Location Based Services Market Eyeing Remarkable Growth due to Multiple Business Benefits. The global location-based services market will touch USD 112.07 billion at a 16.4% CAGR by 2030, as per the recent Market Research Future report.
Increasing Adoption in Automotive Sector to Boost Market Growth:
Location-based services (LBS) are becoming more useful in the automobile industry. It enables truck and vehicle drivers to select the most efficient route, which decreases idle time and boosts productivity. Vehicle telematics, the traffic services, fleet tracking, and navigation are just a handful of the value-added solutions that automakers make sure to offer to their consumers.
Eminent market players profiled in the global location-based services market report include,
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Market Size by 2030
USD 112.07 Billion
CAGR during 2022-2030
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Multiple Business Benefits to offer Robust Opportunities:
The industry is expanding as more companies use LBS to communicate with customers in the real time with the help of push notifications, interactive content, or alerts.
Restraints and Challenges:
Accuracy Issues to act as Market Restraint:
Accuracy issues, security and privacy issues, operational challenges, and inflated installation & maintenance cost may act as market restraints over the forecast period.
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The global location-based services market is bifurcated based on vertical, technology, location type, & component.
Based component, hardware will lead this market over the forecast period.
By location type, outdoor will domineer the market over the forecast period.
By technology, the market is bifurcated into GPS/GNSS, WIFI, Bluetooth low energy (BLE) beacons, and others.
By vertical, retail & e-commerce will spur the market over the forecast period.
Due to the intense strain on many location-based service providers, the COVID-19 epidemic had a substantial influence on the market’s growth. As nations turn their attention away from fighting the epidemic and towards economic recovery, new growth prospects for providers of location-based services may arise due to the rising need for GPS-based solutions. At the time of COVID-19 epidemic, top location-based service providers expanded their service offerings and product capabilities, which subsequently fueled the market’s expansion.
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North America to Head Location Based Services Market:
North America had a sizeable portion of the market in 2022. This is caused by the expanding automation trend and Industry 4.0’s broad acceptance. Location-based service providers are widely used in the United States, and they include IT behemoths like Google, IBM, Apple, Microsoft, Amazon, and Oracle. In addition, because the U.S. and Canada are technologically sophisticated countries, they are adopting location-based services technology quickly due to the rising need for wearable technology. Due to the rising smartphone penetration and the development of IoT technology in the area, North America will grab a sizeable portion of the LBS Market. The North American area is the largest aircraft maker, the second-biggest market for smartphones, tablets, and in-vehicle navigation systems, as well as one of the biggest producers of aerospace and maritime navigation equipment.
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