The location-based services market is poised for exponential growth, increasing from $86.02 billion in 2023 to $107.86 billion in 2024, at a CAGR of 25.4%. This growth is driven by rising smartphone usage and advancements in mobile advertising. By 2028, the market is expected to reach $275.4 billion, reflecting a CAGR of 26.4%. Major trends include the demand for indoor location services and the rise of smart city initiatives.
Major Driver In The Location Based Services Market
An upsurge in the use of smartphones and GPS-enabled devices is expected to propel the growth of location-based services. According to the data by the Indian Cellular and Electronics Association, the number of users using smartphones is expected to reach 829 million by 2022. Also, according to forecasts from Ericsson and The Radicati Group, the number of smartphone users is expected to increase from 6.05 billion in 2020 to nearly 7.33 billion by 2025. Therefore, an upsurge in the use of smartphones and GPS-enabled devices drives the location-based services market. The market size in 2023 was substantial, reflecting the increasing reliance on location-based services for various applications. Looking forward to 2024 and beyond, the market is anticipated to witness continuous growth in tandem with the escalating adoption of smartphones and related technologies.
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Location Based Services Market Competitive Landscape
Apple Inc., Google LLC, AT&T Inc., Nippon Telegraph and Telephone Corporation Docomo, Intel Corporation, International Business Machines Corporation, Cisco Systems Inc., Qualcomm Incorporated, Oracle Corporation, Telefonaktiebolaget LM Ericsson, CommScope Holding Company Inc., Transfix Inc., INRIX Inc., CloudMade Inc., Bluedot Innovation Inc., pureLiFi Ltd., Kinetica DB LLC, Navenio Inc., AiRISTA Flow, ALCATEL-LUCENT Enterprise SAS, Flybits Inc., HERE Global B.V., InnerSpace Pty Ltd, Localz Inc., Mapsted Corporation, Quuppa Inc., Navigine GmbH, Resonai Inc., Seldon Technologies Ltd.
Key Location Based Services Market Trend
Major companies operating in the location-based services market are developing innovative products such as high precision tracking devices to sustain their position in the market. High precision tracking devices refer to advanced technological tools designed to accurately and reliably determine the location, movement, and sometimes other relevant data of objects or individuals with an exceptionally high degree of accuracy. For instance, in July 2023, Bad Elf LLC, a US-based computer hardware manufacturing company launched Bad Elf Flex Mini, a high-precision Bluetooth GNSS receiver designed for geospatial professionals. It offers a range of accuracy levels to suit different mapping needs, including an extreme mode for subfoot accuracy with RTK support. The device supports multiple satellite constellations for global coverage and uses Bluetooth to connect to smartphones and tablets. It features a long-lasting battery, a rugged design, and a companion app for iOS and Android. This product aims to provide a cost-effective and user-friendly solution for high-precision location data collection in challenging field conditions.
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Location Based Services Market Segmentation
The location-based services market covered in this report is segmented –
1) By Component: Platform, Hardware, Services
2) By Location Type: Indoor, Outdoor
3) By Technology: GPS, Assisted GPS (A-GPS), Enhanced GPS (E-GPS), Enhanced observed time difference (E-OTD), Observed Time Difference, Cell ID, Wi-Fi, Other Technologies
4) By Application: Location-based Advertising, Business Intelligence And Analytics, Fleet Management, Mapping And Navigation, Social Networking And Entertainment, Proximity Marketing, Asset Tracking, Other Applications
By Geography:The regions covered in the location-based services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the location-based services market in 2023.
The Location Based Services Global Market Report 2024 furnishes information about the global location based services market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
