Press release
Mobile Location-Based Services (Mobile LBS) Market Massive Growth Expected for Market During Forecast Period 2032
Mobile location-based services (mobile LBS) have become an essential service enabler in smartphones, and are used mainly for navigation and location-based queries. Recent developments in positioning technologies, and improved data transmission through edge computing, cloud computing, and 5G, will aid its growth to reach approximately USD 86.0 Billion by 2023, expanding at a compounded annual growth rate (CAGR) of 24.6% during the 2018-2023 period.
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Application segment insights:
Location-based advertising is one of the major applications of mobile LBS that has been witnessing growth over the last decade. The development and increasing use of beacons, geo-fencing, and geo-tagging for digital and proximity marketing have ensured the highest CAGR (27.2%) for this segment. Mapping and navigation is the most used service in mobile LBS, and this segment held the largest market share (28.4%) in 2018, followed by the social networking and entertainment, and local search and information segments. The business information and analytics segment is expected to expand at a CAGR of 26.2%, owing to increased use of data analytics and technological advancements in the retail, BFSI and transportation and logistics segments.
End user industry segment insights:
Industries such as retail, healthcare, transportation, travel and tourism, and BFSI are utilizing the power of mobile LBS to enhance digital experiences among customers. As one of the early adopters of mobile LBS, the retail industry dominated the market with a market share of 33%, owing to extensive use of mobile LBS in digital marketing and proximity-based advertising. Similarly, the widespread use of mobile LBS for navigation, way-finding, and asset tracking enabled the transportation segment to have the second-highest market share (26%) in 2018. The travel and tourism industry is expected to witness the highest growth rate (CAGR 27.3%) as a result of the increasing popularity of LBS-enhanced travel apps among regular travelers. The integration of mobile LBS with existing travel apps has a lot of growth potential in developing, as well as developed countries. The healthcare segment is expected to witness a lot of growth in Europe and the Asia-Pacific regions over the next few years.
Location of interest segment insights:
Currently, the physical location segment enjoys the highest market share globally (58%) because mobile LBS is primarily based on the real-time physical location of subjects. However, with the development of technology and marketing strategies, the adoption of proximity LBS through beacons, Wi-Fi, and Bluetooth are increasingly becoming popular in developed countries like North America and Europe, and the Asia-Pacific region. As a result, the proximity to locations of interest segment is anticipated to expand at a CAGR of 26.3% during the forecast period.
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Regional insights:
North America was the market leader in mobile LBS market with a share of approximately 44% in 2018. Increased smartphone penetration, advanced data transmission techniques, and new positioning technology ensured its position. Asia-Pacific is anticipated to witness the highest CAGR (27.6%) during the forecast period due to the increased use of mobile LBS, and high technology adoption rates in this region. Europe, however, may experience a setback, owing to strict government policies regarding privacy.
Companies covered:
Google Inc.
Near Corporation
Groundtruth
Place IQ
Telenity
Foursquare
Uber
Groupon
Baidu Inc.
The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
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Some Questions Answered in the Mobile Location-Based Services (Mobile LBS) Market Report:
What is the projected size of the Mobile Location-Based Services (Mobile LBS) market in 2030, and what growth rate is expected?
What are the primary drivers of growth in the Mobile Location-Based Services (Mobile LBS) industry?
What are the major market trends that are affecting the expansion of the Mobile Location-Based Services (Mobile LBS) market?
What obstacles must be overcome in order to achieve sustained growth in the Mobile Location-Based Services (Mobile LBS) market?
What opportunities and threats do vendors in the Mobile Location-Based Services (Mobile LBS) market face?
What are the raw materials and manufacturing equipment used in the production of Mobile Location-Based Services (Mobile LBS) Market, and what is the manufacturing process?
What are the different types and applications of Mobile Location-Based Services (Mobile LBS) Market, and what is the market share of each type and application?
What factors, such as trends, challenges, and risk factors, are currently shaping the growth of the Mobile Location-Based Services (Mobile LBS) market?
What factors are driving the growth of the Mobile Location-Based Services (Mobile LBS) market in the top regions worldwide?
Who are the major players in the Mobile Location-Based Services (Mobile LBS) market, and what strategies are they employing to succeed?
What industrial trends, drivers, and challenges are influencing the expansion of the Mobile Location-Based Services (Mobile LBS) market?
What are the main findings of a five forces analysis of the Mobile Location-Based Services (Mobile LBS) market?
Here are the key highlights of the report:
Comprehensive assessments of the market share for Invisible Braces, conducted at both country and regional levels.
In-depth analysis of the competitive landscape, identifying key trends within the industry.
Thorough examination of market trends, encompassing product and technology advancements, drivers and barriers, and an analysis based on PORTER's five forces.
Strategic recommendations tailored for crucial business segments, leveraging market forecasts.
Guidance provided for new market entrants, assisting them in navigating the industry landscape.
Market forecasts encompassing all pertinent segments, sub-segments, and regional markets.
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