Meticulous Research® has launched a new report titled, ‘Location-based Services Market by Component, Technology (GNSS, GPS), Application (Navigation, Tracking), Location Type, End-use Industry (Government, Transportation & Logistics, Smart Cities), and Geography - Global Forecast to 2031.’ This report anticipates that the global location-based services market will reach a value of $327.6 billion by 2031, with a compound annual growth rate (CAGR) of 15.9% from 2024 to 2031.
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Driving Forces Behind Market Growth
The significant growth of the market is attributed to an increasing reliance on spatial data and analytics across various sectors, alongside the expansion of location-based services in retail and agriculture. However, stringent government regulations may hinder market growth.
Opportunities and Threats
Ongoing innovations in mapping and navigation technologies, combined with a surge in demand for wearable devices, are creating growth opportunities. Conversely, high costs associated with the implementation of location-based services present a significant challenge. Trends like the utilization of 5G technology and the development of AR and VR-based GIS software are noteworthy.
Segmentation by Components
The location-based services market is segmented into platforms/solutions and professional services. By 2024, platforms/solutions are expected to lead the market share due to the rising popularity of location-powered mobile applications and the increasing need for location intelligence.
Technology-Based Market Analysis
Market segmentation by technology includes GNSS, GPS, Wi-Fi, and NFC. The GNSS segment is projected to dominate, driven by its diverse applications for precise location tracking and the growing need for location-based advertising.
Application Segmentation Insights
The application segment includes navigation, geo-marketing, mapping, and tracking. The navigation segment is expected to command the largest market share, supported by rapid advancements in automotive navigation technologies.
Location Type Analysis
The outdoor segment is projected to hold a larger market share due to rising demand for navigation and asset tracking services. However, the indoor segment is anticipated to grow at a higher CAGR, driven by the need for efficient navigation solutions in places like malls and airports.
End-use Industry Trends
The government & public sector segment is expected to account for the largest share of the market, supported by increased usage of location intelligence tools. The retail & e-commerce segment is projected to grow rapidly, fueled by the need for location-based marketing data.
Geographical Market Insights
Asia-Pacific is set to capture the largest share of the market, thanks to high mobile device penetration and the growth of map-based platforms. This region is also expected to witness the highest growth rate during the forecast period.
Conclusion
The global location-based services market is on a growth trajectory, driven by technological advancements and increasing applications in sectors such as retail, agriculture, and government. The outlook through 2031 remains optimistic.
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Key Players:
The key players operating in the global location-based services market are HERE Global B.V. (Netherlands), Google LLC (U.S.) (a subsidiary of Alphabet Inc.), TomTom N.V. (Netherlands), Esri (U.S.), Hexagon AB (Sweden), Trimble Inc. (U.S.), Cisco Systems, Inc. (U.S.), QUALCOMM Incorporated (U.S.), Microsoft Corporation (U.S.), AT&T Inc. (U.S.), Zebra Technologies Corporation (U.S.), International Business Machines Corporation (U.S.), ALE International (France), Precisely (U.S.), Rohde & Schwarz GmbH & Co. KG (Germany), and Nextbillion.AI Pte. Ltd. (Singapore).
Key questions answered in the report:
- Which are the high-growth market segments in terms of component, technology, application, location type, and end-use industry?
- What is the historical market size for the global location-based services market?
- What are the market forecasts and estimates for 2024–2031?
- What are the major drivers, restraints, opportunities, challenges, and trends in the global location-based services market?
- Who are the major players in the global location-based services market, and what are their market shares?
- What is the competitive landscape like?
- What are the recent developments in the global location-based services market?
- What are the different strategies adopted by major market players?
- What are the trends and high-growth countries?
- Who are the local emerging players in the global location-based services market, and how do they compete with other players?
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