Increase in adoption of social media & smart phones, easy availability of GPS, and emergence of location-based technology is boosting the growth of the global location-based services market. In addition, the increase in number of smartphone users and internet accessibility positively impact the growth of the location-based services market. However, inflated cost of installation and maintenance and operational challenges is 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.
The global location based services market was valued at $45.4 billion in 2021, and is projected to reach $402.4 billion by 2031, registering a CAGR of 24.6% from 2022 to 2031.
Key players in the location based services market:
The key players profiled in the location based services market analysis is 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.
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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Segmental Review of the location based services market:
Based on the component, the hardware segment held the highest market share in 2021, accounting for nearly one-fourth of the global location-based services market revenue, owing to the Increase in penetration of smartphones, along with the rise in usage of 3G and 4G networks. However, the software segment is projected to manifest the highest CAGR of 26.9% from 2023 to 2032, owing to the rise in popularity of location-based advertising and mobile commerce.
Based on application, the business intelligence and analytics segment held the highest market share in 2021, accounting for nearly one-fifth of the global location-based services market revenue, as it helps in improving decision-making, optimizing internal business, and increasing operational efficiency. However, the location-based advertising segment is projected to manifest the highest CAGR of 29.3% from 2022 to 2031, as it helps to increase organizational efficiency, reduce cost, and enhance customer engagement.
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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 revenue, owing to the increasing penetration of smartphones and developments in communication technology in the region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 27.3% from 2023 to 2032 and is likely to dominate the market during the forecast period, owing to increase in infrastructure development in commercial offices, localities, and shopping malls in the region.
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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