Mobile Locations Based Services Market Size, Share, Growth, and Industry Growth by Type (Web-based and Device-based) By Application (Banking, Financial Services and Insurance (BFSI), Defense, Government and Public Utilities, Healthcare and Life Sciences and Others), Regional Forecast To 2032

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MOBILE LOCATIONS BASED SERVICES MARKET REPORT OVERVIEW

The global Mobile Locations Based Services Market size was valued at approximately USD 40 billion in 2023 and is expected to reach USD 171 billion by 2032, growing at a compound annual growth rate (CAGR) of about 20% during forecast period.

Mobile locations based services is a group of software-based services that enable users to access location-specific data and other online services. These services include features like mapping and navigation, local search and information, social networking and entertainment, proximity marketing, asset tracking, and others. In order to deliver information, entertainment, or security, location-based services provide real-time geo-data from a variety of smart devices, such as smartphones. The adoption of smart devices like sensors, IoT, and others are some of the key reasons boosting the location-based services market's expansion. The LBS sector is growing in popularity because of its many advantages.

COVID-19 IMPACT

"A Different Set of Laws and Regulations to Support the Market Growth"

The COVID-19 outbreak is projected to benefit the expanding location-based services market. With the introduction of COVID-19, location-based services are anticipated to help governments address the effects of social exclusion and make it easier to track people's movements and traffic patterns. This is a result of the utilization of location data collecting from consumer devices. Only those devices whose data collection authorization has been given are used to gather this location information. The use of mobile location-based services to forecast the next COVID-19 hotspot and manage the deployment of healthcare resources accordingly is projected to increase. In order to stop the spread of new coronavirus, governments and the corporate sector are heavily reliant on geolocation.

LATEST TRENDS

"Increasing Strategic Planning and Crime Analysis Importance of Mobile Location-Based Services to Drive Market Growth"

Numerous police departments have used GPS technologies to combat criminal activity. Effective GPS tracking programs are vital as police departments struggle to deliver top-notch services amid budget cuts. Numerous police agencies embrace GPS-based solutions because they demonstrate increased productivity, lower operating expenses, and the utilization of real-time information transmission for efficient criminal investigation. Location-based technologies enable police to accurately grasp local problems and provide timely intelligence in their responses. GIS-based tools also aid in the analysis of crime trends, the identification of crime hotspots, and the linking of crimes, offenders, cars, and associates. Also, the police force is deploying more mapping and navigation tools, which is promoting the market expansion for mobile location-based services.

MOBILE LOCATIONS BASED SERVICES MARKET SEGMENTATION

By Type Analysis

By type, the mobile locations based services market is segmented intoweb-based and device-based.

The web-based type segment will dominate the mobile locations based services market in the coming years.

By Application Analysis

Based on applications, themobile locations based services market is banking, financial services and insurance (BFSI), defense, government and public utilities, healthcare and life sciences and others.

The banking segment will lead the global share through forecast period

DRIVING FACTORS

"Increasing Industry Demand for LBS and RTLSwill Boost Market Expansion "

The advancement of LBS and RILS technologies over the past few years has led to better efficiency and lower costs for RTLS goods and services, which has resulted in the creation of platforms that offer more accuracy. As a result of all these developments, RTLS utilization increased across a number of industries, including healthcare, industrial manufacturing, logistics, process industries (mining, oil, and gas), and defense. Many industries are now realizing the advantages of tracking, observing, and analyzing the precise location and motions of their assets. These benefits include enhanced workflow, streamlined procedures, and increased output.

"Smart Phone Adoption is Anticipated to Increase, Propelling Market Expansion "

One of the key factors propelling the growth of the worldwide mobile location-based services market is the rising use of smartphones and other wireless devices. Also, it is anticipated that the demand for location-based check-in apps will expand, as will the availability of low-cost GPS-mounted devices and improvements in communication technology's analytic capabilities. Other reasons propelling the market expansion of mobile location-based services include the increased use of social media, mobile-based networking, and the Internet of Things (IoT) (LBS). The market for mobile location-based services is anticipated to grow as a result of communications breakthroughs and continuous work on 4G and 5G technologies in economically expanding regions.

RESTRAINING FACTORS

"Expensive Installation and Maintenance Costs Limit Market Expansion "

Depending on the installation area and the various enterprises, this varies. Although the installation cost of Wi-Fi-based RTLS is less than that of UWB-enabled systems, the hardware cost is greater. Wi-Fi and RFID-based systems require more maintenance than, say, UWB and BLE-based systems do. The high cost of the RTLS systems can be partially attributed to the price of their hardware, software, infrastructure wiring, and electricity. Infrastructure is costly, even though wiring, power, and the addition of RTLS components significantly raise the overall cost. Due to the extensive technical work and on-site preferences required for many projects, many RTLS firms are struggling with deployment and technological challenges.

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MOBILE LOCATIONS BASED SERVICES MARKET REGIONAL INSIGHTS

"Asia Pacific to Grow at the Highest Mobile Locations Based Services Market Share During the Forecast Period "

The biggest market share formobile location-based services was held by Asia-Pacific. This region is expanding quickly due to a number of factors, including an increase in location-based service deployments throughout Asian nations, a rise in the demand for location-based services by the food and beverage industries to deliver fresh meat and seafood products, and supportive government initiatives. Moreover, established markets have sped up the adoption of mobile locations based services, hence encouraging the expansion of the regional market.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Top Mobile Locations Based Services Companies

• AiRISTA Flow (U.S.)
• Apple(U.S.)
• Aruba Networks(U.S.)
• CenTrak(U.S.)
• Cisco (U.S.)
• Ericsson (Sweden)
• ESRI (U.S.)
• GE Healthcare (U.S.)
• Google (U.S.)
• HERE (Netherlands)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services, or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes several other factors that have contributed to recent mobile locations based services market growth in some regions.