Asia-Pacific Poised for Significant Growth in Location-Based Services Market: Analysis 2031

As per the recent publication from Allied Market Research, the global location-based services (LBS) market saw a notable surge, generating $36.35 billion in 2020. Projections suggest an impressive growth trajectory, with expectations to reach $318.64 billion by 2030, indicating a robust Compound Annual Growth Rate (CAGR) of 24.3% throughout the forecast period. The comprehensive report delves into market dynamics, encompassing size, emerging trends, and future outlook, while also spotlighting key industry players.

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The market's expansion is attributed to a diverse array of applications, escalating demand for location-based services, the ubiquitous adoption of smartphones, and the swift evolution of business analytics solutions. Nonetheless, challenges such as the high costs associated with real-time LBS implementation and operational complexities pose hurdles to market advancement. Conversely, there exists a realm of opportunities fueled by technological advancements and the emergence of novel applications demanding LBS solutions, paving the way for prospective growth among market participants.

Location-based services (LBS) refer to applications that utilize information about the geographical location of a mobile device or user to provide relevant services or information. These services can range from navigation and mapping applications to location-aware advertising and social networking features. The primary goal of LBS is to enhance user experiences by tailoring services or information based on their current location or movements. GPS, Wi-Fi, Bluetooth, and cellular networks are commonly used to determine a device's location for LBS applications.

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Location-based marketing/advertising provides vast advantages to businesses in reaching out to their customer base in a particular location. Location-based marketing enables advertisers to build high-quality databases and more accurately forecast consumer spending. Its additional features increase consumer connections and audience visibility. Increased use of the internet and GPS-enabled mobile devices accelerate market expansion.

COVID-19 scenario:

• With the spread of the COVID-19 pandemic, the use of location-based services enables governments to impose social distancing and facilitate tracking patterns of movements of people and traffic patterns.

• Location-based services are projected to get traction, due to their use in predicting the most probable COVID-19 infected regions and to preschedule the allocation of healthcare resources accordingly.

• Innovations and developments in location-based services post-pandemic such as location-based marketing, real-time tracking, augmented reality, and geotagging will support the market growth.

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Furthermore, increase in the adoption of social media, smart phones, and easy availability of GPS and emergence of location-based technology is boosting the growth of the global location based services Market. In addition, the increase in number of smartphone users and internet accessibility is positively impacts growth of the location-based services market.

However, high cost of installation and maintenance and operational challenges is hampering the location-based services market growth. On the contrary, the growing penetration of 3G and 4G networks and continuous increase in the number of internet users is expected to offer remunerative opportunities for expansion during the location based services market forecast

Depending on the component, the service segment is expected to grow at the highest rate during the forecast period, owing to increase adoption of LBS across sectors such as retail, telecom and IT, government & public utilities, real estate, and healthcare. However, the software segment holds the largest location based services market size as large enterprises are adopting location-based services to protect all their infrastructures.

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Based on technology, the Assisted GPS (A-GPS) segment contributed to the highest market share in 2020, contributing to nearly one-fifth of the total market share, and is anticipated to dominate the market during the forecast period. The same segment is expected to manifest the fastest CAGR of 26.6% from 2021-2030. The report also covers other segments such as enhanced GPS (E-GPS), enhanced observed time difference (E-OTD), observed time difference, cell ID, Wi-Fi, and others.

Region-wise, the location-based services market size was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing to, increase in social media platforms. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to growing demand for location-based services by food and beverage industries.

Key players of the global location-based services industry analyzed in the research include Alcatel-Lucent, Apple Inc., Google LLC, AT&T Inc., Microsoft Corporation, Bharti Airtel Limited, Oracle Corporation, Cisco Systems, Inc., HERE, Qualcomm Technologies, Inc., and International Business Machines Corporation.

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