Location-Based Services Market Growth Analysis | 2023-2028

Market Insights

The location-based services market was estimated at USD 53.2 billion in 2022 and is likely to grow at a CAGR of 21.1% during 2023-2028 to reach USD 168.22 billion in 2028.

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Market Dynamics

Introduction

A location-based service (LBS) is a collection of services that include mapping and navigation, local search and information, social networking and entertainment, proximity marketing, asset tracking, and others that are delivered via software and allow end-users to access location-specific data and other online services. Location-based services use real-time geo-data from a smartphone or other smart device to provide information, entertainment, or security.

COVID-19 Impact

The COVID-19 outbreak has had a moderate impact on the growth of the location-based services market because the worldwide lockdown during the COVID-19 outbreak has increased the widespread adoption of LBS software that enables projects to continue in a virtual and digital environment even when participants are unable to meet in person. The pandemic has compelled the development of safer and more efficient highways, offices, and homes.

The COVID-19 outbreak is expected to have a positive impact on the expanding location-based services market. The use of location-based services is likely to enable governments to address the impact of social distancing and facilitate tracking patterns of individual movements and traffic patterns with the emergence of COVID-19.

Market Drivers

The location-based services market is driven by a host of factors, some of which are noted below:

• Increase in Internet penetration.
• Due to increased adoption of user-friendly LBS solutions and high investment in the defense, retail, military, and public transportation sectors.
• LBS is expected to hold a significant market share in countries such as India, China, Singapore, and others.
• Increase in the number of industries such as manufacturing, construction, real estate, tourism, and others.
• Increase in smartphone and location-enhanced marketing adoption; and the integration of location-based search with social networking websites.

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Key Players

Key players operating in the market are:

• AiRISTA Flow (US)
• Apple (US)
• Aruba Networks (US)
• CenTrak (US)
• Cisco (US)
• Ericsson (US)
• ESRI (US)
• GE Healthcare (US)
• Google (US)
• HERE (Netherlands)
• IBM (US)

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By End-User Industry Type

The location-based services market has been bifurcated into FMCG, E-commerce, Retail, Healthcare, IT and Telecom, Transportation, Oil and Gas, and others. The FMCG segment accounted for the largest market share in 2022.

There has been an increase in the number of e-commerce establishments. Personalization features in mobile apps have contributed to their greater success.

Regional Insights

Asia Pacific is expected to remain the largest market for location-based services during the forecast period. China is not only a major regional market for LBS, but also a market, owing to significant growth in investments in infrastructure and technological capabilities, combined with internet and mobile penetration, but the country holds a prominent position in the region as well as the market.

According to the 48th China Statistical Report on Internet Development, there were 1.011 billion internet users in the country as of June 2021, with an internet penetration rate of 71.6 %, which is enormous given the country's population. The country's high internet penetration rate, combined with an expanding smartphone audience, is expected to create significant opportunities for location-based services.

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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects location-based services market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The location-based services market is segmented into the following categories.

By Location Type

• Indoor
• Outdoor

By Service Type

• Professional
• Managed

By End-User Industry Type

• FMCG
• E-commerce
• Retail
• Healthcare
• IT and Telecom
• Transportation
• Oil and Gas

By Region

• North America (Country: The USA, Canada, and Mexico)
• Europe (Country: Germany, France, The UK, Russia, Italy, and the Rest of Europe)
• Asia-Pacific (Country: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Country: Brazil, Argentina, and Others)

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Report Customization Options

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.