According to the latest report by IMARC Group, titled “Location-Based Services (LBS) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global location-based services (LBS) market growth.The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global location-based services (lbs) market size reached US$ 33.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 99.5 Billion by 2028, exhibiting a growth rate (CAGR) of 18.9% during 2023-2028.
Location-based service (LBS) generally relies on information and communication technologies, geospatial technologies, and the internet to provide targeted information to individuals based on their geographic location in real time. It can be utilized via cell identity (ID), mobile phone networks, and global positioning system (GPS) satellites to pinpoint the location of the base transceiver station. LBS offers various advantages, such as real-time delivery tracking of products, accurate weather updates and forecasts, monitoring workout activities of users to calculate the required information, etc. Consequently, it finds wide-ranging applications in numerous sectors, including retail, healthcare, information technology (IT), telecommunications, transportation, etc.
Market Trends Drivers
The widespread adoption of this solution to locate the nearest restaurants, friends, and advertising deals to shoppers in the nearby area is primarily driving the location-based service (LBS) market. Additionally, it is gaining extensive traction among businesses to offer dynamic user experience and a convenient method for interacting with customers, which is further catalyzing the market growth.
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Besides this, the launch of various favorable policies by government bodies for promoting the use of LBS to achieve smooth transportation goals as a part of their smart city projects is acting as another significant growth-inducing factor. Moreover, the increasing investments in RD activities to introduce 3D map applications with smartphones are positively influencing the global market. Apart from this, the inflating popularity of location-based services in the e-commerce industry is also stimulating the market growth. Furthermore, the introduction of technological advancements, such as enhanced observed time difference (E-OTD), global cell identity (CGICTA), and a combination of mobile positioning and satellite-based global positioning system (GPS), is expected to fuel the location-based service (LBS) market over the forecasted period.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
ALE International SAS (China Huaxin Post and Telecom Technologies Co., Limited), Apple Inc., Creativity Software Ltd (SS8 Networks Inc.), Esri India Technologies Private Limited, GL Communications Inc., Google LLC (Alphabet Inc.), HERE Technologies, Intel Corporation, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Qualcomm Incorporated, Teldio Corporation and Zebra Technologies Corporation.
Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Component:
- Hardware
- Software
- Services
Breakup by Technology:
- GPS
- Assisted GPS (A-GPS)
- Enhanced GPS (E-GPS)
- Enhanced Observed Time Difference (E-OTD)
- Observed Time Difference
- Cell ID
- Wi-Fi
- Others
Breakup by Location Type:
- Indoor
- Outdoor
Breakup by Application:
- Emergency Services
- Tracking Services
- Navigation Services
- Social Media Services
- Information Services
- Gaming and Entertainment Services
- Advertising and Promotion Services
- Others
Breakup by End User:
- Banking, Financial Services, and Insurance (BFSI)
- IT and Telecom
- Retail
- Transportation and Logistics
- Government
- Healthcare and Life Services
- Manufacturing
- Others
Regional Insights:
- Asia Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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