The global location-based services market is expected to grow at a moderate CAGR during the forecast period (2024-2031). The market for location-based services is being driven by the widespread use of smartphones. Location-based services (LBS) have exploded in popularity in recent years. It’s rapidly being used to find friends in a given region, find the nearest restaurant, and advertise offers to local customers. LBS allows businesses to keep their consumers up to current on their orders by providing them with relevant and up-to-date information about their surroundings. All of these LBS applications provide a dynamic user experience, making it easier for businesses to communicate with their customers.
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A combination of mobile positioning with satellite-based GPS is the fastest-developing positioning approach. The realistic precision of more widely used approaches like global cell identity (CGICTA) and improved observed time difference (E-OTD) is in the range of 50–1000 m. These technologies provide potential for end-users based on the accuracy required for location identification in specific applications.
E-OTD, observed timed difference of arrival (OTDOA), wireless-assisted GNSS (A-GNSS), and hybrid technologies, which integrate A-GNSS with other standard technologies, can all be used to establish location. Using location-based systems that track vehicular movement, commuters and service seekers can get a better position and an accurate estimated arrival time in real-time. With governments’ major efforts around the globe to attain smooth transportation goals as part of their smart city programs, this is projected to establish a significant market base. Over the projected period, these changes are expected to create more opportunities, notably in the Latin American and Asia-Pacific regions.
Furthermore, industry players such as Nokia, Samsung, and other OEMs are entering this market as a result of major continuous expenditures in the integration of 3D mapping applications with smartphones. Amazon Inc. and Microsoft Corp., among other online web services providers, have begun to offer 3D maps on their platforms. Parrot, a well-known provider of wireless gadgets for mobile phones, has positioned its consumer drones for 3D modelling, mapping, and agricultural applications, for example. During the projected period, these events are expected to increase market demand across emerging economies.
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Market Coverage
- Segment Covered-
o By Location
o By End-User
- Competitive Landscape- Kloudspot Inc., IBM Corp, Ericsson Inc.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Location Based Services Market – Segmentation
By Location
- Indoor
- Outdoor
By End-Use
- Retail
- Healthcare
- IT and Telecom
- Transportation
- Other End-user Industries
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