Published On: October 2022
Any system that requires real-time location tracking is referred to as a location-based service. The user's physical and geographic location are permanently identified by the technology and used to carry out services and operations.
Although location-based technology is frequently used with mobile devices, it may also be used with desktop PCs and other devices that can offer a location.
Real-time data from a smartphone is used by location-based services (LBS) to deliver information, entertainment, or security. Customers can check in using some services at restaurants, coffee shops, businesses, concerts, and other locations or events. People who check in at companies frequently receive rewards for prizes, vouchers, or discounts. Location-based services are used by Facebook check-ins, Foursquare, Yelp, Google Maps, and Yelp. If the user has been granted access, location-based services can use a smartphone's GPS technology to track a person's whereabouts. Once a smartphone user opts in, the service can locate them down to the street address without the need for manual data entry.
The location-based services (LBS) market is anticipated to register a CAGR of 15.2% from 2022 to 2029, reaching USD 239.7 billion by 2029. Factors contributing to the location-based services market's expansion are the rise in the use of location-based services for improving agricultural practices, the spread of location-based services in the retail industry, and the increasing importance of location-based services in strategic planning and crime analysis. However, the location-based services sector's development has been seriously hampered by high implementation and procurement costs, privacy and security concerns, and accuracy problems.
COVID-19 has raised the need for location-based services to track down afflicted people and track viral transmission routes. This technology has been applied in nations where Coronavirus has been a severe problem. In recent years, several small and medium-sized businesses have also used location-based services to identify unsafe environments.
The expansion of 4G and 5G technologies, improvements in web analytics that facilitate better communication, and shifting consumer attitudes toward location-based services have significantly impacted the growth of the location-based services market. The location-based services market has expanded because of rising smartphone usage and internet accessibility.
To satisfy their client’s needs and inquiries, businesspeople seek efficient solutions. Customers' preferences, which differ depending on where they reside, significantly influence the industrial sectors. Thus, providing customers with services based on location will encourage the expansion of the entire firm. As a result, spatial information about the size, shape, and placement of physical items on earth determined by location-based services aids businesspeople in understanding regional business trends and issues. These elements have helped the industry's expansion in recent years for location-based services.
The location-based services market in 2021 was hyped up by the transportation and logistics industry vertical. The key factors influencing the growth of the transportation & logistics segment are the rising demand for location-based services by the transportation industry, rising demand for GPS vehicle trackers and personal tracking systems, rising demand for GPS fleet tracking software to monitor performance and increase fleet efficiency and technological advancements in mapping & navigation systems.
In recent years, location-based services have become more and more prevalent across all industrial sectors. However, the upgraded protocols of location-based services are greatly helping the entire industry. Location-based services are used in healthcare to reduce the loss of income due to erroneous medical appointments. Real-time mapping data is needed for prominent locations and events, such as sporting occasions. Cloud-based real-time mapping is employed since a sizable audience will be present at the site.