Location-Based Services Market Soars to New Heights By 2031| Latest Trends, Regional Insights, Key Vendors

In a recent report titled "Location Based Services Market," published by Allied Market Research, the market for location-based services achieved a valuation of $45.4 billion in 2021, with an estimated growth to $402.4 billion by 2031, exhibiting a noteworthy CAGR of 24.6% from 2022 to 2031.

Location-Based Services (LBS) have the capability to furnish information pertaining to a specific area or geographical location. These services track the real-time geographic coordinates of mobile devices. Leveraging location-based services empowers users to pinpoint and recognize the physical whereabouts of individuals, objects, or places, be it the nearest ATM, a friend, or a colleague. Retailers can leverage these services to understand consumer preferences better and swiftly provide information about products or services.

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The most rapidly advancing positioning technologies amalgamate satellite-based GPS with mobile positioning. The practical accuracy ranges between 50 and 1000 meters for widely used methods such as global cell identity (CGICTA) and enhanced observed time difference (E-OTD). These technologies present opportunities for end-users based on the required level of precision for location identification in specific applications.

Rise in adoption of social media & smart phones, easy availability of GPS, and emergence of location-based technology is boosting the growth of the global location-based services market. In addition, the increase in number of smartphone users and internet accessibility positively impact the growth of the location-based services market. However, inflated cost of installation and maintenance and operational challenges is 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.

The advantages of location-based marketing/advertising are highlighted as a valuable tool for businesses to effectively target their customer base in specific locations. This form of marketing enables advertisers to create high-quality databases and enhance the accuracy of consumer spending forecasts. The report emphasizes that the increased utilization of the internet and GPS-enabled mobile devices is a key driver for the expansion of the market.

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The global location-based services market is further propelled by the widespread adoption of social media, smartphones, and the easy availability of GPS technology. However, challenges such as the high cost of installation and maintenance, as well as operational issues, are identified as obstacles to market growth. Nevertheless, the report anticipates growth opportunities due to the rising penetration of 3G and 4G networks and the continuous increase in internet users.

The service segment is projected to experience the highest growth rate during the forecast period, driven by increased adoption of location-based services across various sectors such as retail, telecom and IT, government and public utilities, real estate, and healthcare. Conversely, the software segment holds the largest market share, primarily attributed to large enterprises adopting location-based services to safeguard their infrastructures.

Based on application, the business intelligence and analytics segment held the highest market share in 2021, accounting for nearly one-fifth of the global location-based services market revenue, as it helps in improving decision-making, optimizing internal business, and increasing operational efficiency. However, the location-based advertising segment is projected to manifest the highest CAGR of 29.3% from 2022 to 2031, as it helps to increase organizational efficiency, reduce cost, and enhance customer engagement.

Regionally, North America dominated the location-based services market in 2021, and this trend is expected to persist due to the surge in social media platform usage. However, significant growth is anticipated in the Asia-Pacific region, particularly fueled by the growing demand for location-based services in the food and beverage industries.

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Covid-19 Scenario:

Amidst the COVID-19 pandemic, the location-based services market has demonstrated consistent growth, fueled by an increased need for GPS-based solutions. Key providers in this sector have bolstered their service offerings and product capabilities in response to evolving demands. The pandemic has necessitated a shift in model performance dynamics, highlighting the imperative for continuous monitoring and validation to address diverse risks, in contrast to static validation and testing methods. This shift has, in turn, propelled the advancement of sophisticated technology models.

Furthermore, the rising demand for Wi-Fi-based location solutions has prompted economies to transition from pandemic response to recovery, opening up diverse growth opportunities for stakeholders in this market.

Leading Market Players: -

• ALE International,
• Apple, Inc.,
• AT&T Inc.,
• Airtel India.,
• Cisco Systems, Inc.,
• Google Inc.,
• HERE,
• IBM Corporation,
• Microsoft Corporation,
• Oracle Corporation,
• Qualcomm Technologies Inc.

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