by Location-based services allow users to access live information about venues and events based on a device’s geographical position. These services help users locate points of interest such as restaurants, parks, tourist attractions, and more. Location-based services provide invaluable real-time data to users through GPS, Wi-Fi positioning, and other geolocation technologies built into smartphones and other mobile devices. They enhance users’ awareness about their surroundings and allow finding essential services where needed. The location-based data market enables location-enabled applications, location-based advertising, and analytics using spatial data.
The global Location-Based Services Market is estimated to be valued at US$ 38,233.27 Mn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends fuelling the location-based services market growth is increased smartphone adoption globally. Location-based services rely on GPS and other localization technologies available in smartphones. As smartphone penetration increases, more users can access live location-based information directly through their mobile devices. Mobile interactive and location-aware technologies provide seamless integration of the physical world into the digital experience. Furthermore, advances in mapping technologies allow for more accurate indoor positioning and navigation. Innovation in geotagging, geocoding and geospatial data is further improving location intelligence available via these services. Growth of location-based social networking and geosocial media has also widened the market scope. The increase in location-based targeted advertising further illustrates the relevance of location as a data source. Overall, improvements in location-tracking and location-aware applications are expected to drive continued demand for location-based services.
Porter’s Analysis:
– Threat of new entrants: Low barriers to entering the given market like low capital requirements and no proprietary technologies. However, established players dominate distribution channels and customer relationships.
– Bargaining power of buyers: Many buyers in the market leading to higher bargaining power. Buyers can easily switch between providers based on price and quality.
– Bargaining power of suppliers: Few technology providers supplying core location based solutions leads to higher supplier bargaining power.
– Threat of new substitutes: Growing alternative location solutions like maps and navigation apps pose substitution threat. Continuous innovation makes barriers to Switching low.
– Competitive rivalry: Intense competition among many regional and global players. Players differentiate using features, customizations, partnerships and pricing.
Key Takeaways:
The Global Location-Based Services Market Size is expected to witness high growth.
Regional analysis:
North America dominates the market currently due to high smartphone penetration and growing demand for personalized experiences. Asia Pacific is expected to witness fastest growth due to rising urbanization, increasing tourism and growing digitalization in countries like China and India.
Key players:
Key players operating in the Location-Based Services market are Saskatchewan Research Council (SRC); SC Labs; Steep Hill, Inc.; SGS Canada Inc.; CW ANALYTICAL; PharmLabs; GreenLeaf Lab; Eurofins Scientific. Players are focusing on new product launches and innovations to target new customer segments. Strategic partnerships are also important for ecosystem integrations.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
