collaboration with ISRO, launched mobile chipsets to support the navigation system of India called ‘Navigation with Indian Constellation.’ By the use of the chipsets, helps to accelerate the use of NavIC by the smartphone OEMs.
  • In 2019, Microsoft expanded its partnership with TomTom International BV. In this partnership, the maps and traffic data of TomTom are combined into a multitude of mapping the scenarios of the cloud services of Microsoft and making TomTom a leading location data provider for Binge Maps and Microsoft Azure.

Segments Covered in the Report:

The global location-based services market has been segmented on the basis of component, location type, vertical, and region. Based on the component, the market is segmented into hardware, software, and services. The software market is further categorized into the location & predictive analytics, geocoding & reverse geocoding, database management & spatial ETL, reporting & visualization, and risk analytics & threat prevention. The services market is further categorized into application support & maintenance, deployment & integration, and consulting & advisory. Based on the location type, the market is segmented into indoor and outdoor. Based on the vertical, the market is segmented into retail, government & public utilities, manufacturing, transportation & logistics, media & entertainment, healthcare & life sciences, and others.

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Key questions answered in this research report:

• • At what pace is the global location-based services market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global location-based services market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global location-based services market?
  • Which component generated maximum revenues in 2019 and identify the most promising products during the forecast period?
  • What are the various verticals of the location-based services market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Location-Based Services Market by Component

• • Hardware
  • Software
    • Location & Predictive Analytics
    • Geocoding & Reverse Geocoding
    • Database Management & Spatial ETL
    • Reporting & Visualization
    • Risk Analytics & Threat Prevention
  • Services
    • Application Support & Maintenance
    • Deployment & Integration
    • Consulting & Advisory

Global Location-Based Services Market by Location Type

• • Indoor
  • Outdoor

Global Location-Based Services Market by Vertical

• • Retail
  • Government & Public Utilities
  • Manufacturing
  • Transportation & Logistics
  • Media & Entertainment
  • Healthcare & Life Sciences
  • Others

Global Location-Based Services Market by Region

• • North America Location-Based Services Market (Option 1: As a part of the free 25% customization)
    • By Component
    • By Location Type
    • By Vertical
    • US Market All-Up
    • Canada Market All-Up
  • Europe Location-Based Services Market (Option 2: As a part of the free 25% Customization)
    • By Component
    • By Location Type
    • By Vertical
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Location-Based Services Market (Option 3: As a part of the free 25% Customization)
    • By Component
    • By Location Type
    • By Vertical
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Location-Based Services Market (Option 4: As a part of the free 25% Customization)
    • By Component
    • By Location Type
    • By Vertical
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Location-Based Services Leading Market Players (Option 5: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Google Inc.
  • Microsoft
  • IBM Corporation
  • Cisco Systems, Inc.
  • Oracle Corporation
  • Qualcomm
  • Ericsson
  • TomTom International BV
  • Zebra Technologies
  • Esri