Location Based Services Market to Reach $402.4 Billion, Globally, by 2031 at 24.6% CAGR: Allied Market Research
PORTLAND, Ore., March 24, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Location Based Services Market by Component (Hardware, Software, Services), by Technology (GPS, Assisted GPS (A-GPS), Enhanced GPS (E-GPS), Enhanced Observed Time Difference, Observed Time Difference, Cell ID, Wi-Fi, Others), by Application (Mapping and Navigation, Business Intelligence and Analytics, Fleet Management, Location-based Advertising, Local Search and Information, Social Networking and Entertainment, Proximity Marketing, Asset Tracking, Others), by Industry Vertical (Transportation and Logistics, Manufacturing, Government and Public Utilities, Retail, Healthcare and Life Sciences, Media and Entertainment, IT and Telecom, BFSI, Hospitality, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global location-based services industry generated $45.4 billion in 2021, and is anticipated to generate $402.4 billion by 2031, witnessing a CAGR of 24.6% from 2022 to 2031.
- According to the report, the global location-based services industry generated $45.4 billion in 2021, and is anticipated to generate $402.4 billion by 2031, witnessing a CAGR of 24.6% from 2022 to 2031.
- Increase in adoption of social media & smart phones, easy availability of GPS, emergence of location-based technology, and the increase in number of smartphone users and internet accessibility drive the growth of the global location based services market.
- However, inflated cost of installation and maintenance and operational challenges are hampering the location-based services market growth.
- The outbreak of the Covid-19 pandemic had a negative impact on the global location-based services market, owing to implementation of the global lockdown.