Location-Based Services Market To Surpass $346.3 Bn By 2034, Says Global Market Insights Inc.

(MENAFN- GlobeNewsWire - Nasdaq) Major location based services market participants include Apple, Baidu, Cisco Systems, Google, HERE Technologies, IBM, Magellan GPS, Microsoft, Oracle, Qualcomm Technologies.

Selbyville, Delaware, Feb. 03, 2025 (GLOBE NEWSWIRE) --

The location based services market valuation is predicted to exceed USD 346.3 billion by 2034, reported in a research analysis by Global Market Insights Inc.

This robust growth is fueled by the rising adoption of smartphones and the increasing availability of mobile internet, especially in developing regions. As billions of devices worldwide are equipped with GPS and advanced location-tracking technologies, users are demanding location-specific functionalities in apps ranging from navigation and e-commerce to ride-hailing and social networking.

Advancements in connectivity, including 4G, 5G, and Wi-Fi networks, have significantly improved the precision and availability of LBS, even in challenging environments like indoor or remote areas. Businesses across industries capitalize on these capabilities to enhance customer engagement through personalized experiences and targeted marketing. Transportation, healthcare, and logistics integrate LBS to optimize real-time tracking and operational efficiency. This widespread incorporation of LBS into daily activities is a major factor driving market expansion.

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Location-based advertising (LBA) is another critical factor boosting the location based services market. Businesses are leveraging real-time location data to deliver personalized, context-driven advertisements, particularly in sectors like retail, dining, and entertainment. The integration of analytics and artificial intelligence (AI) has further improved the effectiveness of location-based campaigns, ensuring precise targeting and enhancing customer interaction.

The location based services market from the hardware accounted for over 40% of the revenue share in 2024 and is expected to surpass USD 120 billion by 2034. Hardware remains dominant due to its critical role in enabling advanced functionalities and ensuring long-term reliability. Key components like sensors, processors, and networking equipment are vital across industries such as automotive, consumer electronics, and healthcare. The growing emphasis on smart technologies and automation further bolsters the demand for durable and scalable hardware solutions.

By technology, GPS/GNSS held over 47% of the market share in 2024, driven by its ability to deliver precise, real-time location data. This technology supports critical applications such as navigation, fleet management, and autonomous vehicles. Its essential role in smart infrastructure and growing demand for geofencing, mapping, and personal navigation solutions underline its prominence.

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In Asia Pacific, China led the location based services (LBS) market with over 60% share in 2024, supported by extensive smartphone usage, strong digital infrastructure, and advancements in 5G. The country's rapid urbanization and smart city initiatives further accelerate market growth.

Partial chapters of report table of contents (TOC):

Chapter 1 Methodology & Scope

1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates and calculations
1.2.1 Base year calculation
1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research & validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market definitions

Chapter 2 Executive Summary

2.1 Industry 3600 synopsis, 2021 - 2034

Chapter 3 Location-Based Services Market Insights

3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.2.1 Location-based services hardware manufacturers
3.2.2 Software providers
3.2.3 Distributors
3.2.4 End users
3.3 Profit margin analysis
3.4 Pricing analysis
3.5 Patent Landscape
3.6 Cost Breakdown of location-based services
3.7 Technology & innovation landscape
3.8 Key news & initiatives
3.9 Regulatory landscape
3.10 Impact forces
3.10.1 Growth drivers
3.10.1.1 Increasing penetration of smartphones and mobile internet
3.10.1.2 Growing demand for location based advertising (LBA)
3.10.1.3 Advancements in GPS, GNSS, and indoor positioning technologies
3.10.1.4 Rising adoption of LBS in transportation, logistics, and public safety
3.10.2 Industry pitfalls & challenges
3.10.2.1 Privacy concerns and data security risks associated with location tracking
3.10.2.2 High infrastructure costs for deploying advanced positioning systems
3.11 Growth potential analysis
3.12 Porter's analysis
3.13 PESTEL analysis

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About Global Market Insights Inc.

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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