Press release
Mapping, Navigation, and Wearable Devices Fuel $327.6 Billion Location-Based Services Market by 2031, Says Meticulous Research®
However, the market faces challenges, particularly due to the evolving regulatory landscape surrounding location-based services, which could impact growth trajectories. Despite this, continuous advancements in mapping and navigation technologies, coupled with a growing demand for wearable devices, present promising opportunities for stakeholders in the sector.
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Key Growth Drivers and Challenges :
The growth trajectory of the global LBS market is supported by several key factors. The integration of advanced mapping solutions and real-time location tracking is becoming increasingly prevalent, driven by technological innovations and consumer demand for precision. Additionally, the proliferation of 5G technology is enhancing real-time analysis capabilities, and the development of Geographic Information System (GIS) software utilizing Augmented Reality (AR) and Virtual Reality (VR) technologies are expected to further fuel market expansion.
Nevertheless, high costs associated with procuring and implementing location-based services pose a significant challenge to market growth. The complexity and expense involved in deploying these technologies can hinder adoption, particularly among smaller enterprises.
Market Segmentation and Trends :
The global location-based services market is meticulously segmented to provide a detailed overview of its various facets:
1. By Component:
o Platforms/Solutions: This segment, including location-powered mobile apps, location intelligence platforms, and location-based messaging, is expected to dominate the market in 2024. The substantial market share is attributed to the growing focus on launching innovative location-based solutions and the increasing popularity of mobile apps driven by location data.
o Professional Services: Comprising mapping services, implementation & support, and consulting & development services, this segment is also poised for growth, though it is anticipated to register a slightly lower CAGR compared to platforms/solutions.
2. By Technology:
o Global Navigation Satellite System (GNSS): The GNSS segment is projected to capture the largest share in 2024, attributed to its versatile applications in precise positioning and real-time location tracking. The segment is expected to show the highest CAGR during the forecast period due to growing demand in asset management and location-based advertising.
o Global Positioning System (GPS): This includes assisted GPS and enhanced GPS technologies, contributing significantly to the market landscape.
o Wi-Fi, Near-field Communication (NFC), and Other Technologies: These technologies are also integral to the market, with varied applications supporting the LBS ecosystem.
3. By Application:
o Navigation: This segment is anticipated to hold the largest market share in 2024, driven by rapid advancements in automotive navigation solutions and comprehensive implementation by leading LBS providers.
o Geo-Marketing & Advertising/Target Marketing, Mapping & GIS, Tracking, Social Networking, and Other Applications: These applications are pivotal to the LBS market, each contributing to the sector's diverse growth landscape.
4. By Location Type:
o Outdoor: Expected to hold a larger market share in 2024, driven by increased demand for outdoor applications such as navigation, mapping, and asset tracking.
o Indoor: This segment is anticipated to grow at a higher CAGR, propelled by the increasing need for efficient navigation and tracking within indoor environments.
5. By End-Use Industry:
o Government & Public Sector: Expected to dominate the market in 2024 due to the extensive use of location intelligence tools for planning and risk management.
o Retail & E-Commerce: Projected to register the highest CAGR, fueled by the need for targeted marketing, asset management, and supply chain optimization.
6. By Geography:
o Asia-Pacific: The region is forecasted to hold the largest market share in 2024, driven by high mobile device penetration and robust consumer demand for location-based solutions. Asia-Pacific is also expected to experience the highest CAGR during the forecast period, reflecting the region's dynamic growth and technological advancements.
Conclusion :
Meticulous Research®'s latest publication underscores the transformative potential of the global location-based services market. As industries increasingly leverage spatial data and innovative technologies, the market is set to experience significant growth. However, stakeholders must navigate challenges such as regulatory hurdles and high implementation costs to fully capitalize on emerging opportunities.
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Key Players:
The key players operating in the global location-based services market are HERE Global B.V. (Netherlands), Google LLC (U.S.) (a subsidiary of Alphabet Inc.), TomTom N.V. (Netherlands), Esri (U.S.), Hexagon AB (Sweden), Trimble Inc. (U.S.), Cisco Systems, Inc. (U.S.), QUALCOMM Incorporated (U.S.), Microsoft Corporation (U.S.), AT&T Inc. (U.S.), Zebra Technologies Corporation (U.S.), International Business Machines Corporation (U.S.), ALE International (France), Precisely (U.S.), Rohde & Schwarz GmbH & Co. KG (Germany), and Nextbillion.AI Pte. Ltd. (Singapore).
Key questions answered in the report:
• Which are the high-growth market segments in terms of component, technology, application, location type, and end-use industry?
• What is the historical market size for the global location-based services market?
• What are the market forecasts and estimates for 2024-2031?
• What are the major drivers, restraints, opportunities, challenges, and trends in the global location-based services market?
• Who are the major players in the global location-based services market, and what are their market shares?
• What is the competitive landscape like?
• What are the recent developments in the global location-based services market?
• What are the different strategies adopted by major market players?
• What are the trends and high-growth countries?
• Who are the local emerging players in the global location-based services market, and how do they compete with other players?
BROWSE IN DEPTH : https://www.meticulousresearch.com/product/location-based-services-market-5252
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TRENDING ARTICLES :
https://www.linkedin.com/pulse/exploring-expansive-growth-global-regtech-market-forecast-7ivmf
https://www.linkedin.com/pulse/future-smart-sensors-1376-billion-market-2030-avinya-research-srvcf
Contact:
Mr. Khushal Bombe
Meticulous Market Research Inc.
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California, 96001, U.S.
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About the company:
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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