Location-Based Services Market to grow by USD 296.3 billion (2024-2028), driven by rising demand for navigation services; Report on AI-driven market evolution - Technavio

NEW YORK, Dec. 4, 2024 /PRNewswire/ -- Report on how AI is driving market transformation - The global location-based services (LBS) market size is estimated to grow by USD 296.3 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 32.77% during the forecast period. Rise in demand for personal and enterprise navigation services is driving market growth, with a trend towards growing popularity of location-based gaming. However, privacy and security issues in location-based services poses a challenge. Key market players include AiRISTA Flow Inc., Alphabet Inc., Apple Inc., AT and T Inc., Bayerische Motoren Werke AG, Cisco Systems Inc., Emanate Wireless, Esri Global Inc., Foursquare Labs Inc., General Electric Co., Halma Plc, Hewlett Packard Enterprise Co., International Business Machines Corp., Microsoft Corp., Oracle Corp., Qualcomm Inc., Siemens AG, Telefonaktiebolaget LM Ericsson, Zebra Technologies Corp., and Ziff Davis Inc..

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Market Driver

Location-based services (LBS) are on the rise, with mobile positioning at the forefront. Satellite-based GPS, E-OTD, OTDOA, and hybrid technologies like Wireless-assisted GNSS and A-GNSS are driving this trend. LBS is transforming industries, from smart city projects and 3D mapping applications to e-commerce and mobile apps. Artificial intelligence, real-time location tracking, and Bluetooth beacons are enhancing user experience. Autonomous vehicles, disaster information systems, and geolocation data are revolutionizing transportation and logistics. LBS is also making strides in healthcare, fleet management, local search, and IoT technology. Navigation and tracking services are more accurate than ever, thanks to 5G infrastructure and the integration of AR and VR technologies. Smartphones, social media, food delivery services, hardware, software, business intelligence, and transportation are all benefiting from the advancements in LBS. 

The location-based gaming market is experiencing significant growth due to advancements in high-speed Internet connectivity and the integration of positioning technologies in smartphones. Games like Ingress, Pokemon Go, and Geocaching utilize GPS to create interactive map-based experiences, allowing players to navigate within the game using their current physical location. This shift in the gaming industry, driven by technologies such as cloud computing, 5G, and virtual reality (VR), has led to the emergence of new gaming models, including online multiplayer and free-roam gaming. These advancements enable players to engage in real-time, location-based experiences that go beyond traditional gaming products. 

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 Market Challenges

• Location-based services (LBS) market is experiencing significant growth due to the increasing use of mobile positioning technologies like Satellite-based GPS, E-OTD, OTDOA, Wireless-assisted GNSS, A-GNSS, and Hybrid technologies. LBS applications include smart city projects, 3D mapping, e-commerce, mobile apps, artificial intelligence, real-time location tracking, Bluetooth beacons, autonomous vehicles, disaster information systems, and more. The integration of LBS with IoT, AR, VR, navigation and tracking, indoor location services, transportation and logistics, healthcare, 5G infrastructure, and business intelligence is revolutionizing various industries. Real-time data from positioning technologies is driving innovation in navigation services, fleet management, local search, and food delivery services. Hardware and software solutions are essential for implementing these services, making it a thriving business opportunity. Smartphone use and social media are also major contributors to the growth of the LBS market.
• Location-Based Services (LBS) offer consumers coupons, deals, and promotions based on their personal information, which includes location data. This data is shared among players in the LBS value chain, increasing the risk of information leakage without consent. Network providers manage and own databases, granting them access to end-users' location data. Additionally, using LBS may result in unintended disclosure of visiting places, meeting people, and attending events, which can be obtained and misused without consent. Ensuring data security and privacy is crucial in the LBS market.

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Segment Overview 

This location-based services (lbs) market report extensively covers market segmentation by

1. Component 
• 1.1 Hardware
• 1.2 Software
• 1.3 Services
2. Type 
• 2.1 Outdoor
• 2.2 Indoor
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Hardware- The Location-Based Services (LBS) market is driven by various hardware components, including RFID tags, beacons, and sensors. Hewlett Packard Enterprise (HPE) offers Aruba Tags, which provide location-related data for assets and enable tracking in indoor and outdoor locations. Aruba Tags utilize Bluetooth Low Energy (BLE) technology and offer features such as maintenance-free batteries, true locations on maps, and compatibility with medical applications. HPE's Aruba beacons provide remote management support, easy deployment, and battery and USB-powered options. Cisco Systems offers a Cisco Beacon Point Module, which provides Wi-Fi access and acts as a BLE beacon. RFID tags, such as those provided by AiRISTA Flow, are cost-effective and optimize battery usage with motion sensors. These hardware components, provided by vendors like HPE and AiRISTa, are essential for implementing location-based solutions and will drive the growth of the LBS market during the forecast period.

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Research Analysis

Location-based services (LBS) refer to technologies and applications that use geographic location information to enhance and facilitate various activities. Mobile positioning, such as Satellite-based GPS, E-OTD, OTDOA, Wireless-assisted GNSS, and A-GNSS, are key positioning technologies used in LBS. Hybrid technologies combine multiple positioning methods for improved accuracy. LBS finds applications in smart city projects, 3D mapping applications, IoT, AR, and VR, enabling real-time data access and navigation services. Connected devices, GPS, and smartphone use are essential for LBS, while social media platforms provide additional opportunities for location-based features. Geolocation data is a valuable asset for businesses and individuals alike, driving innovation and growth in the LBS market.

Market Research Overview

Location-based services (LBS) refer to technologies and applications that use mobile positioning, such as Satellite-based GPS, E-OTD, OTDOA, Wireless-assisted GNSS, A-GNSS, and hybrid technologies, to provide real-time data and navigation services. These services are used in various industries, including smart city projects, transportation and logistics, healthcare, and e-commerce. Real-time location tracking is made possible through technologies like Bluetooth beacons, 5G infrastructure, and IoT. LBS are integrated into mobile apps, augmented reality (AR), and virtual reality (VR) for indoor location services and navigation. LBS are also used in disaster information systems, transportation, and fleet management. Geolocation data is essential for business intelligence, local search, and social media. LBS are transforming industries, from food delivery services to transportation, by providing accurate and real-time data, enabling efficient and effective operations. Hardware and software solutions are continuously evolving to meet the demands of this growing market.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Component
• Hardware
• Software
• Services
• Type
• Outdoor
• Indoor
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

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SOURCE Technavio