Location Based Services Market Will Propel at a 17.8% CAGR

The location based services market is estimated to reach USD 26.7 billion in 2023, and it will touch USD 83.9 billion, propelling at a 17.8% compound annual growth rate, by 2030.

The growth of this industry can be attributed to the surging infiltration of smartphones with GPS, as well as the increasing efforts of marketers to track consumers' location to provide them with the finest recommendations for goods and services accessible close to them.

Additionally, the ease of accessibility of 4G networks, increasing disposable income, and speedy deployment of 5G infrastructure will further boost the advancement of this industry.

For Getting Sample Pages of This Report:-
https://www.psmarketresearch.com/market-analysis/location-based-services-market/report-sample

The surge in the acceptance of platforms that offer higher accuracy is the outcome of the improvements in real-time location systems and LBS over the recent years. These developments have resulted in the augmentations in the effectiveness and a drop in the prices of RTLS solutions, as a result, their usage has enlarged across various sectors, for instance, industrial manufacturing, logistics, healthcare, process, and defense.

The solutions category, based on component, accounted for the largest location-based services market share. This is because of the surge in the necessity for location-based platforms to promote proximity marketing in the sector of retail.

Moreover, the increasing need for surveillance and navigation services in the sector of transportation and automotive, as well as the rising utilization of location-based services for precision farming also boosts the progression of this category.

In 2023, the outdoor category, based on location type, accounted for the larger share of the industry. This is because of the increasing requirements for progressive route mapping solutions, navigation & outdoor mapping applications, as well as the surging accessibility of apps for outdoor GPS navigation in vehicles & smartphones.

The transportation & logistics category, based on industry, led the industry. This can be because of the surging need for personnel tracking systems, GPS automobiles, progression in navigation & mapping systems, GPS fleet tracking software, and more.

For Getting More Insights of This Report:-
https://www.psmarketresearch.com/market-analysis/location-based-services-market

North America led the industry, and it will remain leading in the years to come. This can be mainly because of the surging utilization of mobile phones and progressing communication technologies. Moreover, establishments in North America are implementing GPS data to track the actions of their users and to gather info about their buying behavior.

APAC will advance at the fastest rate in the years to come. This can be because of the rising placement of high-speed telecommunication networks, helpful steps of the government, and the growing necessity for LBS in the sector of food & beverage to transport consumable goods over the cold chain.

It is because of the mounting infiltration of smartphones with GPS across the globe, the location-based services industry will witness robust growth in the years to come.

Browse More Related Reports:-

3D Mapping and 3D Modelling Market:-https://www.psmarketresearch.com/market-analysis/3d-mapping-and-3d-modelling-market

Software Defined Networking Market:-https://www.psmarketresearch.com/market-analysis/software-defined-networking-market

Cloud Enterprise Resource Planning (ERP) Market:-https://www.psmarketresearch.com/market-analysis/cloud-erp-market

About P&S Intelligence

P&S Intelligence is a market research and consulting firm shaping growth strategies for enterprises with a global as well as niche presence. We specialize in both syndicate and custom market research, creating insight-laden reports that allow customers to stay ahead at every curve. Our clients range from multi-billion-dollar behemoths across industries to up and coming MSMEs and startups. Moreover, with our new offering, government, and public sector advisory services, we continue to trudge ahead in our quest for revolutionizing the way economies shape themselves in these ever-changing times.

Contact:
Chandra Mohan
AVP - Business Development
Phone: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com
Blogs: https://worldwideanalysistrends.blogspot.com/
Follow Us: https://www.linkedin.com/company/pnsintelligence/

This release was published on openPR.