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Location Based Service Market Share

ID: MRFR//3993-CR | 175 Pages | Author: Ankit Gupta| November 2022

In the ever-evolving landscape of Location-Based Services (LBS) market, companies employ various strategies to position themselves and capture market share. One prevalent approach is differentiation, where companies offer unique features or services that set them apart from competitors. For instance, some LBS providers focus on precise location tracking accuracy, catering to industries like logistics and transportation where pinpoint accuracy is crucial. Others differentiate through user-friendly interfaces or integration with popular platforms such as social media, making their services more appealing to the general consumer market.

Another key strategy is niche targeting, where companies concentrate on specific market segments or industries. By specializing in a particular niche, LBS providers can tailor their offerings to meet the unique needs of customers within that segment. For example, a company might focus exclusively on providing location-based marketing solutions for retail businesses, leveraging data analytics to deliver targeted advertisements based on customer location and preferences. This targeted approach allows companies to carve out a distinct position in the market and build strong relationships with their target customers.

Furthermore, partnerships and collaborations play a significant role in market share positioning within the LBS industry. Companies often form strategic alliances with other businesses, such as mobile app developers, telecommunications companies, or data analytics firms, to enhance their offerings and reach a broader audience. For instance, a location-based navigation app might partner with a ridesharing service to provide seamless integration for users, offering added convenience and value. By leveraging the strengths and resources of partners, LBS providers can expand their reach and strengthen their competitive position in the market.

Additionally, pricing strategies are crucial for market share positioning in the LBS market. Companies must carefully balance pricing to remain competitive while also ensuring profitability. Some providers adopt a cost leadership strategy, offering their services at lower prices than competitors to attract price-sensitive customers. Others opt for a premium pricing approach, positioning themselves as high-quality providers with advanced features and superior customer support. By aligning pricing with their overall positioning strategy, LBS companies can attract the right customers and capture market share effectively.

Moreover, innovation and technology development are essential for maintaining a competitive edge in the LBS market. Companies must continually invest in research and development to enhance their services and stay ahead of evolving customer demands. This could involve developing new algorithms for location tracking, improving the accuracy of mapping data, or integrating emerging technologies like augmented reality into LBS applications. By staying at the forefront of innovation, companies can differentiate themselves from competitors and solidify their position as industry leaders.

Lastly, customer experience and satisfaction are paramount for market share positioning in the LBS industry. Companies that prioritize delivering exceptional user experiences and providing responsive customer support can gain a competitive advantage. Positive word-of-mouth referrals and customer reviews can help attract new customers and build brand loyalty over time. By focusing on continuously improving the customer experience, LBS providers can strengthen their market position and drive sustainable growth in a highly competitive market landscape.

Covered Aspects:

Report Attribute/Metric	Details
Base Year For Estimation	2022
Historical Data	2019 & 2021
Forecast Period	2023-2032
Growth Rate	14.6% (2023-2030)

Location Based Service Market Highlights:

Location Based Service Market Trends

Location Based Service Market Analysis

Location Based Service Market Share

Location Based Service Companies

Location Based Services Market Overview

Location Based Services Market Size was valued at USD 31.984 billion in 2022. The Location Based Services market industry is projected to grow at USD 108.768 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 14.6% during the forecast period (2022 - 2032).

Location-based services (LBS) was primarily used for navigation, but it is today employed in all industries and has a wide range of uses. For instance, LBS improves to drive traffic to particular departments in retail by providing simple product navigation, while LBS technology has been successfully applied to minimize revenue loss due to missed appointments in the healthcare sector by guiding patients from home to their doctor's office inside the hospital. Location Based Services Market Overview

Targeted geographical information can be provided to customers and mobile workers through a location-based service. Examples of LBS include utility location data, asset or person tracking, concierge services, and route-guidance data. The importance of LBS technology and applications will rise in the constantly linked, mobile society of today. The demand for location-based services has reduced compared to the pre-COVID period as a result of the full or partial nationwide lockdown that has been imposed across the globe owing to the spread of COVID19. The need for location-based services is anticipated to be minimal, even in post-COVID times when people will need to practice social distance and avoid large gatherings, according to trends and COVID-19's nature and characteristics analysis.

Location Based Services Market Trends

Increasing Application of Location Based Service for a Wide Range of Area

Over the past few years, adoption of location-based applications has skyrocketed. The use of such applications has increased as a result of the surge in ride-hailing app usage overall. Other uses for location-based applications include social networking, geo-marketing, gaming, fitness and health tracking, and navigation.

The integration of location-based services has transformed the transportation industry by improving navigation and traffic control. The defense sector utilizes these services to secure borders and assist in rescue missions through the creation of border maps. The real estate and construction industries have seen considerable advancements in the adoption of modern technologies such as architectural design, project location mapping, and multi-dimensional modeling. LBS also finds usage in fields like research, archaeology, mining, and resource management in the oil and gas sector. These widespread applications of LBS across various industries is expected to drive growth in the LBS market during the projected time frame.

Location Based Services Market Segment Insights

Location Based Services Component Insights

The hardware segment dominated the location-based services (LBS) industry in 2022 and is projected to maintain its dominance during the forecast period. This can be attributed to an increased adoption of LBS by enterprises to gain a strategic advantage over their competitors. The hardware component ensures the effective functioning of LBS software, driving growth in the LBS market. However, the service segment is expected to experience the highest growth in the coming years due to the increased adoption of LBS software in various industries. This will result in a greater demand for services such as system integration and managed services. More countries are embracing these services to align various business tools such as manufacturing, marketing, and sales. This factor is expected to drive growth in the LBS market during the forecast period.

In May 2022, AT&T and Intrado announced the launch of a nationwide location-based routing technology, aimed at improving the response time for wireless 911 calls. This new technology uses device location to quickly route calls to the right first responders, fulfilling long-standing goals set by the Federal Communications Commission (FCC) to enhance public safety.

In January of 2022, Catalina, a company that provides shopper intelligence and omnichannel media services, joined forces with PlaceIQ, a provider of data and technology, to bring location-based planning, measurement, and attribution to consumer-packaged goods (CPG) retailers. This partnership will allow advertisers to target more specific audiences, enhance engagement across both offline and online channels, and measure the real-world return on investment (ROI) of their brand campaigns.

Location Based Services Location Insights

The outdoor segment dominated the location-based services market due to factors such as high demand for outdoor navigation and mapping applications, increased deployment of outdoor LBS, growing need for advanced route mapping solutions, and widespread availability of outdoor GPS navigation apps. These factors led to the largest share of the market for the outdoor segment.

Figure 1: LOCATION BASED SERVICES MARKET, BY LOCATION, 2022 & 2030 (USD BILLION)

LOCATION BASED SERVICES MARKET, BY LOCATION, 2022 & 2030 (USD BILLION)

Location Based Services Region Insights

In 2022, North America held significant market share. The is owing to the growing automation trend and widespread adoption of Industry 4.0. There is a strong presence of location-based service providers, including tech giants like Google, Microsoft, IBM, Apple, Amazon, and Oracle, in the U.S. Furthermore, North America, particularly the U.S. and Canada, being technologically advanced nations, is embracing location-based services technology at a brisk pace, fueled by the increasing demand for wearable devices.

Europe, being an industrialized region, is driving the growth of the location-based services market. The region comprises industrialized countries such as the UK, Germany, France, Spain, and the Rest of Europe. In the UK, the use of location-based services is governed by laws that require permission-based services. This means that in order to receive messages and information, the end-user must give their consent to the service. Typically, this involves installing the LBS application and agreeing to allow the service to access the device's location.

Asia-Pacific is the fastest-growing region in the location-based services market. The Asia-Pacific region comprises countries such as China, India, Japan, South East Asia, and the Rest of Asia. In recent years, the region has experienced significant growth in industrialization, accompanied by a rising number of small and medium-sized enterprises (SMEs), which are expected to drive the growth of the location-based services market. The technology sector in countries like China, India, and Japan has seen rapid growth, leading to a substantial demand for location-based services, software, and hardware components to enhance technology facilities.

Figure 2: LOCATION BASED SERVICES MARKET, BY REGION, 2022 & 2030 (USD BILLION)

LOCATION BASED SERVICES MARKET, BY REGION, 2022 & 2030 (USD BILLION)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Location Based Services Key Market Players & Competitive Insights

The for Location Based Services market is projected to witness healthy growth during the forecast period, owing to the proliferation of location-based apps among consumers, and the rise in the use of location-based mobile advertising.

Key players operating in the Location Based Services market include Microsoft Corporation (US), Oracle Corporation (US), TomTom International BV (Netherlands), ESRI (Germany), Ericsson (Sweden), Qualcomm Incorporated (US), ROKK (US), iSpace (US), Apple Inc (US), Baidu Inc (China), NavInfo Co., Ltd. (China), IBM (US), Google Inc (US), Cisco Systems, Inc.(US), Amazon.com Inc. (US), HERE Technology (Netherlands), and Mapbox (Netherlands).

Key Companies in the Location Based Services market includes

Microsoft Corporation (US)

TomTom International BV (Netherlands)

ESRI (Germany)

Ericsson (Sweden)

Oracle Corporation (US)

Qualcomm Incorporated (US)

ROKK (US)

iSpace (US)

Apple Inc (US)

Baidu Inc (China)

NavInfo Co., Ltd. (China)

IBM (US)

Google Inc (US)

Cisco Systems, Inc.(US)

Amazon.com Inc. (US)

HERE Technology (Netherlands)

Mapbox (Netherlands)

Location Based Services Industry Developments

In November 2022: VeriDaaS Corporation announced the acquisition of 4DM, a Canadian-based geo-intelligence company. 4DM provides consulting services and service-based work to governments, NGOs, and private sector organizations in the fields of intelligent transportation solutions, environmental health, location-based services, and risk assessment applications.

In March 2022: Aruba Networks announced advancements to its Edge Services Platform (ESP) with the addition of new management capabilities and improvements in location-based services to support enterprises in exploiting edge and IoT opportunities. The company also launched self-locating indoor access points (APs) that feature built-in GPS receivers and Open Locate, a feature for sharing location information from the access point to a device.

Location Based Services Market Segmentation

Location Based Services Component Outlook

Hardware

Software

Services

Location Based Services Location Type Outlook

Outdoor

Indoor

Location Based Services Technology Outlook

Bluetooth Low ENERGY (BLE) Beacons

WI-FI

GPS/GNSS

Others

Location Based Services Technology Outlook

Government Defense and Public Utilities

Retail and E-commerce

Banking Financial Services and Insurance

Automotive Transportation and Logistics

Industrial Manufacturing

Healthcare and Life Sciences

Media and Entertainment

Others

Location Based Services Regional Outlook

Americas

North America

South America (exc. Mexico)

Europe

Germany

France

Italy

Spain

Rest of Europe

Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific

Middle East & Africa
- Middle East
- Africa

South America

Location Based Service Companies

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