According to a new market research report by Meticulous Research®, the global location-based services market is projected to reach $327.6 billion by 2031. The report highlights the increasing use of spatial data and analytics across industries, the proliferation of location-based services in the retail sector, and the surging use of location-based services in the agriculture sector. "Mapping, navigation, tracking, proximity marketing, real-time traffic updates, and other commercial applications are key features offered by location-based service providers," the report states.
The report also mentions that constant upgrades in mapping and navigation solutions, as well as the growing demand for wearable devices, are generating growth opportunities for stakeholders. However, challenges such as the high costs of procuring and implementing location-based services exist in the market. "The use of 5G technology for improved real-time analysis and the development of GIS software using Augmented Reality and Virtual Reality technologies are prominent trends in this market," the report adds.
Based on component, the platforms/solutions segment is expected to account for the larger share of the location-based services market. The report also highlights that in 2024, the global navigation satellite system segment is expected to account for the largest share of the market. Additionally, the navigation segment is projected to account for the largest share of the location-based services market in the same year.
In terms of geography, Asia-Pacific is expected to lead the market, with the region estimated to be worth USD 39 billion in 2024. The region is projected to register the highest CAGR during the forecast period. The key players in the global location-based services market include companies such as HERE Global B.V., Google LLC, TomTom N.V., and Esri.
Meticulous Research® is a leading provider of premium market intelligence, offering meticulous primary and secondary research techniques to provide detailed market data and analysis. The company aims to address business challenges with its syndicate market research reports, custom studies, and consulting solutions.