Location-Based Services Global Market Report 2023 : Market Size, Trends, And Global Forecast 2023-2032
The Business Research Company’s Location-Based Services Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
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LONDON, GREATER LONDON, UK, November 13, 2023 /EINPresswire.com/ — The global location-based services market, segmented by component, location type, technology, and application, is expected to witness significant growth, with the market size projected to expand from $70.27 billion in 2022 to $88.42 billion in 2023, at a compound annual growth rate (CAGR) of 25.8%. Despite the economic disruptions resulting from the Russia-Ukraine conflict and its ramifications on the global economy post-COVID-19, the market is anticipated to further grow to $226.16 billion by 2027, with a CAGR of 26.5%.
Driving Growth: Upsurge in the Use of Smartphones and GPS-Enabled Devices
The surge in the use of smartphones and GPS-enabled devices has been a key driver for the growth of location-based services. Leveraging internet and geospatial technologies, location-based services provide real-time targeted information to smartphone users based on their geographic location. Notably, forecasts suggest a substantial increase in smartphone users from 6.05 billion in 2020 to nearly 7.33 billion by 2025, highlighting the pivotal role of location-based services in providing contextual and personalized information.
Explore the comprehensive report on the global location-based services market for detailed insights and analysis:
Key Players and Market Trends
Apple Inc., Google LLC, and Microsoft Corporation are among the leading players in the location-based services market, focusing on technological advancements to stay competitive. For instance, Cisco’s launch of Multiscreen-as-a-Service (MaaS) Location Based Services (LBS) app in 2020 aims to streamline indoor routing, navigation, and real-time location services, providing users with a seamless and enhanced map experience.
• Component: Platform, Hardware, Services
• Location Type: Indoor, Outdoor
• Technology: GPS, Assisted GPS (A-GPS), Enhanced GPS (E-GPS), Enhanced observed time difference (E-OTD), Observed Time Difference, Cell ID, Wi-Fi, Other Technologies
• Application: Location-based Advertising, Business Intelligence And Analytics, Fleet Management, Mapping And Navigation, Social Networking And Entertainment, Proximity Marketing, Asset Tracking, Other Applications
Geographical Insights: North America and Asia-Pacific Leading the Market
North America held the largest share in the location-based services market in 2022, with Asia-Pacific being the second largest market. The comprehensive report provides detailed insights into regional dynamics, market trends, and growth opportunities across various regions.
Access the complete report for an in-depth analysis of the global location-based services market:
Location-Based Services Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Location-Based Services Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on location-based services market size, location-based services market drivers and trends, location-based services market major players, location-based services market competitors’ revenues, market positioning, and location-based services market growth across geographies. The location-based services market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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Article originally published on www.einpresswire.com as Location-Based Services Market to Reach $226.16B by 2027, Driven by Smartphone and GPS Device Adoption