Location-based Services Market Size

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.