The Location-based Services (LBS) Market is projected to reach $327.6 billion by 2031, growing at a CAGR of 15.9% during 2024–2031. This impressive growth is driven by the increasing use of spatial data and analytics across industries, the proliferation of location-based services in the retail sector, and the surging use of location-based services in the agriculture sector. However, dynamic government rules and regulations for location-based services pose challenges to market growth.

Surging Utilization in the Agriculture Sector Boosting the Demand for Location-based Services

The agriculture sector holds tremendous growth potential for providers of location-based services due to the proliferation of precision farming technologies, including GPS and GIS-based systems, drones, and autonomous equipment. Tractor guidance systems equipped with Global Positioning System (GPS), GPS-enabled soil and yield mapping, and variable-rate input applications provide farmers with real-time insights. With the integration of IoT, 5G, and AI, location-based services enable farmers to increase yields, get real-time data about environmental conditions, and improve decision-making on harvesting times, crop prices, and soil management.

Providers of location-based services are focusing on integrating technologies such as Variable Rate Technology (VRT) with existing solutions to enhance the monitoring and mapping of agricultural parameters. Farmers create VRT application maps for fertilizing and other crop production operations. The integration of real-time weather and climate data with location-based services allows farmers to make informed decisions based on current conditions. For instance, in February 2023, AQUAOSO Technologies launched Agcor, a suite of software tools for modern agricultural lenders, unlocking the power of location-based data across various processes.

The growing implementation of Geographic Information Systems (GIS), big data analytics, IoT sensor technologies, and drone imagery, coupled with increasing government initiatives to promote location-based services for precision agriculture, are driving market growth.

Key Findings in the Global Location-based Services Market Study

Platforms/Solutions to be the Fastest-growing Segment During the Forecast Period

Based on components, the global location-based services market is segmented into platforms/solutions and professional services. The platforms/solutions segment is projected to register the highest CAGR during the forecast period. This growth is driven by the growing need for location intelligence platforms to analyze and visualize geographic and location-based data, the increasing focus of market players on launching location-based solutions, and the rising adoption of location-based messaging platforms among consumers.

The Global Navigation Satellite System (GNSS) Segment to Register the Highest CAGR During the Forecast Period

Based on technology, the global location-based services market is segmented into Global Navigation Satellite System (GNSS), Global Positioning System (GPS), Wi-Fi, Near-field Communication (NFC), and other technologies. The GNSS segment is projected to register the highest CAGR during the forecast period. The demand for GNSS in asset management, precise positioning, real-time location tracking, and location-based advertising drives the significant market share of this segment.

The Navigation Segment to Register the Highest CAGR During the Forecast Period

Based on application, the global location-based services market is segmented into navigation, geo-marketing & advertising/target marketing, mapping & GIS, tracking, social networking, commercial applications, infotainment, and other applications. The navigation segment is projected to register the highest CAGR during the forecast period. Initiatives by leading LBS players to develop automotive navigation services and the rapid implementation of comprehensive navigation solutions by automakers are expected to support the growth of this segment.

The Indoor Segment to Register the Higher CAGR During the Forecast Period

Based on location type, the global location-based services market is segmented into outdoor and indoor. The indoor segment is projected to register the highest CAGR during the forecast period. The need to track people and objects within indoor spaces and the increasing implementation of LBS to facilitate efficient navigation in indoor environments such as shopping malls, airports, and large buildings are expected to support the growth of this segment.

The Retail & E-commerce Segment to Register the Highest CAGR During the Forecast Period

Based on end-use industry, the global location-based services market is segmented into government & public sector, transportation & logistics, smart cities, retail & e-commerce, consumer goods, media & entertainment, travel & tourism, BFSI, IT & telecommunications, healthcare, hospitality, aerospace & defense, energy & utilities, automotive, agriculture, education, and manufacturing. The retail & e-commerce segment is projected to register the highest CAGR during the forecast period. The rising popularity of location-based survey and feedback collection tools, the need for location-based data for targeted marketing campaigns, and the increasing use of retail asset management tools support the growth of this segment.

Asia-Pacific to be the Fastest-growing Market During the Forecast Period

Based on geography, the global location-based services market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of the global location-based services market and register the highest CAGR during the forecast period. The rising deployments of map-based platforms across Chinese organizations, the high penetration of mobile devices, and the strong customer base for consumer solutions support the growth of this market.

Technological Trends in the Location-based Services Market

·         Constant Upgrades in Mapping and Navigation Solutions

·         Advancements in mapping and navigation solutions are a key trend in the LBS market. Enhanced mapping accuracy, real-time traffic updates, and improved user interfaces are driving the adoption of advanced location-based services. These upgrades enable more precise location tracking and better user experiences, particularly in navigation and geo-marketing applications.

·         Growing Demand for Wearable Devices

·         The increasing popularity of wearable devices, such as smartwatches and fitness trackers, is boosting the demand for location-based services. Wearable devices equipped with GPS and other location-tracking technologies offer users real-time location data, enhancing applications like fitness tracking, health monitoring, and personal safety.

·         Integration of 5G Technology for Improved Real-time Analysis

·         The deployment of 5G technology is set to revolutionize the LBS market by enabling faster data transfer speeds and improved real-time analysis. 5G technology enhances the capabilities of location-based services, allowing for more accurate and timely data collection and analysis, particularly in applications like navigation, asset tracking, and geo-marketing.

·         Development of GIS Software Using AR and VR Technologies

·         The integration of Augmented Reality (AR) and Virtual Reality (VR) technologies with Geographic Information Systems (GIS) is an emerging trend in the LBS market. These technologies enhance the visualization and analysis of geographic data, providing users with immersive experiences and more intuitive ways to interact with location-based information.

Market Challenges: High Costs of Procuring and Implementing Location-based Services

Despite the numerous benefits of location-based services, the high costs associated with procuring and implementing these solutions pose a significant challenge to market growth. Organizations must invest in advanced hardware, software, and infrastructure to deploy location-based services effectively. Additionally, ongoing maintenance and updates add to the overall costs, making it challenging for some businesses to adopt these technologies.

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).

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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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