Location Based Services Market Size is Expected to Grow USD 402.4 Billion by 2031 | Growing at a CAGR of 24.6%

According to the report published by Allied Market Research, the global location-based services market generated $36.35 billion in 2020, and is projected to reach $318.64 billion in 2030, exhibiting a CAGR of 24.3% during the forecast period. The report offers an in-depth analysis of the market size, emerging and current trends, future estimations, and key players.

Location-based marketing/advertising provides vast advantages to businesses in reaching out to their customer base in a particular location. Location-based marketing enables advertisers to build high-quality databases and more accurately forecast consumer spending. Its additional features increase consumer connections and audience visibility. Increased use of the internet and GPS-enabled mobile devices accelerate market expansion.

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Diversified range of applications, rise in demand for location-based services, increase in demand for smartphones, and rapid development of business analytics solutions drive the market growth. On the other hand, high cost of real-time LBS and operational challenges hinder the global location-based services market. On the contrary, technological developments and new applications that demand LBS solutions create opportunities for market players in the future.

COVID-19 scenario:

• With the spread of the COVID-19 pandemic, the use of location-based services enables governments to impose social distancing and facilitate tracking patterns of movements of people and traffic patterns.

• Location-based services are projected to get traction, due to their use in predicting the most probable COVID-19 infected regions and to preschedule the allocation of healthcare resources accordingly.

• Innovations and developments in location-based services post-pandemic such as location-based marketing, real-time tracking, augmented reality, and geotagging will support the market growth.

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Based on the components, the hardware segment accounted for the largest market share in 2020, contributing to more than two-fifths of the total share. The services segment is estimated to witness the fastest CAGR of 26.9% from 2021 to 2030.

Based on technology, the Assisted GPS (A-GPS) segment contributed to the highest market share in 2020, contributing to nearly one-fifth of the total market share, and is anticipated to dominate the market during the forecast period. The same segment is expected to manifest the fastest CAGR of 26.6% from 2021-2030. The report also covers other segments such as enhanced GPS (E-GPS), enhanced observed time difference (E-OTD), observed time difference, cell ID, Wi-Fi, and others.

Based on region, North America contributed to the highest share in 2020, holding more than two-fifths of the total share, and is expected to maintain dominance throughout the forecast period. The Asia-Pacific region is expected to portray the fastest CAGR of 27.0% from 2021-2030.

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Key players of the global location-based services industry analyzed in the research include Alcatel-Lucent, Apple Inc., Google LLC, AT&T Inc., Microsoft Corporation, Bharti Airtel Limited, Oracle Corporation, Cisco Systems, Inc., HERE, Qualcomm Technologies, Inc., and International Business Machines Corporation.

KEY BENEFITS FOR STAKEHOLDERS:

• The study provides an in-depth analysis of location based services market forecast along with current trends and future estimations to explain the imminent investment pockets.

• Information about key drivers, restraints, and opportunities and their impact analysis on location based services market trends is provided in the report.

• Porter's five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.

• The location based services market analysis from 2022 to 2031 is provided to determine the market potential.

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