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Location Based Services market Size
The increase in number of smartphone users and internet accessibility positively impact the growth of the location-based services market.
PORTLAND, PORTLAND, OR, UNITED STATES, February 16, 2024 /EINPresswire / -- According to a new report published by Allied Market Research, titled,“Location Based Services Market ," The location-based services market was valued at $45.4 billion in 2021, and is estimated to reach $402.4 billion by 2031, growing at a CAGR of 24.6% from 2022 to 2031.
Location-based marketing/advertising provides vast advantages to businesses in reaching out to their customer base in a particular location. Location-based marketing enables advertisers to build high-quality databases and more accurately forecast consumer spending. Its additional features increase consumer connections and audience visibility. Increased use of the internet and GPS-enabled mobile devices accelerate market expansion.
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Furthermore, the increase in adoption of social media, smartphones, and easy availability of GPS and the emergence of location-based technology is boosting the growth of the global location-based services Market. In addition, the increase in the number of smartphone users and internet accessibility positively impacts the growth of the location-based services market. However, high cost of installation and maintenance and operational challenges is hampering the location-based services market growth. On the contrary, the growing penetration of 3G and 4G networks and the continuous increase in the number of internet users are expected to offer remunerative opportunities for expansion during the location-based services market forecast
Depending on the component, the service segment is expected to grow at the highest rate during the forecast period, owing to increased adoption of LBS across sectors such as retail, telecom and IT, government & public utilities, real estate, and healthcare. However, the software segment holds the largest location-based services market size as large enterprises are adopting location-based services to protect all their infrastructures.
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Region-wise, the location-based services market size was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing to, increase in social media platforms. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to growing demand for location-based services by food and beverage industries.
The market for location-based services (LBS) has seen steady growth amid the COVID-19 pandemic due to increased demand for GPS-based solutions. Major providers in the LBS industry have expanded their service offerings and product capabilities. The pandemic has also prompted a shift in model performance, necessitating more continuous monitoring and validation to mitigate various risks, thereby driving the development of advanced technology models in the LBS market.
Location data is gathered only from devices where permission to collect data is granted. LBS are anticipated to become more popular for predicting COVID-19 hotspots and planning the allocation of healthcare resources accordingly. Post-COVID-19 outbreak, innovations such as real-time tracking, location-based marketing, geotagging, and augmented reality have further fueled market growth.
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The adoption of the bring your device (BYOD) trend has significantly increased the uptake of LBS industry services across various industries globally. Governments and private sectors heavily rely on geolocation to combat the spread of the novel coronavirus.
The integration of advanced technologies like big data analytics is helping industries improve various aspects such as perception, reasoning, learning, and problem-solving, driving the growth of the LBS market. Factors such as the need for virus containment, the rise in BYOD usage, and increased traction for geo-targeting have contributed to market growth due to the COVID-19 outbreak.
The key players profiled in the location-based services market analysis are ALE International, Apple, Inc., AT&T Inc., Airtel India., Cisco Systems, Inc., Google Inc., HERE, IBM Corporation, Microsoft Corporation, Oracle Corporation, and Qualcomm Technologies Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the location-based services industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.
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