Research Overview by Meticulous Research®
Meticulous Research® has published a new report titled, ‘‘Location-based Services Market by Component, Technology (GNSS, GPS), Application (Navigation, Tracking), Location Type, End-use Industry, and Geography - Global Forecast to 2031.’ This report estimates that the global market will reach $327.6 billion by 2031, growing at a CAGR of 15.9% between 2024 and 2031.
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Market Growth Factors
The growth of the location-based services market is fueled by the increasing reliance on spatial data across industries, the proliferation of these services in retail, and the expanding role of location data in agriculture. However, evolving government regulations are a significant restraint.
Challenges and Opportunities
Ongoing advancements in mapping technologies and the demand for wearable devices are generating opportunities for market stakeholders. High implementation costs of location-based services, however, remain a major challenge. Additionally, trends like 5G technology and the use of AR/VR in GIS software are prominent.
Segmentation by Component
The market is divided into platforms/solutions and professional services. The platforms segment is expected to dominate in 2024, fueled by the rising popularity of location-based mobile applications and the demand for location intelligence.
Technology Segmentation Insights
The market comprises various technologies, including GNSS, GPS, Wi-Fi, and NFC, with GNSS projected to hold the largest share due to its extensive applications in tracking and asset management.
Application Segment Overview
Key applications include navigation, geo-marketing, mapping, and tracking, with navigation expected to hold the largest market share as automotive navigation systems continue to evolve.
Location Type Analysis
The outdoor segment will likely lead the market due to increasing demand for mapping and navigation services, while the indoor segment is expected to grow faster, driven by indoor navigation needs.
End-use Industry Segmentation
The government & public sector is expected to dominate the market, while retail and e-commerce are projected to see the fastest growth, as companies leverage location data for effective marketing strategies.
Geographical Distribution of the Market
Asia-Pacific is projected to account for the largest share of the market, driven by high mobile device penetration and growing map-based platform usage, along with the highest anticipated growth rate.
Conclusion
The global location-based services market is set for significant growth through 2031, driven by ongoing technological innovations and increasing applications in various sectors, particularly retail, agriculture, and government.
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Key Players:
The key players operating in the global location-based services market are HERE Global B.V. (Netherlands), Google LLC (U.S.) (a subsidiary of Alphabet Inc.), TomTom N.V. (Netherlands), Esri (U.S.), Hexagon AB (Sweden), Trimble Inc. (U.S.), Cisco Systems, Inc. (U.S.), QUALCOMM Incorporated (U.S.), Microsoft Corporation (U.S.), AT&T Inc. (U.S.), Zebra Technologies Corporation (U.S.), International Business Machines Corporation (U.S.), ALE International (France), Precisely (U.S.), Rohde & Schwarz GmbH & Co. KG (Germany), and Nextbillion.AI Pte. Ltd. (Singapore).
Key questions answered in the report:
- Which are the high-growth market segments in terms of component, technology, application, location type, and end-use industry?
- What is the historical market size for the global location-based services market?
- What are the market forecasts and estimates for 2024–2031?
- What are the major drivers, restraints, opportunities, challenges, and trends in the global location-based services market?
- Who are the major players in the global location-based services market, and what are their market shares?
- What is the competitive landscape like?
- What are the recent developments in the global location-based services market?
- What are the different strategies adopted by major market players?
- What are the trends and high-growth countries?
- Who are the local emerging players in the global location-based services market, and how do they compete with other players?
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