Location-based Services Market is Estimated to Witness High Growth Owing to Increasing Mobile Penetration | Favendo Gmbh, CenTrak, Esri Inc

Market Overview:

Location-based services (LBS) are value-added services that include applications and services that take advantage of knowing a user's geographical location and using this information to provide personalized services to the user based on their current location. Some major uses of LBS include navigation services, tracking services, information services, and nearby searching services.

According to Coherent Market Insights study, The global location-based services market size was valued at USD 32,210.0 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 18.7% from 2023 to 2030.

Market Dynamics:

The location-based services market is expected to witness significant growth owing to increasing penetration of mobile devices and improving positioning technologies. According to data by GSMA Intelligence, the number of unique mobile subscribers globally will reach 5.3 billion by 2025. Furthermore, improved positioning technologies such as GPS, Wi-Fi, GSM network-based, and assisted GPS are enabling more accurate location detection, which is fueling adoption of LBS applications. Additionally, growing use of location data by various end-use industries including healthcare, tourism, retail, and transportation for applications such as fleet management, mapping & navigation, and asset tracking is supporting market growth over the forecast period.

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Increased Adoption of Smartphones as a Location-based Services Market Driver

The growing adoption of smartphones worldwide has significantly driven the growth of the location-based services market. Smartphones come equipped with GPS, WiFi, Bluetooth, and other location technologies that enable apps and services to track the user's location. As smartphones have replaced basic feature phones, more and more people are using location-tracking on a regular basis. Many popular apps such as ride-hailing, food delivery, navigation, social check-ins rely on getting the user's real-time location through their smartphones. The immense popularity of such location-based apps and services among smartphone users has boosted the demand for location technologies and data from the location-based services market.

Rising Demand for Indoor Navigation and Location Capabilities

With most outdoor navigation and location capabilities already widely available, the location-based services market is witnessing growing interest from solution providers focusing on indoor navigation and location technologies. Conventional GPS does not work effectively inside buildings and malls. This has opened up opportunities for technologies like Bluetooth beacons, WiFi positioning,visual light communication and ultrasonic sensors to provide accurate indoor mapping and navigation. Retail stores, airports, convention centers and other large indoor spaces are deploying indoor location solutions to improve customer experiences through wayfinding, digital signage and analytics. The market is actively investing in innovations to address the rising demand for indoor mapping and navigation capabilities.

Data Privacy Regulations as a Location-based Services Market Restrain

Strict data privacy regulations imposed by governments worldwide pose a notable challenge for the location-based services market. As location data is considered sensitive personal information, several countries have framed laws that impose limitations on how user location data can be collected and used. For example, regulations like General Data Protection Regulation (GDPR) in European Union mandates explicit user consent for processing location data. Similar data privacy laws have been established in other regions to protect user privacy. Complying with dynamic and stringent privacy laws increases compliance burdens and costs for location solution providers. Constant changes in privacy policies also impact product strategies. Overall, evolving privacy regulations add a layer of complexity for businesses in the location-based services market.

Opportunity for Location Marketing and Analytics

Location data collected from mobile devices opens up unique opportunities for location marketing and analytics. Several location-based service providers are leveraging precise location histories of users to develop hyperlocal marketing strategies. For example, push notifications or customized ads can be sent to smartphone users when they are near a retail store. Likewise, footfall patterns and dwell times of customers inside malls can be tracked through beacon technology to gain actionable location intelligence. Such granular location data also helps companies understand customer journeys, buying behavior patterns according to their locations over time. The growth of location-based marketing and analytics solutions provides new monetization opportunities for players in this market.

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Integration of Location Services with IoT on the Rise

One of the notable trends in the location-based services market is the increasing integration of location capabilities with internet of things (IoT) technologies. With most IoT devices also getting locational awareness through technologies like GPS, the amount of location data generated from both mobile and IoT channels is experiencing massive growth. Application scenarios around asset tracking, fleet management, smart cities are driving the need to leverage location in IoT networks for functions like geofencing, proximity notifications. This convergence of location services with fast-expanding IoT realm is opening new revenue channels for market participants. Major tech companies are investing heavily in building solutions around spatially-enabled IoT to capitalize on this trend.

The major players operating in the market include:

➱ GuardRFID Solutions Inc.
➱ ALE International (Nokia Corporation)
➱ Favendo Gmbh
➱ Teldio Corporation
➱ CenTrak
➱ Cisco Systems Inc. (Cisco Meraki)
➱ AiRISTA Flow Inc.
➱ Creativity Software Ltd.
➱ IBM Corporation
➱ DigitalGlobe Inc. (Maxar Technologies)
➱ Aruba Networks (HPE Development LP)
➱ Ericsson Inc.
➱ HERE Global BV
➱ IndoorAtlas Ltd.
➱ GL Communications Inc.
➱ Esri Inc

These companies are focusing on new product development, partnerships, collaborations, and mergers and acquisitions to increase their market share and maintain their position in the market.

Detailed Segmentation:

By Location:

◘ Indoor
◘ Outdoor

By End User Industry:

◘ FMCG and e-commerce
◘ Retail
◘ Healthcare
◘ IT and Telecom
◘ Transportation
◘ Oil and Gas
◘ Other End user Industries

Market segment by Region/Country including:

- North America (United States, Canada and Mexico)
- Europe (Germany, UK, France, Italy, Russia and Spain etc.)
- Asia-Pacific (China, Japan, Korea, India, Australia and Southeast Asia etc.)
- South America (Brazil, Argentina and Colombia etc.)
- Middle East & Africa (South Africa, UAE and Saudi Arabia etc.)

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Frequently Asked Questions (FAQs):

➱ What are the key factors hampering growth of the Location-Based Services market?
➱ What are the major factors driving the global Location-Based Services market growth?
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