Location-Based Services Market Upcoming Trends, Analysis by Industry Share, Revenue and Global Forecast to 2030
Market Research Future Insights
According to MRFR analysis, the global Location-Based Services market is expected to register a CAGR of 16.4% from 2022 to 2030 and hold a value of over USD 112.07 Billion by 2030.
Location-based services (LBS) refer to a technology that provides information and services based on the user’s location. The market for LBS is rapidly growing due to the increasing adoption of smartphones, the growing demand for personalized services, and the development of new and innovative location-based applications.
The COVID-19 pandemic has had a significant impact on the location-based services market. The pandemic has led to a significant decrease in travel and tourism, which has affected the demand for location-based services in the hospitality and transportation sectors. However, the pandemic has also led to an increase in demand for location-based services in healthcare, as more healthcare providers are using location-based services to track the spread of the virus and provide real-time information to patients.
Some of the top key market players are Apple Inc., Qualcomm Inc., AT&T Inc., Bharti Airtel LTD., Oracle Corporation,
Google Inc., HERE, Alcatel-Lucent SA, International Business Machines Corporation, and Cisco Systems Inc. are just
a few of the companies mentioned.
The Global Location-Based Services market has been segmented into component, applications and industry
Based on Component: Services Based on Location Outlook Component Hardware Software Services, Services
Based on Applications: Outdoor Indoor Location Type, Forecast for Location-Based Services Technologies. Beacons for Bluetooth Low Energy (BLE), WI-FI \s GPS/GNSS \s Others
Based on Industry: Services Based on Location Forecast for Technology, government utilities and defence, Banking for retail and online sales Finance and Insurance Services, Automotive Logistics and Transportation, Industrial Production, the life sciences and healthcare, Entertainment and the Media, Others.
In terms of region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America. North America is the largest market for location-based services, followed by Europe and Asia-Pacific. The Asia-Pacific region is expected to grow at the highest rate due to the increasing adoption of smartphones and the growing demand for personalized services.