Location-based Services (LBS) Market to Reach USD 4.96 Billion by 2028

According to analysts at Vantage Market Research, the Location-based Services (LBS) Market is expected to reach USD 4.96 Billion by 2028, growing at a CAGR of 16.98% from 2021 to 2028. Due to the advent of digitalization, the demand for the location-based services market is also high. It also develops new opportunities in terms of revenue growth for industry players. This provides customized solutions marketing strategies to the market players. Factors such as increased social media access, high smartphones usage, and easy accessibility of GPS technology accounted for the market growth of the Location-based Services (LBS) Market.

Key Findings

• The hardware segment of the Location-based Services (LBS) Market is projected to expand at the fastest CAGR exceeding 20% over the forecast period. This demand is basically due to the high usage of hardware applications to track the location. One of the reasons to increase the demand of the hardware segment is the high usage of location-based services by enterprises to gain strategic and a competitive advantage over their competitors.
• The Social Networking & Entertainment segment of the Location-based Services (LBS) Market held a market share of around 18% in 2020. This share is due to the increased demand for social media for various applications. The market also provides analytical solution demand to analyze and provide real-time geo-data. This is also one of the reasons to propel the growth of the Location-based services market.
• North America is anticipated to expand the market growth at a CAGR of 16% during the forecast period. This attribution is due to the rising tendency of businesses toward digital technology which is helpful for growing business.

Some of the major factors to drive the market growth of the location-based services market are easy accessibility of GPS technology, Social Networking access, and high penetration of smart devices. These devices include in penetration of smart devices are IoT, sensors, and others. In addition to this, an increase in internet penetration, high demand for LBS systems in many industries increased population, and new technological advancement propel the market growth of the Location-based services market.

Asia-Pacific has forecasted the highest growth of the Location-based services market during the forecast period. This is because of the extensive use of smartphone devices to present a high potential customer base to the location-based services providers. The main reason for using smartphone devices to track location services is it is GPS-enabled device.

Some of the key players of the Location-based Services (LBS) Market are APPLE INC., Oracle Corporation, Google LLC, AT&T Inc., ALCATEL-LUCENT, Cisco Systems, Inc., Bharti Airtel Limited, HERE, Microsoft Corporation, Qualcomm Technologies, Inc., International Business Machines Corporation, and among others.