LOCATION-BASED SERVICES MARKET ANALYSIS

Location-Based Services MarketSize and Trends

The global location-based services market size was valued at US$ 32,210 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 18.7% from 2023 to 2030. The global market for location based services is expected to witness strong growth in the coming years. This is primarily due to technological advancements, upsurge in use of smartphones and GPS-enabled devices, and rise in adoption of business intelligence.

Global Location-Based Services Market Trends:

Investments in machine technology learning is a growing trend

The use of machine learning is increasing across several industries, including in location-based services. Many market players are increasingly investing in development of this technology for LBS. For instance, HERE Technologies invested US$ 28 million into a new machine learning research institute, which is likely to aid in organizing the geolocation data that smart devices are collecting. With this companies involved in the market can experiment more with the type of services they offer. Thus, this trend is likely to continue in the global location-based services market over the forecast period.

Growing popularity of cloud-based Big Data analytics is a major trend

The use of cloud-based Big Data analytics is gaining traction in the global location-based services market. The use of Big Data analytics offers promising insights on a consumer buying patterns, with which retailers are able to grow their sales volume and improve customer search experiences. Companies such as GeoSpice, the location-as-a-Service companies are utilizing big data analytics to offer cloud-based web services and mobile LBS that integrates a real-time data analytics and location information. Thus, the rise in popularity of cloud-based Big Data analytics is expected to drive growth of the global location-based services market over the forecast period.