USD 402.4 Billion Location Based Services Market Reach by 2031 : Growth Drivers and Future Scenarios

According to the report published by Allied Market Research, The USD 402.4 Billion Location Based Services Market Reach by 2031 : Growth Drivers and Future Scenarios. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.

Increase in adoption of social media & smart phones, easy availability of GPS, emergence of location-based technology, and the increase in number of smartphone users and internet accessibility drive the growth of the global location-based services market. However, inflated cost of installation and maintenance and operational challenges are hampering the location-based services market growth. On the contrary, the growing penetration of 3G & 4G networks and continuous increase in the number of internet users are expected to offer remunerative opportunities for expansion of the location-based services market during the forecast period.

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The global location-based services market was valued at USD 45.4 billion in 2021, and is projected to reach USD 402.4 billion by 2031, growing at a CAGR of 24.6% from 2022 to 2031.

The location-based services market is segmented on the basis of component, technology, application, industry vertical, and region. By component, it is categorized into hardware, software, and services. By technology, it is divided into GPS, Assisted GPS (A-GPS), Enhanced GPS (E-GPS), enhanced observed time difference, observed time difference, cell ID, Wi-Fi, and others. By application, the LBS market is classified into location-based advertising, business intelligence & analytics, fleet management, mapping and navigation, local search & information, social networking & entertainment, proximity marketing, asset tracking, and others. By industry vertical, it is segmented into transportation & logistics, manufacturing, government & public utilities, retail, healthcare & life sciences, media & entertainment, IT & telecom, BFSI, hospitality, and others. Region-wise, the market is performed across North America, Europe, Asia-Pacific, and LAMEA.

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Based on component, the services segment held the highest market share in 2021, accounting for nearly half of the global location-based services market, and is estimated to maintain its leadership status throughout the forecast period, as it provides location-based services typically create and implement mapping and navigation solutions into the intended infrastructure to introduce sophisticated navigational capabilities, which aids the firm in future marketing decisions. However, the software segment is projected to manifest the highest CAGR of 26.9% from 2022 to 2031, as it offers location analytics, risk analytics & geofencing, geospatial data transformation, and geocoding & reverse geocoding.

Based on technology, the Assisted GPS (A-GPS) segment held the highest market share in 2021, accounting for nearly one-fifths of the global location-based services market and is estimated to maintain its leadership status throughout the forecast period, owing to the combination of GPS and Cell ID tools. It links the positioning system of GSM operators with satellite positioning and uses both GPS technology and BTS position to correct any errors regarding exact location. However, the others segment is projected to manifest the highest CAGR of 28.3% from 2022 to 2031, owing to the use of methods such as time of arrival (TOA), angle of arrival (AOA), and time difference of arrival (TDOA).

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Based on region, North America held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global location-based services market, owing to rise in technological advancements and a well-established media & entertainment industry. However, the Asia-Pacific region is expected to witness the fastest CAGR of 27.3% from 2022 to 2031 and is likely to dominate the market during the forecast period, owing to surge in the adoption of location-based services software by prominent companies in this region.

The key players profiled in the location-based services market analysis is ALE International, Apple, Inc., AT&T Inc., Airtel India., Cisco Systems, Inc., Google Inc., HERE, IBM Corporation, Microsoft Corporation, Oracle Corporation, and Qualcomm Technologies Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the location-based services industry.

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Covid-19 Scenario

● The outbreak of the Covid-19 pandemic had a negative impact on the global location-based services market, owing to implementation of the global lockdown.

● At present, economies are shifting their focus from responding to the pandemic to economic recovery, and hence, with the growing demand for GPS-based solutions, various growth opportunities may emerge for the location-based services market players.

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