Location-Based Services Market to Surge to $239.7 Billion by 2029, Fueled by Strategic Planning and Agriculture Strengthening

Meticulous Research® Forecasts the Location-Based Services Market to Reach $239.7 Billion by 2029, Propelled by Strategic Planning and Agriculture Strengthening

Meticulous Research®, a global leader in market research, recently unveiled its comprehensive research report titled "Location-based Services Market by Component, Technology (GPS, Wi-Fi, NFC), Application (GIS, Navigation, Tracking, Social Media), Location, Industry Vertical (Logistics, Retail, Healthcare, Media, Defense, Hospitality, BFSI) - Global Forecasts to 2029". The study anticipates a robust CAGR of 15.2% from 2022 to 2029, projecting the market to achieve a remarkable valuation of $239.7 billion by 2029.

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The location-based services market is witnessing significant growth due to several driving factors. Notably, the escalating importance of location-based services in strategic planning and crime analysis, coupled with the increasing adoption of these services to fortify the agriculture sector, has contributed to market expansion. The proliferation of location-based services in the retail sector further augments the market growth trajectory.

Key Growth Drivers:
1. Strategic Significance: Growing importance in strategic planning and crime analysis.
2. Agriculture Sector: Surge in the usage of location-based services to strengthen the agriculture sector.
3. Retail Sector Proliferation: Increasing adoption of location-based services in the retail sector.

Growth Opportunities:
1. Drone Data Platforms: Rising demand for Drone Data Platforms across enterprises.
2. Mapping and Navigation: Constant upgradation in mapping and navigation solutions.

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Challenges:
1. Government Regulations: Dynamic government regulations impacting the market.
2. Pandemic Impact: Negative effects of the COVID-19 pandemic on the global economy.
3. Implementation Costs: High procurement and implementation costs pose challenges.
The report provides a detailed segmentation of the global location-based services market based on components, technology, applications, tracking, social networking, infotainment, commercial, location type, and industry verticals. Key industry competitors are thoroughly evaluated, and the market is analyzed at the country level.

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Segmentation Snapshot:

• Component: Platforms/solutions and professional services, with platforms/solutions leading in 2021.
• Technology: GPS, GNSS, Wi-Fi, NFC, and other technologies, where GNSS dominated the market in 2021.
• Application: Navigation, leading the market in 2021 due to extensive use in transportation and logistics.
• Location Type: Indoor and outdoor, with the outdoor segment leading in 2021, while the indoor segment is expected to grow faster.
• Industry Vertical: Transportation & logistics held the largest share in 2021, while retail and consumer goods are expected to witness the fastest growth.

Geographic Review:
Asia-Pacific claimed the largest share in 2021, driven by increased deployment of location-based services, growing demand in the food & beverage sector, and supportive government initiatives for adoption.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/location-based-services-market-5252

Key Players:
Leading companies in the global location-based services market include ALE International, Google LLC, Apple Inc., Rohde & Schwarz GmbH & Co. KG, AT&T Inc., Cisco Systems, Inc., HERE Technologies, IBM Corporation, Microsoft Corporation, Oracle Corporation, Qualcomm Technologies, Inc., Telefonaktiebolaget LM Ericsson, TomTom N.V., Foursquare, ESRI, Intellias Ltd, Zebra Technologies, Aruba Networks, SAP SE, Precisely, Hexagon AB, and Trimble, Inc.
Meticulous Research® remains at the forefront of delivering valuable market insights, aiding businesses in making informed decisions and achieving sustained growth.

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This release was published on openPR.