by Market Overview:
Location-Based Services (LBS) refer to applications and services that utilize location data generated by mobile devices to offer value-added functionality to users. Location-based services powered by GPS and GIS mapping enable companies to connect the virtual and physical worlds and enhance customer experiences. They are used across various industries such as transportation, retail, and healthcare.
Market key trends:
The increasing adoption of location-based marketing by enterprises is expected to accelerate the growth of Location-Based Services Market during the forecast period. Location-based marketing involves the use of mobile location data to provide customized and localized content to customers based on their real-time location. They enable businesses to enhance customer engagement and maximize returns on digital advertising spends. With the rising popularity of proximity marketing tools, many companies are leveraging location data to deliver personalized and targeted promotional offers and deals to customers within a specified geographic area via push notifications and mobile web. This trend is expected to continue and spur demand for location-based services in the coming years.
The global Location-Based Services Market Share is estimated to be valued at US$ 38,233.27 Mn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Location-based services leverage location data to provide useful information and safety alerts to users. They enable better decision making through precise location identification and navigation assistance.
Weakness: Privacy and security concerns persist around tracking user locations and sharing location data with third parties. Data breaches can lead to privacy violations and identity theft.
Opportunity: Emerging technologies like IoT, edge computing and 5G networks are driving new opportunities for location-based solutions across industries. Personalized and predictive location insights will enhance customer experience.
Threats: Stiff competition from tech giants can squeeze margins of smaller location service providers. Strict data privacy regulations pose compliance challenges. Technology disruptions can quickly outdated existing location solutions.
Key Takeaways
The global Location-Based Services Market is expected to witness high growth, exhibiting CAGR of 18% over the forecast period, due to increasing demand for location-based mobile advertising and analytics. Marketing and advertising firms are leveraging geospatial data to deliver targeted campaigns to customers on the go.
North America dominates the market with around 35% share due to high smartphone and GPS penetration. Asia Pacific is emerging as the fastest growing region owing to growing mobile internet usage in densely populated countries like China and India. Governments are supporting location-based infrastructure development to enhance public safety.
Key players operating in the Location-Based Services market are GuardRFID Solutions Inc., ALE International (Nokia Corporation), Favendo Gmbh, Teldio Corporation, CenTrak, Cisco Systems Inc. (Cisco Meraki), AiRISTA Flow Inc., Creativity Software Ltd., IBM Corporation, DigitalGlobe Inc. (Maxar Technologies), Aruba Networks (HPE Development LP), Ericsson Inc., HERE Global BV, IndoorAtlas Ltd., GL Communications Inc., and Esri Inc. Leading players are investing in R&D to integrate AI capabilities and expand platform offerings.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
