Location-based Services Market by Component, Technology (GPS, Wi-Fi, NFC), Application (GIS, Navigation, Tracking, Social Media), Location, Industry Vertical (Logistics, Retail, Healthcare, Media, Defense, Hospitality, BFSI) - Global Forecasts to 2029
The research report titled “Location-based Services Market by Component, Technology (GPS, Wi-Fi, NFC), Application (GIS, Navigation, Tracking, Social Media), Location, Industry Vertical (Logistics, Retail, Healthcare, Media, Defense, Hospitality, BFSI) - Global Forecasts to 2029”, provides in-depth analysis of the location-based services market in five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2029.
The global location-based services market is expected to reach $239.70 billion by 2029, growing at a CAGR of 15.2% during the forecast period of 2022 to 2029. The growth of this market is mainly attributed to the integration of location-based services for developing HD road network maps for autonomous vehicles, the increasing usage of location-based services in the agriculture sector, the proliferation of location-based services in the retail sector, and the growing significance of location-based services in strategic planning and crime analysis.
The study offers a comprehensive analysis of the global location-based services market based on components, application, technologies, location type, end user, and geography. The global location-based services market is segmented based on component (platforms/solutions, professional services), technology (global positioning system, global navigation satellite system, Wi-Fi, near-field communication, other technologies), application (geo-marketing and advertising or target marketing, mapping & GIS, navigation, tracking, social networking infotainment, commercial, other applications), location type (indoor, outdoor), industry vertical (transportation & logistics, government & public sector, retail and consumer goods, manufacturing, healthcare & life sciences, media & entertainment, aerospace & defense, agriculture, hospitality & tourism, BFSI, IT & telecom, other industries). The study also evaluates industry competitors and analyses the market at the country level.
Based on component, the professional services segment is expected to register a faster growth rate during the forecast period. The growth of this segment is driven by factors, such as the increasing demand for location-based professional services, including mapping, implementation & support, and consulting and development services, comprehensive expertise in designing location-based applications, and growing demand for the development of advanced functionalities, hardware integration, and support & maintenance of the location-powered applications.
Based on industry vertical, in 2022, the transportation & logistics segment is expected to account for the largest share of the global location-based services market. The rising demand for location-based services by the transportation industry, the growing demand for GPS-enabled systems across the transportation industry, and the increasing deployment of location-based services by leading LBS players are factors driving the growth of the location-based services market. However, the retail and consumer goods segment is expected to record the fastest growth rate during the forecast period.
Based on geography, the location-based services market is segmented into five major geographies, namely North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is estimated to account for the largest share of the location-based services market. The large market share of Asia-Pacific is attributed to the increasing deployment of location-based services across Asian countries, the growing demand from food & beverage industries to deliver fresh meat and seafood products, and the favorable government initiatives across Asian countries that support the adoption of location-based services.
In recent years, developed APAC markets, especially Japan, India, South Korea, Australia, Greater China, and Singapore, have accelerated the adoption of location-based services and solutions. Also, the increasing deployment of location-based services across Asian countries is driving the growth of the APAC location-based services market. For instance, in 2019, Mercedes-Benz (Germany) implemented the HERE Real-Time Traffic solution provided by HERE Technologies (Netherlands) to power live traffic service for cars sold across the Americas and Asia-Pacific.
In addition, the favorable government initiatives across Asian countries that support the adoption of location-based services are also encouraging the growth of the APAC LBS market. For instance: in 2021, the National Highways Authority of India (NHAI) announced its plans to replace toll plazas with GNSS-based tolling systems within the next two to three years for reducing traffic congestions at toll booths and providing relief to motorists.
Some of the key players operating in the global location-based services market are ALE International (France), Google LLC (U.S.), Apple Inc. (U.S.), Rohde & Schwarz GmbH & Co. KG (Germany), AT&T Inc. (U.S.), Cisco Systems, Inc. (U.S.), HERE Technologies (Netherlands), IBM Corporation (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), Qualcomm Technologies, Inc. (U.S.), Telefonaktiebolaget LM Ericsson (Sweden), TomTom N.V. (Netherlands), Foursquare (U.S.), ESRI (U.S.), Intellias Ltd (U.S.), Zebra Technologies (U.S.), Aruba Networks (U.S.), SAP SE (Germany), Precisely (U.S.), Hexagon AB (Sweden), and Trimble, Inc. (U.S.).
Key questions answered in the report-
- Which are the high growth market segments in terms of the components, applications, technologies, location type, industry vertical, and countries?
- What is the historical market for location-based services across the globe?
- What are the market forecasts and estimates from the period of 2019–2029?
- What are the major drivers, restraints, and opportunities in the global location-based services market?
- Who are the major players in the global location-based services market and what shares of the market do they hold?
- Who are the major players in various countries and what shares of the market do they hold?
- How is the competitive landscape?
- What are the recent developments in the global location-based services market?
- What are the different strategies adopted by the major players in the global location-based services market?
- What are the geographical trends and high growth countries?
- Who are the local emerging players in the global location-based services market and how do they compete with the other players?
Scope of the Report
Location-based Services Market, by Component
o Location Intelligence Solutions
o Location-powered Mobile Applications
o Location-based Messaging
- Professional Services
o Mapping Services
o Implementation & Support
o Consulting and Development Services
Location-based Services Market, by Technology
- Global Positioning System (GPS)
- Global Navigation Satellite System (GNSS)
- Near Field Communication
- Other Technologies
Location-based Services Market, by Application
- Geo Marketing and Advertising or Target Marketing
- Mapping & GIS
o Smart Parking
o Route Planning
o Other Navigation Applications
o Children Locators
o Parolees Monitoring
o Pets locators
o Tracking of valuable and stolen goods
- Social Networking
o Friend Locator
o Chat and Instant Messaging Services
- Other Applications
Location-based Services Market, by Location Type
Location-based Services Market, by Industry Vertical
- Transportation & Logistics
- Government & Public Sector
- Retail and Consumer Goods
- Healthcare & Life Sciences
- Media & Entertainment
- Aerospace & Defense
- Hospitality & Tourism
- IT & Telecom
- Other Industries (Gaming, Oil and Gas, Mining, Education)
Location-based Services Market, by region
- North America
o Rest of Europe
o South Korea
o Australia and New Zealand
o Rest of Asia-Pacific
- Latin America
o Rest of Latin America
- Middle East & Africa
o Rest of MEA