Pune,India, Sept. 20, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global Location-based Services Market Size was valued at USD 22.16 billion in 2022 and is projected to grow from USD 26.22 billion in 2023 to USD 96.66 billion by 2030, exhibiting a CAGR of 20.3% during the forecast period.
Location-based services ensure that users can access accurate and timely information on their surroundings while delivering business services to their customers. The increasing use of location-based technologies for promoting applications is estimated to drive the location-based market growth during the forecast period.
Key Industry Development-
April 2023 – RadiSys Corporation, a global open telecommunication solutions company, launched ReachPoint, an intelligent network geolocation platform. ReachPoint provides real-time GPS services, which can reach places, such as tall buildings, where GPS is unavailable.
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Key Takeaways-
- Location-based Services Market is expected to flourish & reach USD 95.66 Billion in 2030
- Due to the widespread use of mobile phones and Internet of Things (IoT) devices, there is a vast quantity of data accessible to improve the quality and usefulness of maps and location services.
- Due to location-based marketing, the quick adoption of mobile phones, and the accessibility of GPS, the use of location-based services has significantly expanded.
- Location-based Services Market Size in North America was USD 8.07 Billion 2022
Discover the Leading Players Featured in the Report-
“HERE Technologies (The Netherlands), IndoorAtlas (Finland), Mapbox (U.S.), Esri (U.S.), Google LLC (U.S.), IBM Corporation (U.S.), Cisco Systems, Inc. (U.S.), Maxar Technologies (U.S.), ALE International (France), Qualcomm Technologies, Inc (U.S.)”
Report Scope & Segmentation-
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 20.3% |
| 2030 Value Projection | USD 95.66 Billion |
| Base Year | 2022 |
| Location-based Services Market Size in 2022 | USD 22.16 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 180 |
| Segments covered | Technology, Application, Location, End-Users, Regional, |
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Drivers & Restraints-
Increasing Smartphones Usage to Drive Market Growth
The increasing use of location-based services has raised smartphone usage, driving the growth of market during the forecast period. Location technology enables users to send and receive data from a mobile application allowing companies and search engines to show nearby shopping malls, cinemas, restaurants, and ATMs across the user’s location. The easy availability of GPS technology is aiding the market growth during the forecast period.
The concerns related to high installation and deployment costs and privacy hamper the market growth during the forecast period.
Leading Segments Covered in this Report-
By Technology
- GPS
- Assisted GPS (A-GPS)
- Enhanced GPS (E-GPS)
- Enhanced Observed Time Difference (E-OTD)
- Wi-Fi
- Cellular ID
- Others (Bluetooth Beacon, Near Field Communication (NFS))
By Application
- GIS and Mapping
- Navigation and Tracking
- Geo Marketing and Advertising
- Social Networking and Entertainment
- Fleet Management
- Others (Business Intelligence and Analytics, Geospatial Database Development
By Location Type
- Outdoor
- Indoor
By End-Users
- Transportation and Logistics
- Manufacturing
- Retail and Consumer Goods
- Automotive
- Healthcare
- Government and Public
- Aerospace and Defense
- Others (BFSI, IT and Telecom, Gaming)
Regional Insights-
Increasing Growth of IoT Technology to Propel Market in North America
North America held the highest location-based services market share in 2022. The growth in the region is attributed to the increasing growth of IoT technology and smartphone penetration across North America. The growing need for personalized experiences, effective operating efficiencies, and better security measures have led to market growth.
Asia Pacific market is estimated to have a significant CAGR during the forecast period owing to the rising investments to improve infrastructure and technological capabilities, integrated with the rising penetration of smartphones and the internet in the region.
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Competitive Landscape-
Rising Market Players Focus on Partnership Strategies to Boost Market Growth
The major market players are adopting partnerships, mergers and acquisitions, investments, and new product development strategies to strengthen their market position. Large companies are acquiring local and small firms to expand their presence.
FAQs
How big is the Location-based Services Market?
Location-based Services Market size was USD 22.16 Billion in 2022. It is expected to reach USD 95.66 Billion by 2030.
How fast is the Location-based Services Market growing?
The Location-based Services Market will exhibit a CAGR of 20.3 % during the forecast period, 2023-2030
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