Research Nester’s recent market research analysis on “Location-Based Services Market: Global Demand Analysis & Opportunity Outlook 2036” delivers a detailed competitors analysis and a detailed overview of the global location-based services market in terms of market segmentation by component, service type, technology, location type, industry vertical, application and by region.
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Growing Usage of Connected Devices and Increased Integration of Emerging Technologies to Promote Global Market Share of Location-Based Services Market
The global location-based services market is estimated to grow majorly on account of the significant investments in integration technologies such as 3D mapping applications with mobile phones. The proliferation of mobile phone users and rising location-based marketing is projected to bolster the global location-based services market during the forecasted period. There has been an increased usage of GPS systems as in the year 2023, the survey found that almost 170.2 million Americans possess at least one GPS or other location-tracking product. This has fueled the usage of location-based services and organizations are utilizing location analysis and intelligence in order to serve location-based social media posts, advertising, and contextual advertising. The location technology enables various users to share data from a mobile application which permits the organization and search engines to display near shopping malls, restaurants, etc. These factors are expected to bolster the growth of the global location-based services market during the forecasted period. Other than this, the rising demand for real-time locating systems based on UWB is accelerating the growth of the market during the forecasted period. Moreover, the growth of the e-commerce industry and the need for efficient location-based services globally, are driving the global location-based services market during the forecasted period.
Some of the major growth factors and challenges that are associated with the growth of the global location-based services market are:
Growth Drivers:
• Rising Demand for Real-Time Locating Systems
• Growing Importance of Location-Based Services in Strategic Planning
Challenges:
Stringent guidelines & rules, exorbitant costs associated with the deployment, and lack of qualified workers are some of the major factors anticipated to hamper the global market size of the global location-based services market.
By location type, the global location-based services market is segmented into indoor and outdoor. Out of these, the outdoor segment is projected to hold the maximum share of almost 60% during the forecasted period. With the use of technologies such as infrared-based remote sensing, satellite, GPS, etc., various outdoor positioning can identify objects, information, or people in open areas.
By region, the Europe location-based services market is to generate the highest revenue by the end of 2036. The presence of leading market players in the region is creating lucrative opportunities in the domain of the location-based services market for investors in the upcoming years.
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