Press release
Location Based Services Market worth $275.4 billion by 2028, growing at a CAGR of 26.4% over Forecast period 2024-2033 | Key Players: Apple Inc., Google LLC, AT&T Inc., Nippon Telegraph and Telephone Corporation Docomo, Intel Corporation
Location Based Services Market Report
The Business Research Company offers in-depth market insights through Location Based Services Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The location-based services market size has grown exponentially in recent years. It will grow from $86.02 billion in 2023 to $107.86 billion in 2024 at a compound annual growth rate (CAGR) of 25.4%. The growth in the historic period can be attributed to increasing smartphone penetration, e-commerce and retail integration, rise in mobile advertising, transportation and navigation applications, emergence of IoT and wearables.
The location-based services market size is expected to see exponential growth in the next few years. It will grow to $275.4 billion in 2028 at a compound annual growth rate (CAGR) of 26.4%. The growth in the forecast period can be attributed to indoor location services demand, smart cities and urban planning, contact tracing and health applications, enhanced location analytics. Major trends in the forecast period include proximity marketing and beacon technology, mobile indoor navigation, rise of location-based gaming, integration with 5G networks, emergency and public safety applications.
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Market Segmentation:
The location-based services market covered in this report is segmented -
1) By Component: Platform, Hardware, Services
2) By Location Type: Indoor, Outdoor
3) By Technology: GPS, Assisted GPS (A-GPS), Enhanced GPS (E-GPS), Enhanced observed time difference (E-OTD), Observed Time Difference, Cell ID, Wi-Fi, Other Technologies
4) By Application: Location-based Advertising, Business Intelligence And Analytics, Fleet Management, Mapping And Navigation, Social Networking And Entertainment, Proximity Marketing, Asset Tracking, Other Applications
Major Driver - Rapid Smartphone Adoption Fuels Growth In Location-Based Services Market
An upsurge in the use of smartphones and GPS-enabled devices is expected to propel the growth of location-based services. Location-based services combine the internet, geospatial technologies, and other information and communication technologies to provide targeted information to individuals on their smartphones based on geographic location in real-time. According to the data by the Indian Cellular and Electronics Association, the number of users using smartphones is expected to reach 829 million by 2022. Also, according to forecasts from Ericsson and The Radicati Group, the number of smartphone users is expected to increase from 6.05 billion in 2020 to nearly 7.33 billion by 2025. Therefore, an upsurge in the use of smartphones and GPS-enabled devices drives the location-based services market.
Competitive Landscape:
Major companies operating in the location-based services market report are Apple Inc., Google LLC, AT&T Inc., Nippon Telegraph and Telephone Corporation Docomo, Intel Corporation, International Business Machines Corporation, Cisco Systems Inc., Qualcomm Incorporated, Oracle Corporation, Telefonaktiebolaget LM Ericsson, CommScope Holding Company Inc., Transfix Inc., INRIX Inc., CloudMade Inc., Bluedot Innovation Inc., pureLiFi Ltd., Kinetica DB LLC, Navenio Inc., AiRISTA Flow, ALCATEL-LUCENT Enterprise SAS, Flybits Inc., HERE Global B.V., InnerSpace Pty Ltd, Localz Inc., Mapsted Corporation, Quuppa Inc., Navigine GmbH, Resonai Inc., Seldon Technologies Ltd.
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Top Trend - Strategic Partnerships Transforming The Location Based Services Market
Major companies in the location-based services market are adopting strategic partnerships to enhance comprehensive geospatial solutions for diverse consumer and business needs. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in August 2021, Wipro, an India-based information technology company, partnered with Here Technologies, a US-based software company, to deliver location-based services to customers across various industries, including energy and utilities, manufacturing, transport and logistics, telecom, and automotive. The collaboration involves joint development efforts in areas such as asset tracking, logistics, supply chain, smart-metering, analytics, field workforce management, and private mapping-as-a-service for real-time indoor and outdoor asset tracking. The partnership aims to leverage IoT-based smart metering solutions, HERE mapping-as-a-service capabilities, and HERE Tracking to provide enhanced services for monitoring, tracking, and analytics, contributing to operational efficiencies in an array of sectors.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Location Based Services Market Characteristics
3. Location Based Services Market Trends And Strategies
4. Location Based Services Market - Macro Economic Scenario
5. Location Based Services Market Size And Growth
…..
27. Location Based Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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