Global Location Based Services Market Report and Forecast 2024-2032

Global Location Based Services Market Outlook

The global location based services market attained a value of USD 73.78 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 25.3% to reach USD 562.30 billion by 2032.

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Rising Demand in the Healthcare and Life Sciences Segment to Propel the Location Based Services Industry Growth

Based on industry vertical, the healthcare and life sciences segment is expected to hold a significant share in the location based services industry in the forecast period. This can be attributed to the increased mobility in  healthcare operations. In addition, the location based services offer better asset management mechanism, which allows for easy retrieval of equipment, thus, decreasing maintenance costs. Moreover, the location based services are primarily used in asset tracking, patient and employee tracking, and temperature and humidity monitoring in the medical sector. Furthermore, the benefits of location based services include cost reductions with the decreased risk of loss, theft or misplaced equipment, as well as improved personnel allocation. In addition, the increased adoption of smart healthcare equipment and wearable gadgets are anticipated to aid the market growth in the coming years.

North America to Dominate the Global Market for Location Based Services Industry

Geographically, North America is anticipated to dominate the location based services industry in the forecast period. This can be attributed to the heightened deployment of smartphones and the development of IoT technology in the region. In addition, North America is considered to be the world's second-largest market for smartphones, tablets, and in-vehicle navigation systems and also the world's largest producer of aircraft, spacecraft, and maritime navigation solutions. These factors are expected to propel the demand for location based services in the region. Meanwhile, the Asia Pacific and Europe are likely to witness a substantial growth in the forecast period, owing to the thriving electronic industry and the increased adoption of digital solutions across nations such as China, Germany, the United Kingdom, and India.

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Location Based Services: Market Segmentation

Mobile apps that offer information based on the user's location are known as location based services (LBS). Different system components, such as mobile devices, positioning, communication networks, and service and content providers, are required to operate location based services. With rapid advancements in mobile technology, location based services (LBS) have become essential in daily lives, offering a wide range of applications, including navigation and routing, social networking, entertainment, and healthcare.

By component, the market is divided into:

• Hardware
• Software
• Services

Based on technology, the industry can be segmented into:

• GPS
• Assisted GPS (A-GPS)
• Enhanced GPS (E-GPS)
• Enhanced Observed Time Difference (E-OTD)
• Observed Time Difference
• Cell ID
• Wi-Fi
• Others

Based on application, the industry can be categorised into:

• Location Based Advertising
• Business Intelligence and Analytics 
• Fleet Management
• Mapping and Navigation 
• Social Networking and Entertainment
• Proximity Marketing
• Asset Tracking
• Others

Based on industry vertical, the industry can be distributed into:

• Transportation and Logistics
• Manufacturing
• Government and Public Utilities
• Retail
• Healthcare and Life Sciences
• Media and Entertainment
• IT and Telecom
• BFSI
• Hospitality
• Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Increased Accessibility of Internet to Bolster the Growth of the Location Based Services Industry

The global location based services industry is being driven by the increasing penetration of 3G and 4G networks, as well as the widespread expansion of internet facilities. The demand for location based services is being fuelled by the rising demand for enhanced business analytics tools. In addition, the gradual inclusion of technological innovations such as artificial intelligence and machine learning technology is also contributing to the market growth. Moreover, rapid technical breakthroughs and an exponential rise in the implementation of cloud-based solutions are anticipated to expand the end use application potential of location-based services. Meanwhile, the increased penetration of smartphone and tablet is a crucial driver in the growth of the location based services industry. The increased demand for e-commerce mobile applications and the availability of low-cost smartphones are favouring the market expansion. Furthermore, the rise in demand for wearable devices and apps and the prevalence of social networking are also expected to generate growth opportunities for the location based services industry in the forecast period. However, privacy issues are estimated to pose a threat to the growth of market.

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Key Industry Players in the Global Location Based Services Market

The report presents a detailed analysis of the following key players in the global location based services market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• ALE International SAS (Alcatel-Lucent Enterprise)
• Apple Inc.
• AT&T Inc.
• Google Inc.
• Cisco Systems Inc.
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report