Request Sample Inquiry
Location Based Services (lbs) Market

Location Based Services (LBS) Market

Location Based Services (LBS) Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:

167

Base Year:

2022

Date

Aug - 2023

Format:

PDF XLS PPT

Report Code:

VMR-VMR-2021-0159

Segments Covered
  • By Component By Component Hardware, Software, Services
  • By Location By Location Outdoor, Indoor
  • By Application By Application Tracking and Navigation, Marketing and Advertising, Location-based Social Networks, Location-based Health Monitoring, Others
  • By  Vertical By Vertical Retail, Government, Manufacturing, Tourism and Hospitality, Healthcare and Life Sciences, Media and Entertainment, Others
Snapshot
Base YearBase Year: 2022
Forecast YearsForecast Years: 2023 - 2030
Historical YearsHistorical Years: 2017 - 2021
Revenue 2022Revenue 2022: USD 43.3 Billion
Revenue 2030Revenue 2030: USD 244.35 Billion
Revenue CAGRRevenue CAGR (2023 - 2030): 24.2%
Fastest Growing Region Fastest Growing Region (2023 - 2030) Asia Pacific
Largest Region Largest Region (2022): North America
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost) Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries) Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report Country/Region-specific Report
  • Go To Market Strategy Go To Market Strategy
  • Region Specific Market Dynamics Region Specific Market Dynamics
  • Region Level Market Share Region Level Market Share
  • Import Export Analysis Import Export Analysis
  • Production Analysis Production Analysis
  • Other Others Request Customization Speak To Analyst
Location Based Services (LBS) Market Share

The global Location Based Services (LBS) Market is valued at USD 43.3 Billion in 2022 and is projected to reach a value of USD 244.35 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 24.2% between 2023 and 2030.

Premium Insights

The growing emphasis on deploying geospatial analytics and complying with regulatory norms has increased the demand for location-based services. The policies cover data security, licensing, and user privacy, to protect sensitive customer data and prevent unlawful use. For instance, California's Online Privacy Protection Act promotes transparent user privacy rights, improving data utilization clarity. Federal and state governments are improving tracking strategies to comply with various privacy standards governing data usage. For instance, Massachusetts' Data Security regulations promote U.S. security and privacy in big data analytics. As indicated by the European Union's implementation of the General Data Protection Regulation (GDPR), A.I. delivers data protection services to a variety of organizations in Europe. This regulation governs the collecting, storing, and processing of personal data to protect critical information in the E.U.'s economic sectors and eliminate cybersecurity risks.

The rapid use of smartphones and wireless devices is essential in the location-based services (LBS) sector. Communication advancements, particularly in economically developing nations, and ongoing improvements in 4G and 5G technologies drive market growth. For instance, In February 2022, Druid Software and Pole announced a cooperation focused on global location enablement for enterprise 4G and 5G private networks to improve cellular continuity for various IoT positioning use cases.

Location Based Services (LBS) Market Size, 2022 To 2030 (USD Billion)

AI (GPT) is here !!! Ask questions about Location Based Services (LBS) Market
Loading....

Many countries have enforced or are still implementing lockdowns to prevent the spread of COVID-19. This has impacted the supply chains of numerous businesses, including the LBS industry. As a result of this supply chain disruption, LBS producers need help to build and market their products. For instance, Honeywell has acknowledged minor production and lead time concerns. Although the company is attempting to boost capacity, there is a backlog in demand. Thus, orders are being assigned on a first-in, first-out basis. A similar company, Zebra Technologies, could only complete some of its orders in the first quarter due to global supply chain issues, lower-than-expected Chinese demand, and other causes.

Key Highlights

  • North America generated more than 43.10% of revenue share in 2022
  • Asia Pacific is expected to grow at the quickest rate from 2023 to 2030
  • Based on components, the services segment contributed a significant revenue share in 2022
  • Based on location, the Outdoor recorded the most important market share in 2022
  • Based on application, Tracking and Navigation led the market during 2022
  • Based on Vertical, the Retail segment dominated the market during 2022

Economic Insights

Report Coverage & Deliverables

PDF report & online dashboard will help you understand:

  • Real-Time Data Updates:
  • Competitor Benchmarking
  • Market Trends Heatmap
  • Custom Research Queries
  • Market Sentiment Analysis
  • Demographic and Geographic Insights

Get Access Now

The economic expansion is due to the increasing adoption of smartphones, which has resulted in a significant increase in LBS usage, accounting for approximately 41% of global smartphone users. With an estimated 4.2 billion mobile internet subscribers worldwide, location-based services (LBS) are becoming vital for businesses looking to improve engagement and accommodate changing consumer tastes. Incorporating LBS into many sectors, including retail, tourism, and automotive, also contributes to the economic boom, offering significant job possibilities in software development, data analytics, and geographic information systems (GIS). As LBS continues changing modern business landscapes, its economic impact grows, supporting innovation and competitiveness across global industries. Government policies and restrictions on consumer privacy pose significant risks to location-based firms today. Most software developers are increasingly aware of the rising worldwide privacy regulations and industry self-regulation guidelines that regulate the usage of their products. For instance, Google agreed to pay roughly $392 million in a deal with 40 states in November this year over allegations that the corporation monitored users through their devices after location monitoring was switched off.

Top Market Trends

  • Indoor Positioning and Navigation: A vital development is integrating indoor positioning and navigation technology, which enables precise location monitoring and services within indoor spaces. This approach is gaining hold in areas like retail, healthcare, and logistics, where it provides tailored consumer experiences, asset tracking, and efficient building operations.
  • Real-time Location Data: The requirement for accurate and up-to-date information for decision-making is driving the demand for real-time location data. Businesses use this information to improve supply chain management, track fleet movements, and boost operational efficiency.
  • Integration of Location-Based Services with the Internet of Things (IoT): Integrating location-based services with the Internet of Things (IoT) is an emerging trend. Connected devices and sensors give useful location data that can be utilized to improve operations ranging from asset management to predictive maintenance.
  • Smart Cities and Urban Mobility: Location-based services are critical in developing smart cities and urban transportation solutions. These services contribute to more efficient and sustainable urban settings, from intelligent transportation systems to parking management and traffic optimization.

Market Segmentation

The Global Location Based Services (LBS) market can be categorized into Components, Locations, Applications, Vertical, and Region.

The market is segmented based on components into Hardware, Software, and Services. Based on the location, the LBS market has been segmented into Outdoor, Indoor. The market is divided by application into Tracking and Navigation, Location-based Health Monitoring,Marketing and Advertising, Location-based Social Networks and Others. Based on Vertical, the market is bifurgated into Retail, Media and Entertainment, Government, Manufacturing, Tourism and Hospitality, Healthcare and Life Sciences,and Others. Likewise, the market is segmented based on region: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Below tree is interactive. You can click the nodes to get more information.

Based on Component

Services hold the largest share

The services segment's relevance in the market is due to its broad scope, which includes essential activities such as installation, maintenance, and continuous support of location-based service systems. This aspect recognizes the critical role of competent and dependable services in enabling these systems' smooth introduction and sustained performance. With the increasing demand for location-based service systems across many industries, the services market is expected to rise shortly. As organizations increasingly recognize the value of leveraging location-based capabilities, the services sector is expected to expand rapidly, driven by the critical need for expert guidance, technical upkeep, and continuous system performance to capitalize on the benefits offered by these innovative solutions fully.

Based on the Location

Outdoor will dominate the market during Forecast Period

The outdoor segment's dominance is due to the predominance of GPS-based navigation devices, which command a significant presence inside its area, significantly contributing to this segment's rise. These systems, which serve as the foundation of outdoor location-based services, play a critical role in tracking the motions of humans or objects inside open spaces, effectively aiding navigation features. Their widespread use is due to their ability to monitor outdoor activity while effectively providing critical navigation services. As a result, the outdoor category appears as a powerful force prepared to impose its dominance throughout the forecast period, bolstered by the availability and usefulness of GPS-based navigation devices in improving outdoor experiences.

Based on Application

Tracking and Navigation will lead the market

The tracking and navigation segment's supremacy is due to the predominance of GPS-based navigation systems, which express a commanding presence within its domain, and contribute significantly to this segment's importance. These systems, which serve as the foundation of tracking and navigation capabilities, dominate the market due to their widespread adoption and effective functioning. These systems, skilled at tracking the movement of humans or objects, smoothly integrate tracking capabilities with complete navigation services.

Based on Vertical

Retail accounts for significant revenue

The retail industry is expected to be a revenue generator over the projected period due to the predominance of retail-specific applications, which include critical capabilities such as wayfinding, proximity marketing, and personalized recommendations. These applications, knitted into the retail fabric, hold influence due to their tremendous powers in increasing client encounters and spurring sales. Wayfinding allows customers to navigate stores, increasing convenience and happiness quickly. Proximity marketing allows for tailored promotions and offers, reaching clients at just the right time. Personalized suggestions use data-driven insights to tailor shopping experiences, increasing customer loyalty and transaction rates. As a result, the retail industry assumes a commanding position.

Based on Region

North America will lead the market

North America is expected to lead the market throughout the forecast period. North America's dominance is supported further by the reign of the United States and Canada, where a growing population of smartphone users and early adoption of emerging technology fuel its leadership. North America's dominance is supported by the increasing adoption of smartphones and the growing need for location-based services across various industries.

Competitive Landscape

The global location-based services (LBS) market is fragmented, with numerous players offering various location-based solutions and services across different industries and regions. Continuous innovation, strategic collaborations, and an emphasis on catering to specific industry demands drive the competitive landscape. Startups and niche companies also provide specific LBS solutions for industries such as retail, healthcare, logistics, and others. As the LBS industry evolves, competition remains high, with companies competing to provide superior location-based experiences and services to consumers and businesses worldwide. For instance, IBM and Atos cooperated in July 2022 to build a secure infrastructure for the Dutch Ministry of Defence. This infrastructure protects and supports modern technology and infrastructure services.

The players in the global location-based services (LBS) market include CenTrak (U.S.), Cisco (U.S.), Ericsson (U.S.), ESRI (U.S.), G.E. Healthcare (U.S.), Google (U.S.), HERE (Netherlands), IBM (U.S.), KDDI (Japan), Leantegra (U.S.), Microsoft (U.S.), Navigine (U.S.), NTT Docomo (Japan), Oracle (U.S.), Qualcomm (U.S.), TeleTracking Technologies (U.S.), MYSPHERA (Spain), Stanley Healthcare (U.S.), Teldio (Canada), TomTom (Netherlands), Ubisense (U.K.), Zebra Technologies (U.K.) among others.

Recent Market Developments

  • September 2021: B.T. and Oracle announced a collaboration to optimize network resources and hasten the market rollout of a new 5G service. The system will allow B.T. to swiftly and efficiently test and deliver 5G services.
  • September 2021: Ericsson's new Cloud Connect service will be integrated into the Ericsson loT Accelerator. This makes it simple for businesses to connect cellular devices to public cloud loT endpoints like AWS loT Core.
  • July 2021: IBM and Atos collaborated on the development of a secure infrastructure for the Dutch Ministry of Defence. This infrastructure safeguards and maintains modern infrastructure and technologies.

Segmentation of the Global Location Based Services (LBS) Market

Parameter Details
Segments Covered

By Component

  • Hardware
  • Software
  • Services

By Location

  • Outdoor
  • Indoor

By Application

  • Tracking and Navigation
  • Marketing and Advertising
  • Location-based Social Networks
  • Location-based Health Monitoring
  • Others

By Vertical

  • Retail
  • Government
  • Manufacturing
  • Tourism and Hospitality
  • Healthcare and Life Sciences
  • Media and Entertainment
  • Others

Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • CenTrak (US)
  • Cisco (US)
  • Ericsson (US)
  • ESRI (US)
  • GE Healthcare (US)
  • Google (US)
  • HERE (Netherlands)
  • IBM (US)
  • KDDI (Japan)
  • Leantegra (US)
  • Microsoft (US)
  • Navigine (US)
  • NTT Docomo (Japan)
  • Oracle (US)
  • Qualcomm (US)
  • TeleTracking Technologies (US)
  • MYSPHERA (Spain)
  • Stanley Healthcare (US)
  • Teldio (Canada)
  • TomTom (Netherlands)
  • Ubisense (UK)
  • Zebra Technologies (UK)
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
Pricing and purchase options Avail of customized purchase options to meet your exact research needs. Explore purchase options

FAQ
Frequently Asked Question
  • The global Location Based Services (LBS) valued at USD 43.3 Billion in 2022 and is expected to reach USD 244.35 Billion in 2030 growing at a CAGR of 24.2%.

  • The prominent players in the market are CenTrak (US), Cisco (US), Ericsson (US), ESRI (US), GE Healthcare (US), Google (US), HERE (Netherlands), IBM (US), KDDI (Japan), Leantegra (US), Microsoft (US), Navigine (US), NTT Docomo (Japan), Oracle (US), Qualcomm (US), TeleTracking Technologies (US), MYSPHERA (Spain), Stanley Healthcare (US), Teldio (Canada), TomTom (Netherlands), Ubisense (UK), Zebra Technologies (UK).

  • The market is project to grow at a CAGR of 24.2% between 2023 and 2030.

  • The driving factors of the Location Based Services (LBS) include

    • Emergence of location based technologies

  • North America was the leading regional segment of the Location Based Services (LBS) in 2022.