Introduction to New Market Research
Meticulous Research® has published a comprehensive 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.’ According to this report, the global location-based services market is set to reach $327.6 billion by 2031, with a CAGR of 15.9% during the period from 2024 to 2031.
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Key Growth Drivers
The market’s expansion is driven by the increasing utilization of spatial data and analytics in various sectors, the growing adoption of location-based services in retail, and the rising use in agriculture. However, evolving government regulations may pose challenges to market growth.
Emerging Opportunities and Challenges
The market is experiencing growth opportunities due to continuous advancements in mapping technologies and a growing demand for wearable devices. Nevertheless, the high costs associated with the procurement and implementation of location-based services remain a significant challenge. Additionally, the rise of 5G technology and the incorporation of AR and VR in GIS software are noteworthy trends.
Market Segmentation Overview
The global location-based services market is segmented into platforms/solutions and professional services. The platforms segment is expected to hold a significant market share by 2024, driven by the increasing popularity of location-based mobile applications.
Technology-Based Market Insights
This market is further segmented into technologies such as GNSS, GPS, Wi-Fi, and NFC. The GNSS segment is anticipated to dominate, owing to its diverse applications in precise positioning and real-time tracking.
Application Market Breakdown
Key applications of location-based services include navigation, geo-marketing, mapping, and tracking. The navigation segment is expected to account for the largest market share in 2024, fueled by advancements in automotive navigation solutions.
Location Type Segmentation Analysis
The market is divided into outdoor and indoor location types. The outdoor segment is projected to hold a larger share, driven by the demand for navigation and mapping services, while the indoor segment is expected to grow rapidly as indoor navigation solutions gain traction.
End-use Industry Analysis
The government and public sector segment is likely to dominate the market share, driven by increasing reliance on location intelligence tools. The retail and e-commerce sector, however, is expected to grow at the highest CAGR due to the rising demand for targeted marketing strategies.
Geographical Insights
Asia-Pacific is anticipated to capture the largest market share, supported by high mobile device usage and growing deployments of location-based platforms, and is also expected to experience the highest growth rate during the forecast period.
Conclusion
The location-based services market presents a promising growth outlook through 2031, fueled by technological advancements and increasing adoption across various sectors, particularly in 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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