Location-Based Services Market is Forecasted to Reach US$ 168.22 Billion in 2028, Says Stratview Research

The global location-based services market is projected to witness a growth rate of 21.1% annually from 2023 to 2028, with an anticipated size of US$ 168.22 billion by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global location-based services market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report:
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Report Highlights:
Market Size in 2028: US$ 168.22 billion
Growth (CAGR): 21.1% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 4
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Location-Based Services Market:

The global location-based services market is segmented based on location type, service type, end-user industry type, and region.

Based on end-user industry type - The location-based services market has been bifurcated into FMCG, E-commerce, Retail, Healthcare, IT and Telecom, Transportation, Oil and Gas, and others. The FMCG segment accounted for the largest market share in 2022. There has been an increase in the number of e-commerce establishments. Personalization features in mobile apps have contributed to their greater success.

To know the most attractive segments, click here:
https://www.stratviewresearch.com/2695/location-based-services-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that Asia Pacific is expected to remain the largest market for location-based services during the forecast period. This growth outlook is majorly attributed to the following-

• China is not only a major regional market for LBS, but also a market, owing to significant growth in investments in infrastructure and technological capabilities, combined with internet and mobile penetration, but the country holds a prominent position in the region as well as the market.
• According to the 48th China Statistical Report on Internet Development, there were 1.011 billion internet users in the country as of June 2021, with an internet penetration rate of 71.6 %, which is enormous given the country's population. The country's high internet penetration rate, combined with an expanding smartphone audience, is expected to create significant opportunities for location-based services.

Location-Based Services Market Drivers:

Some of the key drivers listed in the report are given below.
• Increase in Internet penetration.
• Due to increased adoption of user-friendly LBS solutions and high investment in the defense, retail, military, and public transportation sectors.
• LBS is expected to hold a significant market share in countries such as India, China, Singapore, and others.
• Increase in the number of industries such as manufacturing, construction, real estate, tourism, and others.
• Increase in smartphone and location-enhanced marketing adoption; and the integration of location-based search with social networking websites.

Top Companies in the Location-Based Services Market:

Stratview Research has identified the following companies as the top market players.
• AiRISTA Flow (US)
• Apple (US)
• Aruba Networks (US)
• CenTrak (US)
• Cisco (US)
• Ericsson (US)
• ESRI (US)
• GE Healthcare (US)
• Google (US)
• HERE (Netherlands)
• IBM (US)

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Location-Based Services Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

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About Us:
Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.

Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.

This release was published on openPR.