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Location-Based Services Market Size, Share, Trend Analysis, Segmentation And Forecast To 2033
Location-Based Services Market Size
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According to The Business Research Company's, 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 Drivers and Trends:
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.
Major companies operating in the location-based services market are developing innovative products such as high precision tracking devices to sustain their position in the market. High precision tracking devices refer to advanced technological tools designed to accurately and reliably determine the location, movement, and sometimes other relevant data of objects or individuals with an exceptionally high degree of accuracy. For instance, in July 2023, Bad Elf LLC, a US-based computer hardware manufacturing company launched Bad Elf Flex Mini, a high-precision Bluetooth GNSS receiver designed for geospatial professionals. It offers a range of accuracy levels to suit different mapping needs, including an extreme mode for subfoot accuracy with RTK support. The device supports multiple satellite constellations for global coverage and uses Bluetooth to connect to smartphones and tablets. It features a long-lasting battery, a rugged design, and a companion app for iOS and Android. This product aims to provide a cost-effective and user-friendly solution for high-precision location data collection in challenging field conditions.
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Major Key Players of the Market:
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.
Location-Based Services Market 2024 Key Insights:
• 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%.
• Rapid Smartphone Adoption Fuels Growth In Location-Based Services Market
• High Precision GPS Devices Reshaping The Location-Based Services Market
• North America was the largest region in the location-based services market in 2023
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