Latest News- Location-Based Services (LBS) Market: Hardware is expected to lead the Component segment during 2025-2029

The Location-Based Services (LBS) Market is being driven by Rise in demand for personal and enterprise navigation services

The Location-Based Services (LBS) Market is expected to grow at a CAGR of 30.4% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 330 billion. The location-based gaming market is experiencing significant growth due to advancements in high-speed Internet connectivity and the integration of positioning technologies in smartphones. With the widespread availability of GPS, mobile gaming has evolved to include location-based and interactive map-based games, such as Ingress, Pokemon Go, and Geocaching. These games leverage a player's current physical location to navigate and progress within the game environment. The gaming industry's shift towards an as-a-service model, facilitated by technologies like cloud computing, 5G, and virtual reality (VR), has further fueled the development of innovative gaming models, such as online multiplayer and free-roam gaming. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Component
  • Hardware
  • Software
  • Services
• Type
  • Outdoor
  • Indoor
• Application
  • Navigation and tracking
  • GIS and mapping
  • Geo marketing and advertising
  • Social networking and entertainment
  • Others
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rise in demand for personal and enterprise navigation services
• High penetration of mobile computing devices
• Rapid adoption of beacon technology

However, the market also witnesses some limitations, which are as follows:

• Privacy and security issues in location-based services
• Lack of accuracy and reliability of navigation data
• Infrastructure-related constraints

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Market Scope in Location-Based Services (LBS) Market Research Report

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Research Analysis Overview

The Location-Based Services (LBS) market encompasses mobile positioning technologies such as Satellite-based GPS, E-OTD, OTDOA, Wireless-assisted GNSS, and A-GNSS. Hybrid technologies combine these positioning methods for enhanced accuracy. LBS applications include smart city projects, 3D mapping, and real-time data services for connected devices. Geolocation data is crucial for IoT, AR, and VR applications, fueling the growth of this market. Navigation services, smartphone use, social media, and real-time data are major drivers. Geographic location is the foundation for these innovative technologies and services.

Market Research Overview

The Location-Based Services (LBS) market is a significant segment of the larger communications equipment market, encompassing mobile positioning technologies such as Satellite-based GPS, Enhanced Observed Time Difference (E-OTD), and Observed Time Difference Of Arrival (OTDOA). According to Technavio, the global communications equipment market size is determined by the revenue generated from the sales of communication equipment, broadcasting equipment, telecommunication equipment, and infrastructure investments. This market excludes revenue from cellular phone manufacturers. The communications equipment market growth is driven by the expanding number of data centers, with companies investing in new facilities and expanding existing ones, particularly by hyperscalers.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/