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Redding, California - July 4, 2022

Location-based Services Market Worth $239.7 Billion by 2029

Location-based Services Market by Component, Technology (GPS, Wi-Fi, NFC), Application (GIS, Navigation, Tracking, Social Media), Location, Industry Vertical (Logistics, Retail, Healthcare, Media, Defense, Hospitality, BFSI) - Global Forecasts to 2029


Meticulous Research®—leading global market research company published a research report titled “Location-based Services Market by Component, Technology (GPS, Wi-Fi, NFC), Application (GIS, Navigation, Tracking, Social Media), Location, Industry Vertical (Logistics, Retail, Healthcare, Media, Defense, Hospitality, BFSI) Global Forecasts to 2029”.

According to this latest publication from Meticulous Research®, the location-based services market is expected to grow at a CAGR of 15.2% from 2022–2029 to reach $239.7 billion by 2029. This market is driven by factors, such as the growing significance of location-based services in strategic planning and crime analysis, the surge in the usage of location-based services for strengthening the agriculture sector, and the proliferation of location-based services in the retail sector.

The growing demand for Drone Data Platforms across various enterprises and constant upgradation in mapping and navigation solutions are expected to offer significant growth opportunities for the location-based services market.

However, dynamic government regulations and the negative impacts of the COVID-19 pandemic on the global economy have emerged as restraining factors for the growth of this market. In addition, the high procurement and implementation costs, privacy security, and accuracy issues in location-based services pose serious challenges for the growth of the location-based services market.

The global location-based services market is segmented based on component (platform/solution, professional services), technology (global positioning system, global navigation satellite system, Wi-Fi, near-field communication [NFC], other technologies), application (geo-marketing and advertising or target marketing, mapping & GIS, navigation [smart parking, route planning, other navigation applications]), tracking (children locators, parolees monitoring, pets locators, tracking of valuable and stolen goods), social networking (dating, friend locator, chat and instant messaging services), infotainment, commercial, other applications), location type (indoor, outdoor), industry vertical (transportation & logistics, government & public sector, retail & consumer goods, manufacturing, healthcare & life sciences, media & entertainment, aerospace & defense, agriculture, hospitality & tourism, BFSI, IT & telecom, other industries). The study also evaluates industry competitors and analyses the market at the country level.

Based on component, the global location-based services market is segmented into platforms/solutions and professional services. In 2021, the platforms/solutions segment accounted for the largest share of the location-based services market. The large share of this segment is mainly attributed to the surge in demand for location-based solutions across several industries, such as retail, travel and tourism, and the automotive industry. Applications such as target marketing, social networking, and infotainment system allow the aforementioned sectors to increase profitability by location tracking to identify consumer behavior, gain actionable insights, and boost profitability.

Based on technology, the location-based services market is segmented into global positioning system, global navigation satellite system (GNSS), Wi-Fi, near-field communication (NFC), and other technologies. In 2021, the GNSS segment accounted for the largest share of the global location-based services market. The large share of this segment is attributed to factors, such as the rising demand for GNSS-enabled location-based services across various enterprises, including transportation, retail, construction, agriculture, and defense sectors. In addition, the proliferation in the usage of smartphones and location services-enabled hardware has further highlighted the significance of GNSS technology.

Based on application, the location-based services market is segmented into geo-marketing and advertising or target marketing, mapping & GIS, navigation, tracking, social networking, infotainment, commercial, and other applications. In 2021, the navigation segment accounted for the largest share of the global location-based services market. The large share of this segment is mainly attributed to the extensive use of navigation technology in the transportation and logistics sectors. Consistently expanding inter and intra-country trades and rapidly developing transportation infrastructure are promoting the growth of the navigation segment.

Based on location type, the location-based services market is segmented into indoor and outdoor. In 2021, the outdoor segment accounted for the larger share of the global location-based services market. The large share of this segment is attributed to factors, such as the increasing demand for outdoor navigation and mapping applications and the increasing deployments of outdoor location-based services.

However, the indoor segment is expected to register a faster growth rate during the forecast period. The high growth rate of this segment is attributed to the increasing demand for location-based productivity tools and the rising demand for indoor location-based services amidst the COVID-19 pandemic.

Based on industry vertical, the location-based services market is segmented into transportation & logistics, government & public sector, retail and consumer goods, manufacturing, healthcare & life sciences, media & entertainment, aerospace & defense, agriculture, hospitality & tourism, BFSI, IT & telecom, and other industries (gaming, oil, and gas, mining, education). In 2021, the transportation & logistics segment accounted for the largest share of the global location-based services market. The large share of this segment is mainly attributed to the rising demand for location-based services by the transportation industry for fleet management, the growing demand for GPS-enabled systems across the transportation industry for applications, such as rerouting and route management, and the increasing deployment of location-based services by leading supply chain and cold chain companies.

However, the retail and consumer goods segment is expected to record the fastest growth during the forecast period. The rising demand for location-based retailing services and Bluetooth beacon technologies across retail stores is expected to support the high growth rate of this segment.

Based on geography, Asia-Pacific accounted for the largest share of the location-based services market in 2021. The large market share of Asia-Pacific is attributed to the increasing deployment of location-based services across the Asian countries, the growing demand from food & beverage industries to deliver fresh meat and seafood products, and the favorable government initiatives across the Asian countries that support the adoption of location-based services. In addition, the multiple smart city projects across Asia-Pacific further support the growth of location-based services in the region.

The key players operating in the global location-based services market are ALE International (France), Google LLC (U.S.), Apple Inc. (U.S.), Rohde & Schwarz GmbH & Co. KG (Germany), AT&T Inc. (U.S.), Cisco Systems, Inc. (U.S.), HERE Technologies (Netherlands), IBM Corporation (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), Qualcomm Technologies, Inc. (U.S.), Telefonaktiebolaget LM Ericsson (Sweden), TomTom N.V. (Netherlands), Foursquare (U.S.), ESRI (U.S.), Intellias Ltd (U.S.), Zebra Technologies (U.S.), Aruba Networks (U.S.), SAP SE (Germany), Precisely (U.S.), Hexagon AB (Sweden), and Trimble, Inc. (U.S.).

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Key questions answered in the report:

  • Which are the high growth market segments in terms of the component, technology, application, location-type, industry vertical, and countries?
  • What is the historical market for location-based services across the globe?
  • What are the market forecasts and estimates from the period 2019–2029?
  • What are the major drivers, restraints, and opportunities in the global location-based services market?
  • Who are the major players in the global location-based services market, and what shares of the market do they hold?
  • How is the competitive landscape?
  • What are the recent developments in the global location-based services market?
  • What are the different strategies adopted by the major players in the market?
  • What are the geographic 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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Location-based Services Market - Global Opportunity Analysis And Industry Forecast (2022-2029)
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