According to a new market research report titled, “Location-Based Services Market by Component, Technology (GPS, Wi-Fi, NFC), Application (GIS, Navigation, Tracking, Social Media), Location, Industry Vertical (Logistics, Retail, Healthcare, Media, Defense, Hospitality, BFSI) – Global Forecast to 2029,” published by Meticulous Research®, the location-based services market is expected to grow at a CAGR of 15.2% from 2022 to 2029 to reach $239.7 billion by 2029.
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Location-based services (LBS) is a solution that utilizes the device’s geographical location to provide information to the user. The technology has gained considerable significance and is becoming an integral part of organizations due to the numerous benefits offered by location-based services, including store locators, proximity-based marketing, real-time information, such as traffic updates or weather reports, roadside assistance, mobile workforce management, and fraud prevention.
The rise in GPS-enabled precision applications, such as farming, logistics, and automotive, has created a high demand for location-based solutions. Also, the increasing demand for mobile location-based services, the surge in demand for location-enabled mapping, tracking, and navigation solutions, and the proliferation of social media, smartphones, and location-based applications among consumers are providing significant opportunities for the growth of the location-based services market.
Impact of COVID-19 on the Location-Based Services Market
The COVID-19 pandemic created several challenges for the location-based services market due to the lockdowns imposed during the second and third quarters of 2020. The pandemic is lowering the financial potential of consumers, which is expected to decrease the sales of location-based services and solutions. However, the industries, including retail, pharmaceuticals and healthcare, hospitality, and automobile, have started recovering from the economic setbacks suffered during the pandemic.
The location-based services market was moderately impacted by the COVID-19 pandemic due to delayed and postponed orders for location-based solutions but started recovering rapidly from the last quarter of 2020. Different location-based service providers leveraged the strong portfolio of location-based services and enhanced product capabilities during the COVID-19 pandemic, consequently driving the growth of the location-based services market. For instance:
- In 2021, AT&T Inc. (U.S.) provided an IoT fleet management solution for tracking the location of vaccines. This solution enables tracking from production units to clinics. The company provides network connectivity for several shipping companies that play an important role in distributing the COVID-19 vaccine.
- In 2020, Web Geo Services (France) (a Google Cloud Premier Partner) launched its consumer geolocation platform, Woosmap, to provide location-based APIs that augment Google Maps Platform.
Location-based service providers plan to move forward and capitalize on the lucrative market growth opportunities that have resulted from the COVID-19 pandemic. The LBS market is projected to transform drastically over the coming years. Several leading companies are growing rapidly through new product launches, product enhancements, partnerships, and collaborations for leveraging location-based solutions in the market.
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