The Location-Based Services Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2024-2033).
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In accordance with The Business Research Company’s insightful Location-Based Services Global Market Report 2024, the dynamic trajectory of the location-based services market is truly noteworthy. Experiencing exponential growth, the market is projected to ascend from $86.02 billion in 2024 to an impressive $107.86 billion in the same year, boasting a remarkable compound annual growth rate (CAGR) of 25.4%. This surge is intricately tied to the escalating penetration of smartphones, seamless integration of e-commerce and retail platforms, the surge in mobile advertising, and the pervasive adoption of transportation and navigation applications, all complemented by the advent of the Internet of Things (IoT) and wearables.
Anticipating a further surge, the location-based services market is poised to witness a substantial upswing, catapulting to $275.4 billion by 2028, propelled by a robust CAGR of 26.4%. This imminent growth is underpinned by the escalating demand for indoor location services, the paradigm shift towards smart cities and urban planning, the critical role played by contact tracing and health applications, and the increasing relevance of enhanced location analytics. Noteworthy trends in this forecast period encompass the ascendancy of proximity marketing and beacon technology, the advent of mobile indoor navigation, the proliferation of location-based gaming, seamless integration with 5G networks, and the pivotal role of emergency and public safety applications.
An upsurge in the use of smartphones and GPS-enabled devices is expected to propel the growth of location-based services. Location-based services combine the internet, geospatial technologies, and other information and communication technologies to provide targeted information to individuals on their smartphones based on geographic location in real-time. According to the data by the Indian Cellular and Electronics Association, the number of users using smartphones is expected to reach 829 million by 2022. Also, according to forecasts from Ericsson and The Radicati Group, the number of smartphone users is expected to increase from 6.05 billion in 2020 to nearly 7.33 billion by 2025. Therefore, an upsurge in the use of smartphones and GPS-enabled devices drives the location-based services market.
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The location-based services market covered in this report is segmented –
1) By Component: Platform, Hardware, Services
2) By Location Type: Indoor, Outdoor
3) By Technology: GPS, Assisted GPS (A-GPS), Enhanced GPS (E-GPS), Enhanced observed time difference (E-OTD), Observed Time Difference, Cell ID, Wi-Fi, Other Technologies
4) By Application: Location-based Advertising, Business Intelligence And Analytics, Fleet Management, Mapping And Navigation, Social Networking And Entertainment, Proximity Marketing, Asset Tracking, Other Applications
Top 5 Major Players:
Leading entities in the location-based services sphere are strategically forging partnerships to augment comprehensive geospatial solutions, catering to diverse consumer and business exigencies. Strategic partnerships, as exemplified by Wipro’s collaboration with Here Technologies in August 2021, embody a collaborative synergy wherein companies harness each other’s strengths and resources for mutual benefits. This strategic alliance, fostering joint development endeavors, spans crucial domains such as asset tracking, logistics, supply chain management, and private mapping-as-a-service. Notably, this partnership aims to harness the potential of IoT-based smart metering solutions and HERE mapping-as-a-service capabilities to deliver cutting-edge services, ushering in operational efficiencies across various sectors, including energy and utilities, manufacturing, transport and logistics, telecom, and automotive.
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32. Global Location-Based Services Market Competitive Benchmarking
33. Global Location-Based Services Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Location-Based Services Market
35. Location-Based Services Market Future Outlook and Potential Analysis
36. Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Location-Based Services Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Location-Based Services Market, Segmentation By Location Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Location-Based Services Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 75: Apple Inc. Financial Performance
Table 76: Google LLC Financial Performance
Table 77: AT&T Inc. Financial Performance
Table 78: Nippon Telegraph and Telephone Corporation Docomo Financial Performance
Table 79: Intel Corporation Financial Performance
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