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Redding, California - March 5, 2024

Location-based Services Market to be Worth $327.6 Billion by 2031

Location-based Services Market by Component, Technology (GNSS, GPS), Application (Navigation, Tracking), Location Type, End-use Industry (Government and Public Sector, Transportation & Logistics, Smart Cities), and Geography - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Location-based Services Market by Component, Technology (GNSS, GPS), Application (Navigation, Tracking), Location Type, End-use Industry (Government and Public Sector, Transportation & Logistics, Smart Cities), and Geography - Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the global location-based services market is projected to reach $327.6 billion by 2031, at a CAGR of 15.9% from 2024–2031. The growth of the global location-based services market 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 restrain the growth of this market.

Furthermore, constant upgrades in mapping and navigation solutions and the growing demand for wearable devices are generating growth opportunities for the stakeholders in this market. However, the high costs of procuring and implementing location-based services are a major challenge impacting the growth of the location-based services market. Additionally, the use of 5G technology for improved real-time analysis and the development of GIS software using Augmented Reality (AR) and Virtual Reality (VR) technologies are prominent trends in this market.

The global location-based services market is segmented by component (platforms/solutions [location-powered mobile apps, location intelligence platforms, and location-based messaging] and professional services [mapping services, implementation & support, and consulting & development services]), technology (global navigation satellite system, global positioning system [assisted GPS and enhanced GPS], Wi-Fi, near-field communication, and other technologies), applications (navigation [smart parking, route planning, and other navigation applications], geo-marketing & advertising/target marketing, mapping & GIS, tracking [valuables & stolen goods tracking, pet tracking, parolees tracking, and child tracking], social networking [chat & instant messaging services, dating apps, and friend locator apps], infotainment, commercial applications, and other applications), location type (outdoor and indoor), end-use industry (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), and geography. The study also evaluates industry competitors and analyses the market at the country and regional levels.

Based on component, the global location-based services market is segmented into platforms/solutions and professional services. In 2024, the platforms/solutions segment is expected to account for the larger share of the global location-based services market. The segment’s large market share is attributed to the increasing focus of market players on launching location-based solutions, the increasing popularity of location-powered mobile apps, the growing need for location intelligence platforms to analyze and visualize geographic and location-based data, and the increasing adoption of location-based messaging platforms among consumers. Also, this segment is projected to register a higher 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. In 2024, the global navigation satellite system segment is expected to account for the largest share of the global location-based services market. The segment’s large market share is attributed to the diverse applications of GNSS, including precise positioning and real-time location tracking. Additionally, the growing demand for location-based advertising and the increasing need for GNSS in asset management also contribute to the significant market share of this segment. Additionally, this segment is projected 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. In 2024, the navigation segment is expected to account for the largest share of the global location-based services market. The segment’s large market share is attributed to the rapid implementation of comprehensive navigation solutions by automakers and increasing initiatives by leading LBS players to develop automotive navigation services. Moreover, this segment is projected to register the highest CAGR during the forecast period.

Based on location type, the global location-based services market is segmented into outdoor and indoor. In 2024, the outdoor segment is expected to account for the larger share of the global location-based services market. The segment’s large market share is attributed to the rising demand for location-based services for outdoor applications, including navigation and mapping, asset tracking, and outdoor proximity marketing, and the increasing deployment of LBS, particularly for automotive and pet tracking applications.

However, the indoor segment is expected to register a higher CAGR during the forecast period. The growth of this segment is driven by the rising need to track people and objects within indoor spaces and the increasing implementation of LBS to facilitate efficient navigation in indoor environments like shopping malls, airports, and large buildings.

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. In 2024, the government & public sector segment is expected to account for the largest share of the global location-based services market. The segment’s large market share is attributed to the growing use of location intelligence tools by government & public sector organizations to track and plan purposes and governments’ increasing need for risk management and monitoring and securing national borders.

However, the retail & e-commerce segment is expected to register the highest CAGR during the forecast period. The growth of this segment is driven by the rising need for location-based data for targeted marketing campaigns, the increasing popularity of location-based survey and feedback collection tools, the growing usage of retail asset management tools, and the increasing need for supply chain management in the retail sector.

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. The large share of this market is mainly attributed to factors such as the high penetration of mobile devices, a strong customer base for consumer solutions, and the rising deployments of map-based platforms across Chinese organizations. Also, this region is expected to register the highest CAGR during the forecast period.

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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Redding, California - March 5, 2024

Location-based Services Market to be Worth $327.6 Billion by 2031

Location-based Services Market by Component, Technology (GNSS, GPS), Application (Navigation, Tracking), Location Type, End-use Industry (Government and Public Sector, Transportation & Logistics, Smart Cities), and Geography - Global Forecast to 2031

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