Location-based Services Market Size & Share, by Technology (GPS, Assisted GPS, Enhanced GPS, Enhanced Observed Time Difference, Observed Time Difference, Cell ID, Wi-Fi); Location (Indoor, Outdoor); Application (Mapping & Navigation, Business Intelligence & Analytics, Fleet Management, Location-based Advertising, Local Search & Information, Social Networking & Entertainment, Proximity Marketing, Asset Tracking) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5700
  • Published Date: Feb 21, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Location-based Services Market size is expected to cross USD 222 Billion by the end of 2036, growing at a CAGR of 20% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of location-based services was over USD 25 Billion. It is anticipated that the increasing usage of linked devices, including tablets and smartphones, and the widespread accessibility of GPS will propel market expansion. As of 2024, there are 6.93 billion smartphone users worldwide, or 85.68% of the global population, who own a smartphone.

In addition, as a result of the substantial ongoing expenditures made in the integration of 3D mapping applications with smartphones, manufacturers like Samsung, Nokia, and others are joining the market. Online service providers have also begun to offer 3D maps on their platforms, including Microsoft Corp. and Amazon Inc. For example, Parrot, a well-known manufacturer of wireless products for cell phones, has positioned their consumer drones for use in mapping, 3D modeling, and agriculture. Throughout the projection period, these occurrences are anticipated to fuel location-based services market demand throughout rising economies.


Location-Based Services Market
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Location-based Services Sector: Growth Drivers and Challenges

Growth Drivers

  • Increased Integration of Emerging Technologies to Improve Location Experience- Because of the widespread use of mobile phones and other IoT devices, a vast amount of data is accessible to improve the relevance and accuracy of maps and location services. Location-based service providers can leverage data from the Internet of Things (IoT) in several ways, such as increasing customer satisfaction and accuracy. These services are utilized by organizations to increase the effectiveness of their public services, optimize routes, cut fuel consumption, and obtain insight into consumer behavior. Organizations have also observed the emergence of AR/VR technology, where location technologies like mapping may help build immersive virtual experiences. Thus, the use of location-based services is growing due to the growing need for IoT devices and augmented reality (AR) and virtual reality (VR) technologies. There will be 1.4 billion active AR user devices by 2023. And in 2024, that amount is projected to rise to 17.3 billion.
  • Location-based Services' Growing Importance in Crime Analysis and Strategic Planning- GPS technology has been used by several police departments to combat criminal activity. Numerous police departments have embraced GPS-based solutions because of their increased effectiveness, lower operating costs, and utilization of real-time information transmission for efficient crime investigation. Police can accurately comprehend community issues and respond with accurate intelligence with the aid of location-based services. GIS-based tools also assist in the analysis of crime trends, the identification of hotspots, and the linking of crimes, offenders, cars, and associates. Furthermore, the location-based services market is expanding as a result of the police department's growing adoption of mapping and navigation systems.
  • Demand for Real-Time Locating Systems Based on UWB Is Rising- The main driver of the UWB technology-based RTLS market in the healthcare industry is the technology's ability to provide extremely precise positioning data for an individual or object. Its exorbitant cost has previously been the primary deterrent to its adoption in several industries, including healthcare. On the other hand, costs have been declining over time, which is expected to boost demand for UWB-based RTLS systems. In recent years, several RTLS technology end customers have migrated from other technology-based RTLS solutions, like RFID and Wi-Fi, to UWB technology-based RTLS solutions due to cheaper costs, shorter lead times, and better productivity.

Challenges

  • Strict Guidelines and Rules to Prevent Market Expansion- The need for more precision and dependability in LBS performance has decreased due to the ongoing emphasis on these qualities. This emphasizes even more the data security policies that are in place to protect sensitive and valuable user information. As a result, as the usage of location-based services grows globally, numerous restrictions are put in place to safeguard and promote user privacy. Users and service providers must abide by these strict rules and regulations. This has an additional effect on the uptake of these services, which is anticipated to impede the expansion of the worldwide location-based services industry throughout the anticipated timeframe. 
  • The market's growth is being impeded by considerable expenses related to installation, deployment, and privacy concerns.
  • Lack of qualified workers on the installation site when RTLSs are installed.

Location-based Services Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~ 20%

Base Year Market Size (2023)

 ~ USD 25 Billion

Forecast Year Market Size (2036)

 ~ USD 222 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Location-based Services Segmentation

Location Type (Indoor, Outdoor)

Based on location, the outdoor segment in the location-based services market is expected to hold the largest revenue share of about 60% during the forecast period. Using technologies like GPS, satellites, infrared-based remote sensing, and other positioning techniques, coupled with styled mapping to support navigation services, outdoor positioning entails identifying information, objects, or people in open areas. This technology is used to follow individuals or things across great distances from a certain point. GNSS, cellular networks, and wireless networks are important outside positioning technologies. GPS is the most popular GNSS on mobile devices. Most poll participants rely on a GPS device to navigate around. 93% of respondents to the study claimed to be dependent on their GPS, and 1 in 5 stated they used it daily. Numerous location methods that rely on differential, aided, and high-accuracy GPS chips have been created. Geomarketing and advertising, asset tracking, personal tracking, customer location tracking, fleet tracking, freight management, route optimization, and planning, mapping discovery, and infotainment, geographic event alerts, and defense management are the main outdoor Location-based Services (LBS) applications.

Technology (GPS, Assisted GPS, Enhanced GPS, Enhanced Observed Time Difference, Observed Time Difference, Cell ID, Wi-Fi)

Based on technology, the wi-fi segment is expected to hold 30% share of the global location-based services market during the forecast period. The technology's convenience and ease of use are credited with the segment's rise. Wi-Fi location-based services use a variety of methods to pinpoint a location, from the client device to the access point. Furthermore, the market for Wi-Fi-enabled location technologies is being driven by the introduction of new products. For example, the consumer electronics company Coolpad and the top mobile location technology provider Skyhook Wireless worked together in February 2022 to integrate hybrid Wi-Fi location services and emergency alert software into Coolpad's upcoming feature phone.

Our in-depth analysis of the global location-based services market includes the following segments:

          Component

  • Hardware
  • Software
  • Services

          Service Type

  • Professional
  • Managed

          Technology

  • GPS
  • Assisted GPS
  • Enhanced GPS
  • Enhanced Observed Time Difference
  • Observed Time Difference
  • Cell ID
  • Wi-Fi

          Location Type

  • Indoor
  • Outdoor

           Application

  • Mapping & Navigation
  • Business Intelligence & Analytics
  • Fleet Management
  • Location-based Advertising
  • Local Search & Information
  • Social Networking & Entertainment
  • Proximity Marketing
  • Asset Tracking

           Industry Vertical

  • Transportation & Logistics
  • Manufacturing
  • Government & Public Utilities
  • Retail
  • Healthcare & Life Sciences
  • Media & Entertainment
  • IT & Telecom
  • BFSI
  • Hospitality

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Location-based Services Industry - Regional Synopsis

APAC Market Forecast

Location-based services market in Asia Pacific is predicted to hold the largest market share of about 30% during the forecast period. Due to the country's notable position in both the regional and global markets, as well as the notable growth in investments made in building infrastructure and technological capabilities, as well as the widespread use of mobile and internet technology, China is not only a major market for LBS in the region but also globally. As of June, of last year, the 50th China Statistical Report on Internet Development reported that there were 1,051 million internet users in the nation, with an impressive internet penetration rate of 74.4% given the country's population. Considering how many individuals in the nation have access to the internet and how many are purchasing smartphones, location-based businesses ought to have a lot of chances.

North American Market Statistics

Location-based services market in the North American region is projected to hold second second-largest market share of about 28% during the projected period. The growth of the market is due to the region's growing IoT technology and the adoption of smartphones. This rise in demand is the result of the desire for more individualized experiences, improved security protocols, and efficient operational procedures in several industries, including retail, healthcare, and logistics. Additionally, businesses are moving quickly to increase the region's use of location services.

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Companies Dominating the Location-based Services Landscape

top-features-companies
    • IBM Corporation
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Cisco Systems, Inc.
    • Ericsson Inc.
    • DigitalGlobe Inc
    • ALE International
    • Google LLC
    • VeriDaaS Corporation
    • HERE Technologies
    • Maxar Technologies
    • Qualcomm Technologies

In-the-news

In The News

  • To assist businesses in seizing edge and IoT prospects, Aruba Networks has announced the expansion of its Edge Services Platform (ESP) with additional management features and advancements in location-based services. The business also introduced Open Locate, which allows an access point to share location data with a device, and self-locating indoor access points (APs) with integrated GPS receivers.
  • The acquisition of 4DM, a Canadian intelligence company, was announced by VeriDaaS Corporation. Through consultancy projects and service-based work, 4DM involves governments, non-governmental organizations, and private sector companies in the fields of environmental health, location-based services, intelligent transportation solutions, and risk assessment applications.

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 5700
  • Published Date: Feb 21, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing usage of linked devices, including tablets and smartphones, and the widespread accessibility of GPS are the major factors driving the growth of the location-based services market.

The market size of location-based services is anticipated to attain a CAGR of 20% over the forecast period, i.e., 2024-2036.

The major players in the market are Cisco Systems, Inc., Ericsson Inc., DigitalGlobe Inc., ALE International, Google LLC, VeriDaaS Corporation, HERE Technologies, Maxar Technologies, Qualcomm Technologies, and others.

The outdoor segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Location-based Services Market Report Scope
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