Market Overview:
Location-based services (LBS) enable the integration of mobile devices, such as smartphones, with geographic location data to deliver tailored services and information to users in the real world. This is usually done through the use of satellite-based location systems such as GPS or network-based positioning systems. With LBS, providers are able to send alerts, promotions, and information to people based on their geographic location.

Market key trends:
One of the major trends in the location-based services market is the growing adoption of augmented reality applications. Augmented reality is being increasingly used to enhance customer experiences by overlaying relevant digital information on real-world environments. For example, AR applications allow users to visualize virtual objects and information in the real world and interact with them. Many retailers are using AR to provide in-store navigation, product reviews, and personalized recommendations to customers based on their real-time location. Several AR applications are also being developed for healthcare, education, travel, and gaming that utilize location data to deliver enhanced immersive experiences. This is expected to drive significant growth in the location services market over the coming years.

The global Location-Based Services Market Share  is estimated to be valued at US$ 38,233.27 Mn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Segment Analysis
The location-based service market is segmented into indoor location and outdoor location. Among these, the indoor location segment accounts for the largest market share and is expected to remain dominant over the forecast period. This is because indoor location based technologies help in tracking facilities and assets in large buildings, hospitals, shopping complexes and more. It provides better location accuracy compared to outdoor location systems. Further, the indoor location segment is expected to witness high growth due to the rising adoption of solutions like Wi-Fi, Bluetooth, and ultrasound sensors for indoor mapping and navigation across various industries.

Key Takeaways
The global location-based services market is expected to witness high growth, exhibiting a CAGR of 18% over the forecast period, due to increasing adoption of location-based technologies across various industries for tracking assets, facility management, and navigation.

Regional analysis: By region, North America dominates the global location-based services market and is expected to continue its dominance over the forecast period. This is attributed to large-scale adoption of advanced technologies like IoT, smartphones, and beacons across various industries in the region. Asia-Pacific is expected to witness the fastest growth during the forecast period owing to rising digitalization and increasing investments in location-based technologies by key players in countries like China and India.

Key players: Key players operating in the location-based services market are GuardRFID Solutions Inc., ALE International (Nokia Corporation), Favendo Gmbh, Teldio Corporation, CenTrak, Cisco Systems Inc. (Cisco Meraki), AiRISTA Flow Inc., Creativity Software Ltd., IBM Corporation, DigitalGlobe Inc. (Maxar Technologies), Aruba Networks (HPE Development LP), Ericsson Inc., HERE Global BV, IndoorAtlas Ltd., GL Communications Inc., and Esri Inc. These players are focusing on developing advanced location-based solutions and services and expanding their footprint worldwide through partnerships and collaborations.

For more details on the report, Read-

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