According to the report, the global location based services market generated $45.4 billion in 2021, and is anticipated to generate $402.4 billion by 2031, witnessing a CAGR of 24.6% from 2022 to 2031.
Increase in adoption of social media & smart phones, easy availability of GPS, emergence of location-based technology, and the increase in number of smartphone users and internet accessibility drive the growth of the global location based services market. However, inflated cost of installation and maintenance and operational challenges are hampering the location based services market growth. On the contrary, the growing penetration of 3G & 4G networks and continuous increase in the number of internet users are expected to offer remunerative opportunities for expansion of the location based services market during the forecast period.
Key Players in the Location Based Services Market:
The key players that operate in the location-based services industry ALE International, Cisco Systems, Inc., Apple, Inc., Oracle Corporation, Google LLC, IBM Corporation, Airtel India., Qualcomm Technologies, Inc. , Microsoft Corporation, AT&T Inc., HERE
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Segmental Review of the Location Based Services Market:
Based on region, North America held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global location based services market, owing to rise in technological advancements and a well-established media & entertainment industry. However, the Asia-Pacific region is expected to witness the fastest CAGR of 27.3% from 2022 to 2031, and is likely to dominate the market during the forecast period, owing to surge in the adoption of location-based services software by prominent companies in this region.
Based on technology, the Assisted GPS (A-GPS) segment held the highest market share in 2021, accounting for nearly one-fifths of the global location based services market, and is estimated to maintain its leadership status throughout the forecast period, owing to the combination of GPS and Cell ID tools. It links the positioning system of GSM operators with satellite positioning and uses both GPS technology and BTS position to correct any errors regarding exact location. However, the others segment is projected to manifest the highest CAGR of 28.3% from 2022 to 2031, owing to the use of methods such as time of arrival (TOA), angle of arrival (AOA), and time difference of arrival (TDOA).
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Based on application, the business intelligence and analytics segment accounted for the largest share in 2021, contributing to nearly one-fifths of the global location-based services market, as it helps in improving decision making, optimizing internal business, and increasing operational efficiency. However, the location-based advertising segment is expected to portray the largest CAGR of 29.3% from 2022 to 2031, and is projected to maintain its lead position during the forecast period. This is owing to a rise in the number of smartphone users along with growing adoption in retail & e-commerce sector.
Based on component, the services segment held the highest market share in 2021, accounting for nearly half of the global location based services market, and is estimated to maintain its leadership status throughout the forecast period, as it provides location-based services typically create and implement mapping and navigation solutions into the intended infrastructure to introduce sophisticated navigational capabilities, which aids the firm in future marketing decisions. However, the software segment is projected to manifest the highest CAGR of 26.9% from 2022 to 2031, as it offers location analytics, risk analytics & geofencing, geospatial data transformation, and geocoding & reverse geocoding.
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The report provides a detailed analysis of these key players of the global location based services market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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