The location as a service market is growing rapidly, driven by the increasing adoption of smartphones and other mobile devices, the growing popularity of location-based applications, and the increasing demand for location-based data and analytics.
The global location as a service market is expected to reach USD 286.7 billion by 2030, growing at a CAGR of 23.70% from 2022 to 2030.
Market Growth Drivers
The major drivers of the location as a service market are:
- The increasing adoption of smartphones and other mobile devices: Smartphones and other mobile devices are equipped with GPS and other location-sensing technologies, which make them ideal for accessing location as a service.
- The growing popularity of location-based applications: There are a wide variety of location-based applications available, such as navigation apps, weather apps, and social networking apps. These applications are driving the demand for location as a service.
- The increasing demand for location-based data and analytics: Businesses are increasingly using LBS data and analytics to improve their operations and make better decisions. For example, businesses can use LBS data to track the movement of their customers, optimize their delivery routes, and target their marketing campaigns.
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Location As a Service Market Segmentation
The LBS market is segmented by component, technology, application, industry vertical, and region.
- By component, the market is segmented into hardware, software, and services. The hardware segment includes GPS receivers, cellular modems, and Wi-Fi chips. The software segment includes LBS platforms and applications. The services segment includes consulting, integration, and maintenance services.
- By technology, the market is segmented into GPS, assisted GPS (A-GPS), Wi-Fi, Bluetooth, and others. GPS is the most widely used technology for LBS. However, other technologies, such as A-GPS, Wi-Fi, and Bluetooth, are also gaining popularity.
- By application, the market is segmented into navigation, local search and information, social networking and entertainment, proximity marketing, asset tracking, and others. Navigation is the largest application segment for LBS.
- By industry vertical, the market is segmented into retail, healthcare, transportation, logistics, travel and tourism, and others. Retail is the largest industry vertical for LBS.
- By region, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is the largest market for LBS, followed by Europe and Asia Pacific.
Location As a Service Market Key Companies
Some of the key players in the Location As a Service Market are:
- HERE Technologies
- Acuity Brands
- Cisco Systems
- Zebra Technologies
North America is the largest market for LBS, followed by Europe and Asia Pacific. The growth of the LBS market in North America is driven by the increasing adoption of smartphones and other mobile devices, the growing popularity of location-based applications, and the increasing demand for location-based data and analytics.
The European market for LBS is also growing rapidly, driven by similar factors. The Asia Pacific market is expected to grow at the fastest pace during the forecast period, driven by the growing economies in the region and the increasing adoption of smartphones and other mobile devices.
Industry Latest News
- In February 2023, Google announced that it would be acquiring North, a leading provider of augmented reality (AR) glasses. This acquisition is expected to help Google further its development of AR-based LBS applications.
- In March 2023, Apple announced that it would be launching a new feature called "Live Text" in iOS 16. This feature will allow users to identify and interact with text in images using their iPhone's camera. This is expected to make it easier for users to find and use location-based information in images.
- In April 2023, HERE Technologies announced that it had raised $1.5 billion in funding. This funding is expected to help HERE Technologies accelerate its development of location-based services and data products.
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