REDDING, Calif., May 13, 2022 /PRNewswire/ -- According to a new market research report titled, "Location-based Services Market by Component, Technology (GPS, Wi-Fi, NFC), Application (GIS, Navigation, Tracking, Social Media), Location, and Industry Vertical (Logistics, Retail, Healthcare, Media, Defense, Hospitality, BFSI) — Global Forecast to 2029," the global location-based services market is expected to grow at a CAGR of 15.2% from 2022 to 2029 to reach $239.7 billion by 2029.
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Location-based services (LBS) combine geospatial technologies, information and communication technologies, and the Internet to provide targeted information to individuals based on their geographic location in real-time. LBS technology has become widely adopted across many industries, including the retail sector and transport & logistics industry, to provide accurate location and spatial data to achieve business outcomes.
Due to the rise in GPS-enabled precision applications, including precision farming, smart logistics, and automotive, location-based services are becoming an integral part of organizations. The high demand for location-based services increases the usage of GPS vehicle trackers and personal tracking systems in the commercial sector. This offers benefits, including store locators, proximity-based marketing, real-time information, traffic updates or weather reports, roadside assistance, mobile workforce management, and fraud prevention.
The increasing demand for mobile location-based services, a surge in location-based services for strengthening agricultural practices and navigation solutions, and the growing significance of location-based services in strategic planning and crime analysis are the major factors driving the market growth. The growing demand for location-enabled mapping, tracking, and proliferation of social media, smartphones and location-based applications among consumers are providing significant opportunities for the growth of the location-based services market. However, factors including high procurement and implementation cost, security privacy, and accuracy issues have posed serious challenges to the growth of the location-based services market.
The Impact of COVID-19 on the Location-based Services Market
The COVID-19 pandemic created several challenges for the location-based services market due to the lockdowns imposed during the second and third quarters of 2020. The COVID-19 pandemic impacted the location-based services market due to delayed and postponed orders for location-based solutions. However, verticals, including healthcare, energy, and utilities, are adopting LBS platforms and services significantly to enhance their services portfolio and product capabilities.
With the CoViD-19 pandemic, location awareness technologies have witnessed a surge due to the numerous contact tracking mobile application variants developed, deployed, and discussed. However, government and private sectors majorly relied on geolocation to curb the spread of novel coronavirus.
In 2022, Infosys Limited (India) partnered with the State of Rhode Island (U.S.) to launch a privacy-first contact tracing solution to slow COVID-19 spread throughout the state. In 2020, HERE Technologies (Netherlands) collaborated with the University of Nebraska-Lincoln (U.S.) to fuel the ongoing fight against COVID-19 and future pandemics through location-based technology and services under the Human Unlimited #tech4good foundation initiative. Also, in 2020, HERE Technologies (Netherlands) launched a new route planning tool that helps SMEs optimize the delivery of goods and services to meet unprecedented customer demand in the COVID-19 pandemic.
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A surge in the use of location-based services for strengthening the agriculture sector is expected to drive the location-based services market
Location-based services demand is increasing due to the growing adoption of precision farming technologies, including GPS and GIS-based systems and drones. Farmers adopt GPS-based solutions for precision agriculture technologies, including tractor guidance systems using a global positioning system (GPS), GPS soil and yield mapping, and variable-rate input applications (VRT) to obtain real-time insights. The growing demand for drone data platforms is essential for acquiring information and features while mapping fields. With the help of location-based services, farmers gather real-time data about environment temperature and water content and take improved decisions about harvesting times, crop market rate, and soil management.
The agriculture sector is adopting a crop scouting solution to enable data collection of trial plots to investigate crop conditions and homogeneity. The rise in GPS-enabled precision farming and the growing demand for weather monitoring and disaster management systems through GIS services encourage the growth of the agriculture sector. Several companies focus on providing precision farming tools, including VRT to enhance monitoring and mapping of agricultural parameters. For instance, In 2022, John Deere (U.S.) partnered with Solorrow (Germany) to allow farmers to create variable rate (VRT) application maps for fertilizing and identify fields and boundaries in a map view via a smart device. All such developments and increasing government initiatives to embrace location-based services for precision farming are driving the market's growth.
To provide efficient analysis, Meticulous Research® has segmented this market based on component (platform/solution and professional services), technology (global positioning system, global navigation satellite system, Wi-Fi, near-field communication, and other technologies), application (geo-marketing and advertising or target marketing, mapping & GIS, navigation (smart parking, route planning, and other navigation applications), tracking (children locators, parolees monitoring, pets locators, and tracking of valuable and stolen goods), social networking (dating, friend locator, chat and instant messaging services), infotainmet, commercial, and other applications), location type (indoor and outdoor), industry vertical (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), and geography (Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa).
Based on component, the global location-based services market is segmented into solutions and professional services. In 2022, the solutions segment is expected to account for the largest share of the overall location-based services market. The large share of this segment is mainly attributed to the growing demand for location-based platforms to promote proximity marketing across various industries, including retail, travel & tourism, and automobile. The availability of location-based solutions for precision farming and the growing need for location tracking to identify consumer behavior across retail stores are also expected to support the growth of this segment during the forecast period.
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 2022, the GNSS segment is expected to account for the largest share of the overall location-based services market. The large share of this segment is attributed to the rising demand for GNSS-based consumer platforms and automotive solutions across various enterprises, including transportation, retail, construction, agriculture, and defense sectors. Furthermore, the growing demand for smartphones and location services-enabled applications are promoting the growth of the GNSS segment.
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 2022, the navigation segment is expected to account for the largest share of the global location-based services market.
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Based on location type, the location-based services market is segmented into indoor and outdoor. In 2022, the outdoor segment is expected to account for the largest share of the overall location-based services market. The large share of this segment is attributed to factors, such as the rising 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 due to the growing demand for location-based productivity tools and the rising need 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 & gas, mining, and education). In 2022, the transportation & logistics segment is expected to account for the largest share of the overall location-based services market. The large share of this segment is mainly attributed to the growing demand for a fleet management system and the rising need for GPS-enabled systems for route management. However, the retail and consumer goods segment is expected to record the fastest growth during the forecast period. The growing demand for location-based retailing services, rising demand for mall navigation solutions, and increasing demand for real-time location systems for stores or warehouses are expected to support the high growth rate of this segment.
Based on geography, Asia-Pacific is expected to account for the largest share of the overall location-based services market in 2022. The large market share of the Asia-Pacific is attributed to the increasing deployment of location-based services across the Asian countries and the increasing government investments to support the adoption of location-based services. In addition, the rising initiatives for smart city projects across Asia-Pacific further support the growth of location-based services in the region.
Some of 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 Corporation (U.S.), Aruba Networks (U.S.), SAP SE (Germany), Precisely (U.S.), Hexagon AB (Sweden), and Trimble, Inc. (U.S.).
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Scope of the Report
Location-based Services Market, by Component
Location-based Services Market, by Technology
Location-based Services Market, by Application
Location-based Services Market, by Location Type
Location-based Services Market, by Industry Vertical
Location-based Services Market, by Geography
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