Introduction to the Market Analysis
Meticulous Research® has issued a new research report titled, ‘‘Location-based Services Market by Component, Technology (GNSS, GPS), Application (Navigation, Tracking), Location Type, End-use Industry, and Geography – Global Forecast to 2031.’ The report forecasts the global location-based services market will reach $327.6 billion by 2031, with a compound annual growth rate (CAGR) of 15.9% from 2024 to 2031.
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Factors Driving Market Expansion
Key factors propelling market growth include the increasing adoption of spatial data and analytics, along with the growing penetration of location-based services in retail and agricultural sectors. However, changing government regulations may serve as a restraint.
Opportunities and Challenges in the Sector
The market will benefit from advancements in navigation technologies and an increased demand for wearable devices. Conversely, high implementation costs of location-based services pose significant challenges. Prominent trends include the adoption of 5G technology and innovations in AR/VR-based GIS solutions.
Component-Based Market Breakdown
The market is segmented into platforms/solutions and professional services, with platforms expected to dominate due to the rising demand for location-based mobile applications and intelligence platforms.
Technology Segment Overview
The market is categorized by technologies such as GNSS, GPS, Wi-Fi, and NFC, with the GNSS segment expected to lead, fueled by its diverse applications in location tracking and asset management.
Application Market Analysis
The applications include navigation, geo-marketing, tracking, and social networking, with navigation anticipated to hold the largest market share due to the rapid growth of automotive navigation systems.
Location Type Insights
The outdoor segment is projected to capture a larger share, driven by demand for mapping and tracking solutions. The indoor segment is expected to grow at a faster pace, emphasizing navigation solutions in large indoor environments.
Industry End-use Trends
The government and public sector segment is expected to dominate the market, while retail and e-commerce are projected to exhibit the highest growth, driven by the need for location-based data for targeted marketing campaigns.
Regional Market Distribution
Asia-Pacific is expected to account for the largest market share, primarily due to extensive mobile device use and increasing deployment of location-based platforms, with this region also expected to see the highest growth.
Conclusion
The location-based services market is on the rise, with promising growth prospects driven by technological innovation and increasing utilization across multiple sectors such as retail, agriculture, and government.
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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).
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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