Allied Market Research

Location Based Services Market Share Expected to reach $318.64 Billion by 2030


Report Code : A00149

quote LBS market trends in The Asia-Pacific market is expected to grow at a significant rate in the near future on account of the ever growing number of smartphone users, growing popularity of social networking apps, spiraling technology hubs in the region, and blooming tourism industry. Further, innovation in LBS in this region is boosting the growth of LBS market in Asia-Pacific region. For instance, the municipal government of Shanghai launched integrated development and testing platform for location-based services in 2018. As China's Beidou navigation system has started its mapping for the 5G, the testing platform will facilitate merging different positioning technologies such as Bluetooth & cellular technologies. Furthermore, key players in Asia-Pacific are focusing on enhancing their operations and increasing their overall efficiency to stay competitive in the market, which is expected to provide lucrative opportunities for the growth of the market during the forecast period. quote

Rachita Rake
Research Analyst, ICT at Allied Market Research

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According to a recent report published by Allied Market Research, titled, “Location based services Market Analysis by Component, Technology, Application and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2030,”

The global location based services Market size was valued at $36.35 Billion in 2020, and is projected to reach $318.64 Billion by 2030, growing at a CAGR of 24.3% from 2020 to 2030.

Surge in adoption of new cutting-edge technologies in various organizations and rise in need to create new mile stone in digital marketing sector drive the growth of the market. In addition, Location-based services (LBS) are widely used for mapping, across all regions. LBS solutions have emerged as effective tool for information services, disaster and natural resource management as well as entertainment projects. Moreover, the technological advancements in software & hardware components, and their increased adoption in navigation solutions drive the growth of the location-based services market. However, unorganized security regulations regarding location data and high cost of components would restrict the adoption of LBS in the market.

On the basis of component, the hardware segment dominated the overall location based services industry in 2020, and is expected to continue this LBS industry trends during the forecast period. This is attributed to increase in adoption of location based service solution among enterprises to gain strategic as well as competitive advantage and strong customer retention over their competitors. In addition, proximity-based marketing is gaining significant traction in the market. Moreover, rise in awareness of geo-targeted marketing significantly drives the demand for hardware of location-based services. Growth in adoption of mobile commerce and social media activities is expected to further supplement the growth of hardware components in the market, which drives the location based services Market growth. However, the service segment is expected to witness highest location based services market share, as service segment of location based service industry ensures effective coordination between software provider companies and users of location based service software by providing services such as implementation, training, consulting services, and managed services. The adoption of these software speeds up the customer satisfaction of various industrial verticals such as BFSI, IT & telecommunication, and healthcare, which maximizes the value of existing customer by optimizing their needs and minimizes the cost of operation. This further fuel the adoption of services that are needed to handle the software properly.

Depending on application, the business intelligence & analytics segment garnered the largest share of location based services market in 2020, and is expected to continue this trend during the forecast period. This is attributed to business intelligence helps in analyzing location-specific information related to businesses. It enable users to analyze the relationship between corporate data, such as revenue & inventory, and location-specific data to view store locations, sales territories, and competitor locations. However, the location-based advertising segment is expected to witness highest growth in the upcoming years. As location based advertising provides personalized vouchers and offers, real-time mapping, and focus on targeted advertisements to reach potential customers in real-time are some of the factors that drive the growth of the market..

As per Location Based Services Market Forecast Post COVID-19, the global location based services Market size is estimated to grow from $ 36.35 Billion in 2021, and reach $ 318.64 Billion by 2030, at a CAGR of 24.3%.

The outbreak of COVID-19 is anticipated to have a positive impact on the growth location-based services market. With the emergence COVID-19, the use of location-based services is likely to enable governments to address impact of social distancing and facilitate tracking patterns of movements of individuals and traffic patterns. This is attributed to use of collection of location data from user’s devices. This location data is collected from only those devices in which the permission to collect data is granted. Location-based services are expected to gain traction, owing to their usage for predicting the next hotspot of COVID-19 and to preplan allocation of healthcare resources accordingly. Innovations and advances in location-based services post COVID-19 outbreak with features such as real-time tracking, location-based marketing, geotagging, and augmented reality have further supported the market growth. With increase in adoption of BYOD trend among industries across the globe, the penetration of location-based services has increased significantly. Governments and private sectors are majorly relying on the geolocation to curb the spread of novel coronavirus.

Key Findings Of The Study

  • By component, the hardware segment dominated the location based services Market in 2020. However, the service segment is expected to exhibit significant growth during the forecast period.
  • On the basis of technology, the assisted GPS (A-GPS) segment accounted for the highest revenue of market in 2020; however, the others segment is expected to witness the highest growth rate during the forecast period.
  • Depending on application, the business intelligence & analytics segment generated the highest revenue in 2020. However, the location-based advertising segment is expected to witness the highest growth rate in the near future.
  • Depending on industry vertical, the transportation & logistics segment generated the highest revenue in 2020. However, the media & entertainment segment is expected to witness the highest growth rate in the near future
  • Region wise, the Location based services Market was dominated by North America. However, Asia-Pacific is expected to witness significant growth in the coming years.

This report gives an in-depth profile of some key market players in the LBS industry are Alcatel-Lucent SA, Apple, Inc., AT&T Inc., Bharti Airtel, LTD., Cisco Systems, Inc., Google Inc., HERE, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, and Qualcomm Inc.  . This study includes market trends, market analysis, and future estimations to determine the imminent investment pockets

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quote Location Based Services Market Forecast by Component (Hardware, Software and Service), Technology (GPS, Assisted GPS (A-GPS), Enhanced GPS (E-GPS), Enhanced Observed Time Difference, Observed Time Difference, Cell Id, Wi-Fi, And Others), Application (Location-Based Advertising, Business Intelligence & Analytics, Fleet Management, Mapping And Navigation, Local Search & Information, Social Networking & Entertainment, Proximity Marketing, Asset Tracking, And Others), and Industry Vertical (Transportation & Logistics, Manufacturing, Government & Public Utilities, Retail, Healthcare & Life Sciences, Media & Entertainment, IT & Telecom, BFSI, Hospitality, And Others): Global Opportunity Analysis and Industry Forecast, 2021-2030. quote

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