Report Launch by Meticulous Research®
Meticulous Research® has introduced a research report titled,   ‘ Location-based Services Market   by Component, Technology (GNSS, GPS), Application (Navigation, Tracking), Location Type, End-use Industry, and Geography - Global Forecast to 2031.’   This report projects that the global location-based services market will achieve a value of $327.6 billion by 2031, growing at a CAGR of 15.9% from 2024 to 2031.

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Factors Driving Market Growth
Key drivers of market growth include the increasing application of spatial data analytics across various industries, the growing prevalence of location-based services in retail, and an uptick in agriculture-related applications. However, strict governmental regulations may restrict further expansion.

Opportunities Amid Challenges
Advancements in navigation and mapping technologies, along with rising demand for wearable tech, present considerable opportunities for growth. On the other hand, high costs related to the procurement and implementation of location-based services continue to challenge market players. The rise of 5G technology and the integration of AR and VR in GIS applications are notable trends shaping the landscape.

Segmentation by Components
The location-based services market is divided into platforms/solutions and professional services. By 2024, platforms/solutions are anticipated to command a larger market share, driven by the popularity of location-powered mobile applications and the growing necessity for location intelligence platforms.

Technology Segmentation Insights
The market is categorized into technologies such as GNSS, GPS, Wi-Fi, and NFC. The GNSS segment is projected to dominate the market due to its wide-ranging applications, including accurate positioning and real-time tracking capabilities.

Application Segmentation Overview
Key applications of location-based services include navigation, geo-marketing, mapping, and tracking. In 2024, the navigation segment is expected to lead the market share, propelled by the rapid integration of navigation solutions in the automotive sector.

Location Type Market Analysis
The outdoor segment is projected to hold a larger market share, fueled by demand for navigation and mapping applications. Conversely, the indoor segment is expected to experience higher growth rates as the need for efficient navigation solutions within buildings rises.

End-use Industry Insights
The government and public sector segment is expected to capture the largest share of the market, driven by the increasing use of location intelligence tools for tracking and planning purposes. However, the retail and e-commerce sector is anticipated to register the highest growth rate during the forecast period.

Geographical Market Insights
Asia-Pacific is forecasted to account for the largest share of the market, attributed to high mobile device penetration and increasing map-based platform deployments. This region is also expected to exhibit the highest growth rate throughout the forecast period.

Conclusion
The location-based services market is on a trajectory of substantial growth through 2031, underpinned by technological advancements and expanding applications in sectors such as retail, agriculture, and government.

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Key Players:

The key players operating in the global location-based services market are HERE Global B.V. (Netherlands), Google LLC (U.S.) (a subsidiary of Alphabet Inc.), TomTom N.V. (Netherlands), Esri (U.S.), Hexagon AB (Sweden), Trimble Inc. (U.S.), Cisco Systems, Inc. (U.S.), QUALCOMM Incorporated (U.S.), Microsoft Corporation (U.S.), AT&T Inc. (U.S.), Zebra Technologies Corporation (U.S.), International Business Machines Corporation (U.S.), ALE International (France), Precisely (U.S.), Rohde & Schwarz GmbH & Co. KG (Germany), and Nextbillion.AI Pte. Ltd. (Singapore).

Key questions answered in the report:

• Which are the high-growth market segments in terms of component, technology, application, location type, and end-use industry?
• What is the historical market size for the global location-based services market?
• What are the market forecasts and estimates for 2024–2031?
• What are the major drivers, restraints, opportunities, challenges, and trends in the global location-based services market?
• Who are the major players in the global location-based services market, and what are their market shares?
• What is the competitive landscape like?
• What are the recent developments in the global location-based services market?
• What are the different strategies adopted by major market players?
• What are the trends and high-growth countries?
• Who are the local emerging players in the global location-based services market, and how do they compete with other players?

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