Location-based Services Market Share

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.