June 25, 2024
ICT

Location Based Services Market Size to Garner USD 24.50 Billion by 2032

The global Location based services market size was estimated to be around US$ 49.4 billion in 2022. It is projected to reach US$ 440.21 billion by 2032, indicating a CAGR of 24.50% from 2023 to 2032.

Location Based Services Market Size 2023 To 2032

Key Takeaways

  • North America contributed more than 43% of revenue share in 2022.
  • Asia Pacific is estimated to expand the fastest CAGR between 2023 and 2032.
  • The hardware segment has held the largest market share of 45% in 2022.
  • The services segment is anticipated to grow at a remarkable CAGR of 26.2% between 2023 and 2032.
  • The GPS segment generated over 31% of revenue share in 2022.
  • The Wi-Fi segment is expected to expand at the fastest CAGR over the projected period.
  • The mapping and navigation segment generated over 35% of the revenue share in 2022.
  • The asset tracking segment is expected to expand at the fastest CAGR over the projected period.
  • The transportation and logistics segment generated over 33% of revenue share in 2022.
  • The hospitality segment is expected to expand at the fastest CAGR over the projected period.

The Location-Based Services (LBS) market has witnessed substantial growth in recent years, driven by the increasing adoption of smartphones, advancements in GPS technology, and the rising demand for personalized and location-specific information. LBS refers to a range of services that utilize geographical information to provide real-time, context-aware data to users. These services have found applications across various industries, including navigation, retail, healthcare, and entertainment, among others.

One of the key drivers for the growth of the Location-Based Services market is the widespread integration of GPS-enabled devices. The ubiquitous presence of smartphones equipped with GPS capabilities has opened up new possibilities for location-based applications. These services not only enhance user experience but also enable businesses to deliver targeted and location-specific content, leading to increased engagement and customer satisfaction.

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Growth Factors:

  • Smartphone Proliferation: The increasing global penetration of smartphones has been a primary factor contributing to the growth of LBS. As more individuals own smartphones, the user base for location-based services expands, creating opportunities for businesses to leverage this technology for marketing, navigation, and other applications.
  • Advancements in Location Technologies: Ongoing advancements in GPS technology, coupled with the integration of other location-tracking methods such as Wi-Fi and Bluetooth, have improved the accuracy and reliability of location-based services. This has expanded the scope of applications, making LBS more appealing to both consumers and businesses.
  • Rising Demand for Personalized Services: Consumers today seek personalized and relevant information, and location-based services cater to this demand effectively. Businesses can deliver targeted advertisements, promotions, and content based on a user’s location, preferences, and behavior, leading to a more personalized and engaging user experience.
  • Integration with Internet of Things (IoT): The growing integration of LBS with IoT devices further propels market growth. Industries such as logistics, transportation, and smart cities benefit from the seamless connectivity between IoT devices and location-based services, enhancing efficiency, resource management, and overall operational effectiveness.
  • Emergence of Augmented Reality (AR): The integration of location-based services with augmented reality is opening new avenues for immersive and context-aware experiences. AR applications that provide real-time information based on a user’s location enhance navigation, gaming, and retail experiences, contributing to the overall expansion of the LBS market.

Location Based Services Market Scope

Report Coverage Details
Growth Rate from 2023 to 2032 CAGR of 24.50%
Market Size in 2023 USD 61.26 Billion
Market Size by 2032 USD 440.21 Billion
Largest Market North America
Base Year 2022
Forecast Period 2023 to 2032
Segments Covered By Component, By Technology, By Application, and By Industry Vertical
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Read More: PCR Plastic Packaging Market Size To Attain USD 47.55 Billion By 2032

U.S. Location Based Services Market in 2023 To 2032

The U.S. location based services market size accounted for t USD 14.87 billion in 2022 and is expected to touch USD 132.50 billion by 2032, at a CAGR of 24.50% from 2023 to 2032.

U.S. Location Based Services Market Size 2023 To 2032

In 2022, North America secured the largest share of revenue at 43%. The dominance of North America in the location-based services (LBS) market is attributed to various factors. The region benefits from a well-established digital infrastructure, widespread use of smartphones, and a population with a strong inclination toward technology, all contributing to the widespread adoption of LBS. Moreover, the presence of a robust business ecosystem and a flourishing startup culture in the region fosters continuous innovation and development in LBS technologies.

The market leadership of North America is reinforced by the presence of major players in the LBS industry, all of whom have their headquarters in the region. Additionally, the strong demand for a diverse range of applications, spanning from navigation to geo-targeted advertising and integration with the Internet of Things (IoT), is evident in sectors such as retail, healthcare, and transportation, further solidifying North America’s prominent position in the LBS market.

Component

The Location Based Services (LBS) market is composed of various key components that synergize to deliver precise location information and services. Core components include hardware, software, and services. Hardware elements involve GPS receivers and sensors, ensuring accurate data acquisition. On the software front, robust mapping and navigation applications contribute to seamless user experiences. Additionally, service components encompass location-based advertising, mapping services, and location-based analytics, enhancing the overall value proposition of LBS solutions.

Technology

Technological advancements play a pivotal role in shaping the landscape of Location Based Services. Global Navigation Satellite System (GNSS) technologies, such as GPS, remain foundational for accurate positioning. Augmented Reality (AR) and Virtual Reality (VR) are emerging technologies amplifying user engagement by overlaying digital information onto the physical world. Furthermore, the integration of Internet of Things (IoT) facilitates real-time data exchange, contributing to more dynamic and context-aware location-based experiences.

Application

The applications of Location Based Services are diverse and cater to a broad spectrum of user needs. Navigation and mapping applications are fundamental, aiding users in finding optimal routes and locating points of interest. Location-based advertising leverages user location data to deliver targeted and personalized ads, enhancing marketing effectiveness. Emergency services benefit from LBS by rapidly pinpointing the location of individuals in distress. Additionally, location-based gaming and social networking applications contribute to the entertainment and social aspects of LBS.

Industry Vertical

Location Based Services find extensive applications across various industry verticals, optimizing processes and enhancing user experiences. In retail, LBS facilitates personalized marketing, location-based promotions, and efficient inventory management. Transportation and logistics benefit from route optimization, asset tracking, and real-time monitoring. Healthcare leverages LBS for patient tracking, asset management, and location-based health services. The smart city initiatives utilize LBS for urban planning, traffic management, and public safety, fostering a connected and efficient urban environment.

Recent Developments

  • In October 2023, A countrywide network of Continuously Operating Reference Stations (CORS) has been established by the Indian government to deliver precise location-based mapping services with a 3cm margin of error. The more than 1,000 CORS stations that make up the network will help industries like mining, construction, transportation, and civil aviation. The CORS data will benefit scientific endeavors including meteorology, seismology, and upper atmosphere study in addition to developing sectors.
  • In September 2021, BT and Oracle formed a strategic partnership to enhance network resources and expedite the launch of a novel 5G offering in the market. This collaboration empowers BT to efficiently trial and implement 5G services, facilitating a seamless integration process.

Location Based Services Market Players

  • Google
  • Apple
  • Facebook
  • Microsoft
  • IBM
  • Cisco Systems
  • Oracle
  • Qualcomm
  • Samsung Electronics
  • TomTom
  • Huawei Technologies
  • HERE Technologies
  • Ericsson
  • Zebra Technologies
  • Foursquare

Segments Covered in the Report

By Component

  • Hardware
  • Software
  • Services

By Technology

  • GPS
  • Assisted GPS (A-GPS)
  • Enhanced GPS (E-GPS)
  • Enhanced Observed Time Difference
  • Observed Time Difference
  • Cell ID
  • Wi-Fi
  • Others

By Application

  • Social Networking and Entertainment
  • Proximity Marketing
  • Asset Tracking
  • Mapping and Navigation
  • Business Intelligence and Analytics
  • Fleet Management
  • Location-based Advertising
  • Local Search and Information
  • Others

By Industry Vertical

  • Transportation and Logistics
  • Manufacturing
  • Government and Public Utilities
  • Retail
  • Healthcare and Life Sciences
  • Media and Entertainment
  • IT and Telecom
  • BFSI
  • Hospitality
  • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

TABLE OF CONTENT

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology (Premium Insights)

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. COVID 19 Impact on Location Based Services Market 

5.1. COVID-19 Landscape: Location Based Services Industry Impact

5.2. COVID 19 – Impact Assessment for the Industry

5.3. COVID 19 Impact: Global Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

Chapter 6. Market Dynamics Analysis and Trends

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

Chapter 7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape

7.1.3.1. List of Suppliers

7.1.3.2. List of Buyers

Chapter 8. Global Location Based Services Market, By Component

8.1. Location Based Services Market, by Component, 2023-2032

8.1.1. Hardware

8.1.1.1. Market Revenue and Forecast (2020-2032)

8.1.2. Software

8.1.2.1. Market Revenue and Forecast (2020-2032)

8.1.3. Services

8.1.3.1. Market Revenue and Forecast (2020-2032)

Chapter 9. Global Location Based Services Market, By Technology

9.1. Location Based Services Market, by Technology, 2023-2032

9.1.1. GPS

9.1.1.1. Market Revenue and Forecast (2020-2032)

9.1.2. Assisted GPS (A-GPS)

9.1.2.1. Market Revenue and Forecast (2020-2032)

9.1.3. Enhanced GPS (E-GPS)

9.1.3.1. Market Revenue and Forecast (2020-2032)

9.1.4. Enhanced Observed Time Difference

9.1.4.1. Market Revenue and Forecast (2020-2032)

9.1.5. Observed Time Difference

9.1.5.1. Market Revenue and Forecast (2020-2032)

9.1.6. Cell ID

9.1.6.1. Market Revenue and Forecast (2020-2032)

9.1.7. Wi-Fi

9.1.7.1. Market Revenue and Forecast (2020-2032)

9.1.8. Others

9.1.8.1. Market Revenue and Forecast (2020-2032)

Chapter 10. Global Location Based Services Market, By Application 

10.1. Location Based Services Market, by Application, 2023-2032

10.1.1. Social Networking and Entertainment

10.1.1.1. Market Revenue and Forecast (2020-2032)

10.1.2. Proximity Marketing

10.1.2.1. Market Revenue and Forecast (2020-2032)

10.1.3. Asset Tracking

10.1.3.1. Market Revenue and Forecast (2020-2032)

10.1.4. Mapping and Navigation

10.1.4.1. Market Revenue and Forecast (2020-2032)

10.1.5. Business Intelligence and Analytics

10.1.5.1. Market Revenue and Forecast (2020-2032)

10.1.6. Fleet Management

10.1.6.1. Market Revenue and Forecast (2020-2032)

10.1.7. Location-based Advertising

10.1.7.1. Market Revenue and Forecast (2020-2032)

10.1.8. Local Search and Information

10.1.8.1. Market Revenue and Forecast (2020-2032)

10.1.9. Others

10.1.9.1. Market Revenue and Forecast (2020-2032)

Chapter 11. Global Location Based Services Market, By Industry Vertical 

11.1. Location Based Services Market, by Industry Vertical, 2023-2032

11.1.1. Transportation and Logistics

11.1.1.1. Market Revenue and Forecast (2020-2032)

11.1.2. Manufacturing

11.1.2.1. Market Revenue and Forecast (2020-2032)

11.1.3. Government and Public Utilities

11.1.3.1. Market Revenue and Forecast (2020-2032)

11.1.4. Retail

11.1.4.1. Market Revenue and Forecast (2020-2032)

11.1.5. Healthcare and Life Sciences

11.1.5.1. Market Revenue and Forecast (2020-2032)

11.1.6. Media and Entertainment

11.1.6.1. Market Revenue and Forecast (2020-2032)

11.1.7. IT and Telecom

11.1.7.1. Market Revenue and Forecast (2020-2032)

11.1.8. BFSI

11.1.8.1. Market Revenue and Forecast (2020-2032)

11.1.9. Hospitality

11.1.9.1. Market Revenue and Forecast (2020-2032)

11.1.10. Others

11.1.10.1. Market Revenue and Forecast (2020-2032)

Chapter 12. Global Location Based Services Market, Regional Estimates and Trend Forecast

12.1. North America

12.1.1. Market Revenue and Forecast, by Component (2020-2032)

12.1.2. Market Revenue and Forecast, by Technology (2020-2032)

12.1.3. Market Revenue and Forecast, by Application (2020-2032)

12.1.4. Market Revenue and Forecast, by Industry Vertical (2020-2032)

12.1.5. U.S.

12.1.5.1. Market Revenue and Forecast, by Component (2020-2032)

12.1.5.2. Market Revenue and Forecast, by Technology (2020-2032)

12.1.5.3. Market Revenue and Forecast, by Application (2020-2032)

12.1.5.4. Market Revenue and Forecast, by Industry Vertical (2020-2032)

12.1.6. Rest of North America

12.1.6.1. Market Revenue and Forecast, by Component (2020-2032)

12.1.6.2. Market Revenue and Forecast, by Technology (2020-2032)

12.1.6.3. Market Revenue and Forecast, by Application (2020-2032)

12.1.6.4. Market Revenue and Forecast, by Industry Vertical (2020-2032)

12.2. Europe

12.2.1. Market Revenue and Forecast, by Component (2020-2032)

12.2.2. Market Revenue and Forecast, by Technology (2020-2032)

12.2.3. Market Revenue and Forecast, by Application (2020-2032)

12.2.4. Market Revenue and Forecast, by Industry Vertical (2020-2032)

12.2.5. UK

12.2.5.1. Market Revenue and Forecast, by Component (2020-2032)

12.2.5.2. Market Revenue and Forecast, by Technology (2020-2032)

12.2.5.3. Market Revenue and Forecast, by Application (2020-2032)

12.2.5.4. Market Revenue and Forecast, by Industry Vertical (2020-2032)

12.2.6. Germany

12.2.6.1. Market Revenue and Forecast, by Component (2020-2032)

12.2.6.2. Market Revenue and Forecast, by Technology (2020-2032)

12.2.6.3. Market Revenue and Forecast, by Application (2020-2032)

12.2.6.4. Market Revenue and Forecast, by Industry Vertical (2020-2032)

12.2.7. France

12.2.7.1. Market Revenue and Forecast, by Component (2020-2032)

12.2.7.2. Market Revenue and Forecast, by Technology (2020-2032)

12.2.7.3. Market Revenue and Forecast, by Application (2020-2032)

12.2.7.4. Market Revenue and Forecast, by Industry Vertical (2020-2032)

12.2.8. Rest of Europe

12.2.8.1. Market Revenue and Forecast, by Component (2020-2032)

12.2.8.2. Market Revenue and Forecast, by Technology (2020-2032)

12.2.8.3. Market Revenue and Forecast, by Application (2020-2032)

12.2.8.4. Market Revenue and Forecast, by Industry Vertical (2020-2032)

12.3. APAC

12.3.1. Market Revenue and Forecast, by Component (2020-2032)

12.3.2. Market Revenue and Forecast, by Technology (2020-2032)

12.3.3. Market Revenue and Forecast, by Application (2020-2032)

12.3.4. Market Revenue and Forecast, by Industry Vertical (2020-2032)

12.3.5. India

12.3.5.1. Market Revenue and Forecast, by Component (2020-2032)

12.3.5.2. Market Revenue and Forecast, by Technology (2020-2032)

12.3.5.3. Market Revenue and Forecast, by Application (2020-2032)

12.3.5.4. Market Revenue and Forecast, by Industry Vertical (2020-2032)

12.3.6. China

12.3.6.1. Market Revenue and Forecast, by Component (2020-2032)

12.3.6.2. Market Revenue and Forecast, by Technology (2020-2032)

12.3.6.3. Market Revenue and Forecast, by Application (2020-2032)

12.3.6.4. Market Revenue and Forecast, by Industry Vertical (2020-2032)

12.3.7. Japan

12.3.7.1. Market Revenue and Forecast, by Component (2020-2032)

12.3.7.2. Market Revenue and Forecast, by Technology (2020-2032)

12.3.7.3. Market Revenue and Forecast, by Application (2020-2032)

12.3.7.4. Market Revenue and Forecast, by Industry Vertical (2020-2032)

12.3.8. Rest of APAC

12.3.8.1. Market Revenue and Forecast, by Component (2020-2032)

12.3.8.2. Market Revenue and Forecast, by Technology (2020-2032)

12.3.8.3. Market Revenue and Forecast, by Application (2020-2032)

12.3.8.4. Market Revenue and Forecast, by Industry Vertical (2020-2032)

12.4. MEA

12.4.1. Market Revenue and Forecast, by Component (2020-2032)

12.4.2. Market Revenue and Forecast, by Technology (2020-2032)

12.4.3. Market Revenue and Forecast, by Application (2020-2032)

12.4.4. Market Revenue and Forecast, by Industry Vertical (2020-2032)

12.4.5. GCC

12.4.5.1. Market Revenue and Forecast, by Component (2020-2032)

12.4.5.2. Market Revenue and Forecast, by Technology (2020-2032)

12.4.5.3. Market Revenue and Forecast, by Application (2020-2032)

12.4.5.4. Market Revenue and Forecast, by Industry Vertical (2020-2032)

12.4.6. North Africa

12.4.6.1. Market Revenue and Forecast, by Component (2020-2032)

12.4.6.2. Market Revenue and Forecast, by Technology (2020-2032)

12.4.6.3. Market Revenue and Forecast, by Application (2020-2032)

12.4.6.4. Market Revenue and Forecast, by Industry Vertical (2020-2032)

12.4.7. South Africa

12.4.7.1. Market Revenue and Forecast, by Component (2020-2032)

12.4.7.2. Market Revenue and Forecast, by Technology (2020-2032)

12.4.7.3. Market Revenue and Forecast, by Application (2020-2032)

12.4.7.4. Market Revenue and Forecast, by Industry Vertical (2020-2032)

12.4.8. Rest of MEA

12.4.8.1. Market Revenue and Forecast, by Component (2020-2032)

12.4.8.2. Market Revenue and Forecast, by Technology (2020-2032)

12.4.8.3. Market Revenue and Forecast, by Application (2020-2032)

12.4.8.4. Market Revenue and Forecast, by Industry Vertical (2020-2032)

12.5. Latin America

12.5.1. Market Revenue and Forecast, by Component (2020-2032)

12.5.2. Market Revenue and Forecast, by Technology (2020-2032)

12.5.3. Market Revenue and Forecast, by Application (2020-2032)

12.5.4. Market Revenue and Forecast, by Industry Vertical (2020-2032)

12.5.5. Brazil

12.5.5.1. Market Revenue and Forecast, by Component (2020-2032)

12.5.5.2. Market Revenue and Forecast, by Technology (2020-2032)

12.5.5.3. Market Revenue and Forecast, by Application (2020-2032)

12.5.5.4. Market Revenue and Forecast, by Industry Vertical (2020-2032)

12.5.6. Rest of LATAM

12.5.6.1. Market Revenue and Forecast, by Component (2020-2032)

12.5.6.2. Market Revenue and Forecast, by Technology (2020-2032)

12.5.6.3. Market Revenue and Forecast, by Application (2020-2032)

12.5.6.4. Market Revenue and Forecast, by Industry Vertical (2020-2032)

Chapter 13. Company Profiles

13.1. Google

13.1.1. Company Overview

13.1.2. Product Offerings

13.1.3. Financial Performance

13.1.4. Recent Initiatives

13.2. Apple

13.2.1. Company Overview

13.2.2. Product Offerings

13.2.3. Financial Performance

13.2.4. Recent Initiatives

13.3. Facebook

13.3.1. Company Overview

13.3.2. Product Offerings

13.3.3. Financial Performance

13.3.4. Recent Initiatives

13.4. Microsoft

13.4.1. Company Overview

13.4.2. Product Offerings

13.4.3. Financial Performance

13.4.4. Recent Initiatives

13.5. IBM

13.5.1. Company Overview

13.5.2. Product Offerings

13.5.3. Financial Performance

13.5.4. Recent Initiatives

13.6. Cisco Systems

13.6.1. Company Overview

13.6.2. Product Offerings

13.6.3. Financial Performance

13.6.4. Recent Initiatives

13.7. Oracle

13.7.1. Company Overview

13.7.2. Product Offerings

13.7.3. Financial Performance

13.7.4. Recent Initiatives

13.8. Qualcomm

13.8.1. Company Overview

13.8.2. Product Offerings

13.8.3. Financial Performance

13.8.4. Recent Initiatives

13.9. Samsung Electronics

13.9.1. Company Overview

13.9.2. Product Offerings

13.9.3. Financial Performance

13.9.4. Recent Initiatives

13.10. TomTom

13.10.1. Company Overview

13.10.2. Product Offerings

13.10.3. Financial Performance

13.10.4. Recent Initiatives

Chapter 14. Research Methodology

14.1. Primary Research

14.2. Secondary Research

14.3. Assumptions

Chapter 15. Appendix

15.1. About Us

15.2. Glossary of Terms

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