New Delhi, Feb. 06, 2025 (GLOBE NEWSWIRE) -- As detailed in the latest research from Astute Analytica, the global location-based services market generated a revenue of US$ 65.79 billion in 2023, and it is estimated to reach a valuation of US$ 462.65 billion by 2032 at a CAGR of 24.2% during the forecast period, 2024–2032.
The robust growth of location-based services (LBS) is primarily driven by the increasing adoption of smartphones and the enhanced availability of mobile internet, particularly in developing regions. As mobile internet usage continues to rise, an impressive 57% of the global population, approximately 4.6 billion people, is now connected through mobile networks.
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Recent advancements in connectivity technologies, such as 4G, 5G, and Wi-Fi networks, have played a crucial role in enhancing the precision and availability of LBS, even in challenging environments like indoor spaces or remote areas. Currently, 90% of the global population has access to 4G networks, while 32% are covered by 5G, reflecting a significant increase from 25% in 2021.
The expansion of 5G networks has been particularly pronounced in the Asia-Pacific region, which accounted for almost three-quarters of the 5G network growth in 2022. Additionally, there has been noteworthy progress in 4G network expansion across Sub-Saharan Africa, indicating a broader global trend toward improved connectivity.
Businesses across various industries are eager to capitalize on these technological advancements to enhance customer engagement through more personalized experiences and targeted marketing strategies. Sectors such as transportation, healthcare, and logistics are integrating LBS to optimize real-time tracking and improve operational efficiency.
As the demand for location-based functionalities continues to grow, businesses that effectively harness this technology will not only improve their operational capabilities but also foster stronger relationships with their customers. The ongoing evolution of mobile internet and connectivity solutions promises to enhance the relevance and applicability of LBS, solidifying its role as a critical component of modern digital experiences.
Augmented Reality Meets Location Services Transforming Interactions with the World
Location-based augmented reality (AR) for Android and iOS is transforming the way individuals interact with their surroundings, offering innovative opportunities to enhance engagement on social platforms. By overlaying digital content and connections onto the real world, geo-located AR creates a richer, more immersive experience for event participation and real-life social networking.
This technology is gaining traction in various cities, including Hamburg, New York, and Boston, where augmented reality platforms have been launched. These initiatives have led to the development of interactive visualizations that showcase architectural models, flood resilience infrastructure, and transportation systems, thereby enriching the urban experience for residents and visitors.
In the retail sector, location-based AR is being leveraged to enhance the shopping experience. For example, when a shopper enters a mall, an app can generate an optimal route to their desired retail store, taking the guesswork out of navigation. This not only improves convenience but also makes shopping more enjoyable. As shoppers navigate the mall, they can receive personalized discounts on items they pass, making the experience more tailored to their preferences.
Additionally, when shoppers hover over a product, they can access detailed information and customer reviews, empowering them to make informed purchasing decisions. In grocery stores, AR takes this a step further by allowing users to view product ingredients, calorie content, and cooking recommendations, thus enhancing their understanding of what they are buying.
Brands that are integrating AR into their services are positioning themselves as first movers in a competitive market, poised to reap substantial returns on their investments. Various industries are capitalizing on this technology, from modern car manufacturers incorporating AR to simplify navigation, to tourism brands that are enhancing visitors' travel experiences.
A notable example is L'Oréal, which engages consumers through an immersive brand experience by utilizing Augmented Reality (AR) and Artificial Intelligence (AI) to drive product sampling and sales. This combination of technologies not only facilitates interaction but also creates a memorable and enjoyable experience for customers, ultimately fostering brand loyalty and increasing sales.
As location-based AR continues to evolve, its potential to reshape consumer engagement and interaction in various sectors is immense. As a result, it provides businesses with exciting new ways to connect with their audiences in the physical world.
Business Intelligence & Analytics Navigating the Future of LBS
The Business Intelligence (BI) and Analytics segment is projected to be the fastest-growing area within the industry, with an impressive Compound Annual Growth Rate (CAGR) of 25.20% over the forecast period. This remarkable growth indicates a significant paradigm shift in how businesses are harnessing location data to gain various competitive advantages.
Companies are increasingly turning to location-based powered tools within BI and analytics to uncover deep insights into consumer behavior, analyze market trends, and enhance operational efficiencies. This evolution reflects a growing recognition of the importance of location data in shaping business strategies.
As organizations integrate BI and analytics solutions into their operations, they are finding them increasingly essential, particularly when utilizing mapping information in relation to their business processes. These solutions play a crucial role in driving new marketing strategies, developing customer engagement programs, and innovating resource allocation.
By leveraging the capabilities of these advanced analytics tools, companies can transform raw data into actionable insights that inform strategic decision-making and enhance overall performance. Location-based services (LBS) analytics are particularly valuable, as they provide businesses with critical data that supports smarter decision-making.
By examining location data, companies can gain a deeper understanding of customer behavior and foot traffic patterns. For instance, a retail store can identify which areas within or around the store attract the most visitors. With this information, the store can make informed adjustments to its layout, product placement, or marketing efforts to optimize the shopping experience.
These insights are instrumental in helping businesses improve their operations and achieve better results. The ability to analyze and respond to location-specific data allows organizations to position themselves more competitively in the market, ultimately leading to enhanced customer satisfaction and increased profitability. As the BI and analytics segment continues to grow, the integration of location data will undoubtedly play a pivotal role in shaping the future of how businesses operate and engage with their customers.
Top Players in Location-Based Services Market
- Apple Inc.
- AT&T Inc.
- Bharti Airtel Limited
- Cisco Systems, Inc.
- ESRI
- Google LLC
- HERE Technologies
- IBM Cooperation
- Microsoft Cooperation
- Oracle Cooperation
- Qualcomm Technologies, Inc.
- TomTom N.V.
- Zebra Technologies
- Other Prominent Players
Key Segmentation
By Components
- Solutions
-
- Location Intelligence Solutions
-
- Location-powered Mobile Applications
-
- Location-based Messaging
- Services
-
- Professional
-
- Managed
By Location Type
- Indoor
- Outdoor
By Technology
- Global Positioning System (GPS)
- Global Navigation Satellite System (GNSS)
- Wi-Fi
- Cellular ID
- Bluetooth beacons
- Others
By Application
- Inventory Monitoring
- Mapping & GIS
- Asset Tracking
- Proximity Marketing
- Social Networking
- Fleet Management
- Navigation
-
- Smart Parking
-
- Route Planning
- Business Intelligence & Analytics
By End User
- BFSI
- Manufacturing
- Retail
- Healthcare & Life Science
- IT & Telecom
- Hospitality
- Transportation & Logistics
- Government
- Media & Entertainment
- Aerospace & Défense
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
For more information about this report visit: https://www.astuteanalytica.com/industry-report/location-based-services-market
About Astute Analytica
Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
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