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(Medical-NewsWire.com, July 29, 2022 ) 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, Industry Vertical (Logistics, Retail, Healthcare, Media, Defense, Hospitality, BFSI) - Global Forecast to 2029,” published by Meticulous Research®, the 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) is a solution that utilizes the device's geographical location to provide information to the user. The technology has gained considerable significance and is becoming an integral part of organizations due to the numerous benefits offered by location-based services, including store locators, proximity-based marketing, real-time information, such as traffic updates or weather reports, roadside assistance, mobile workforce management, and fraud prevention.
The rise in GPS-enabled precision applications, such as farming, logistics, and automotive, has created a high demand for location-based solutions. Also, the increasing demand for mobile location-based services, the surge in demand for location-enabled mapping, tracking, and navigation solutions, and the proliferation of social media, smartphones, and location-based applications among consumers are providing significant opportunities for the growth of the location-based services market.
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 pandemic is lowering the financial potential of consumers, which is expected to decrease the sales of location-based services and solutions. However, the industries, including retail, pharmaceuticals and healthcare, hospitality, and automobile, have started recovering from the economic setbacks suffered during the pandemic.
The location-based services market was moderately impacted by the COVID-19 pandemic due to delayed and postponed orders for location-based solutions but started recovering rapidly from the last quarter of 2020. Different location-based service providers leveraged the strong portfolio of location-based services and enhanced product capabilities during the COVID-19 pandemic, consequently driving the growth of the location-based services market. For instance:
In 2021, AT&T Inc. (U.S.) provided an IoT fleet management solution for tracking the location of vaccines. This solution enables tracking from production units to clinics. The company provides network connectivity for several shipping companies that play an important role in distributing the COVID-19 vaccine.
In 2020, Web Geo Services (France) (a Google Cloud Premier Partner) launched its consumer geolocation platform, Woosmap, to provide location-based APIs that augment Google Maps Platform.
Location-based service providers plan to move forward and capitalize on the lucrative market growth opportunities that have resulted from the COVID-19 pandemic. The LBS market is projected to transform drastically over the coming years. Several leading companies are growing rapidly through new product launches, product enhancements, partnerships, and collaborations for leveraging location-based solutions in the market.
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Location-based Services Market Overview
The location-based services market is segmented based on component (platform/solutions, professional services), technology (global positioning system, global navigation satellite system, Wi-Fi, near-field communication, other technologies), application (geo-marketing and advertising or target marketing, mapping & GIS, navigation [smart parking, route planning, other navigation applications]), tracking (children locators, parolees monitoring, pets locators, tracking of valuable and stolen goods), social networking (dating, friend locator, chat and instant messaging services), infotainment, commercial, other applications), location type (indoor, 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, other industries), and geography. The study also evaluates industry competitors and analyses the market at the country level.
Based on component, the location-based services market is segmented into platforms/solutions and professional services. In 2021, the platforms/solutions segment accounted for the larger share of the location-based services market. The large share of this segment is primarily attributed to the surge in demand for location-based platforms to promote proximity marketing across the retail sector, the increasing demand for tracking, monitoring, surveillance & navigation services in the automotive industry, and the availability of location-based solutions for precision farming.
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 2021, the GNSS segment accounted 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 GNSS-enabled location-based services across the various enterprises. Furthermore, the rising demand for GNSS-based consumer platforms and automotive solutions, GNSS-based applications for crop productivity optimization, livestock management, urban planning, infrastructure monitoring, and disaster management 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 2021, the navigation segment accounted for the largest share of the overall location-based services market. The large share of this segment is attributed to the surge in demand for location-based solutions across several industries, such as retail, travel and tourism, and automotive. Furthermore, the rapid implementation of comprehensive navigation solutions for automakers, increasing demand for location-based smart parking solutions, the gradual proliferation of smart parking management systems, and the implementation of route planning and optimization tools are fueling the growth of this segment.
Based on location type, the location-based services market is segmented into indoor and outdoor. In 2021, the outdoor segment accounted for the larger share of the overall location-based services market. The large share of this segment is attributed to factors, such as the growing demand for outdoor navigation and mapping applications and the increasing deployment of outdoor location-based services.
However, the indoor segment is expected to record a faster growth rate during the forecast period. Factors such as the increasing demand for location-based productivity tools and the rising demand for indoor location-based services amidst the COVID-19 pandemic are expected to support the growth of this segment.
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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, and gas, mining, education). In 2021, the transportation & logistics segment accounted for the largest share of the location-based services market. This is mainly due to the rising demand for location-based services by the transportation industry, the growing demand for GPS-enabled systems across the transportation industry, and the increasing deployment of location-based services by leading LBS players.
However, the retail and consumer goods segment is expected to record the fastest growth during the forecast period. Factors such as the rising demand for location-based retailing services, the increase in demand for mall navigation solutions, the increasing demand for real-time location systems for stores or warehouses, and the growing demand for Bluetooth beacon technologies to promote proximity marketing across retail stores are expected to support the growth of this segment.
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Based on geography, Asia-Pacific region accounted for the largest share of the global location-based services market in 2021. The large market share of this region is attributed to the increasing deployment of location-based services across Asian countries, the growing demand from food & beverage industries to deliver fresh meat and seafood products, the favorable government initiatives across the Asian countries that support the adoption of location-based services. Furthermore, developed APAC markets, especially Japan, India, South Korea, Australia, Greater China, and Singapore, have accelerated the adoption of location-based services, consequently promoting the growth of this market in the region.
The report also includes an extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past four years. The location-based services market has witnessed numerous product launches in recent years. For instance, in January 2021, ALE International (Alcatel-Lucent Enterprise) launched two new Wi-Fi 6 certified access points: Alcatel-Lucent Omni Access Stellar AP1311 entry level premium model and the Alcatel-Lucent OmniAccess Stellar AP1301 entry-level base model.
The global location-based services (LBS) market is consolidated and dominated by a few major players, namely 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 (U.S.), Aruba Networks (U.S.), SAP SE (Germany), Precisely (U.S.), Hexagon AB (Sweden), and Trimble, Inc. (U.S.) among others.
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