Press release
Navigating the Future: Location-based Services Market Poised to Reach $327.6 Billion by 2031
Meticulous Research®, a renowned global market research company, has launched its comprehensive research report titled, 'Location-based Services Market by Component, Technology (GNSS, GPS), Application (Navigation, Tracking), Location Type, End-use Industry (Government and Public Sector, Transportation & Logistics, Smart Cities), and Geography - Global Forecast to 2031.'
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According to the latest insights from Meticulous Research®, the global location-based services market is on track to hit $327.6 billion by 2031, registering a robust CAGR of 15.9% from 2024 to 2031. This growth trajectory is fueled by a myriad of factors, including the expanding utilization of spatial data and analytics across industries, the increasing adoption of location-based services in retail, and the burgeoning applications of such services in agriculture. However, the dynamic landscape of government regulations pertaining to location-based services poses a notable challenge to market expansion.
Despite these challenges, continual advancements in mapping and navigation solutions coupled with the rising demand for wearable devices present lucrative growth opportunities for stakeholders in the location-based services market. Nonetheless, the market contends with hurdles such as the high costs associated with procuring and implementing location-based services, which could impede growth. Additionally, leveraging 5G technology for enhanced real-time analysis and the integration of GIS software with Augmented Reality (AR) and Virtual Reality (VR) technologies represent significant trends within the market.
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The global location-based services market is segmented based on various parameters, including component, technology, application, location type, end-use industry, and geography. Meticulous Research® evaluates industry competitors and conducts a thorough analysis of the market at both country and regional levels.
In terms of components, the market is categorized into platforms/solutions and professional services. The platforms/solutions segment is poised to dominate the market, driven by the increasing launch of location-based solutions and the growing popularity of location-powered mobile apps.
Furthermore, by technology, the global navigation satellite system segment is expected to hold a significant share of the market, owing to its diverse applications and increasing demand for location-based advertising.
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
The application segment is led by navigation, primarily due to the rapid adoption of comprehensive navigation solutions by automakers and initiatives by leading players to develop automotive navigation services.
Indoor location-based services are projected to witness accelerated growth, propelled by the rising need to track people and objects within indoor spaces, particularly in settings like shopping malls and airports.
The government & public sector emerges as the dominant end-use industry, with increasing use of location intelligence tools for various purposes, while the retail & e-commerce segment is expected to register the highest growth rate during the forecast period.
Regionally, Asia-Pacific is anticipated to command the largest share of the market, driven by factors such as high mobile device penetration and rising deployments of map-based platforms across Chinese organizations.
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Key Players:
The global location-based services market boasts a roster of key players, including HERE Global B.V., Google LLC, TomTom N.V., Esri, Hexagon AB, Trimble Inc., Cisco Systems, Inc., QUALCOMM Incorporated, Microsoft Corporation, AT&T Inc., Zebra Technologies Corporation, International Business Machines Corporation, ALE International, Precisely, Rohde & Schwarz GmbH & Co. KG, and Nextbillion.AI Pte. Ltd.
In conclusion, Meticulous Research® provides a comprehensive outlook on the location-based services market, highlighting key trends, challenges, and growth prospects for stakeholders across various industries and geographies.
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We are the trusted research partners for leading businesses around the world, providing market intelligence focused towards building revenue transformation strategies. Our research is used by Fortune 500 organizations to attain success by scouting next generation revenue opportunities well ahead of their competition.
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