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| Global Location-Based Services Market Size |
Location-based
services (LBS) deliver content like maps, information, goods and services to
users based on their geographic location. LBS uses technologies like GPS,
wireless networks and digital maps to provide real-time information about
surroundings. LBS enables mapping, navigation and asset/people tracking for
different industries.
Global Location-Based
Services Market is estimated to be
valued at US$ 38233.27 Mn in 2023
and is expected to exhibit a CAGR of
16.% over the forecast period 2023 to 2030, as highlighted in a new report
published by Coherent Market Insights.
Market key trends:
The rising demand for LBS from retail and transportation industries is one of
the key drivers boosting the market growth. Retailers are increasingly
deploying LBS to provide personalized discounts and marketing content to
customers based on their location. Transportation companies are using LBS for
fleet and asset management, navigation and traffic alerts. Advancements in
location technologies like Wi-Fi and Bluetooth tracking have made LBS more
affordable and accessible, thereby finding wider applications across various
verticals. This growing adoption of LBS across industries is expected to propel
the market growth over the forecast period.
Segment
Analysis
The global location-based services market has two dominating segments - outdoor
location-based services and indoor location-based services. The outdoor
location-based services segment holds the largest market share presently due to
the high demand for location-based navigation in outdoor environments like
forests and highways. This segment allows people to obtain directions, traffic
information and other location-based information while traveling outdoors.
Key Takeaways
Global
Location-Based Services Market Size is expected to witness high growth
over the forecast period of 2023 to 2030. The increasing demand for
location-based apps like navigation apps and social media check-ins is driving
the growth.
Regional analysis: North America region currently dominates the global
location-based services market. The high penetration of smartphones and
advanced network connectivity are driving the adoption of location-based
services in the region. Asia Pacific region is expected to witness the fastest
growth over the forecast period owing to the rising usage of mobile apps and
increasing investments by market players in developing countries of this
region.
Key players: Key players operating in the location-based services market are
Saskatchewan Research Council (SRC), SC Labs, Steep Hill, Inc., SGS Canada
Inc., CW ANALYTICAL, PharmLabs, GreenLeaf Lab, and Eurofins Scientific.
Saskatchewan Research Council (SRC) is a leading player providing advanced
location technologies and platforms for developing innovative location-based
applications. SC Labs specializes in cannabis testing and offers various
testing services including location, homogeneity and potency testing.
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