Report Ocean introduces a fresh report examining the “Mobile Location-Based Services (Mobile LBS) Market” encompassing its size, share, growth, industry trends, and forecast up to 2030. This comprehensive analysis delves into various industry components and growth patterns that offer valuable insights for anticipating the market’s future trajectory.
Mobile location-based services (mobile LBS) have become a crucial service enabler in smartphones, providing users with navigation and location-based queries. Recent advancements in positioning technologies, as well as improved data transmission through edge computing, cloud computing, and 5G, are expected to drive the growth of the mobile LBS market, which is projected to reach approximately USD 86.0 Billion by 2023, expanding at a CAGR of 24.6% during the 2018-2023 period.
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One of the major applications of mobile LBS is location-based advertising, which has been growing steadily over the last decade. With the development and increasing use of beacons, geo-fencing, and geo-tagging for digital and proximity marketing, this segment is anticipated to experience the highest CAGR (27.2%). Mapping and navigation is the most widely used service in mobile LBS, with this segment holding the largest market share (28.4%) in 2018, followed by social networking and entertainment, and local search and information segments. The business information and analytics segment is expected to grow at a CAGR of 26.2%, primarily due to increased use of data analytics and technological advancements in the retail, BFSI, and transportation and logistics segments.
Industries such as retail, healthcare, transportation, travel and tourism, and BFSI are utilizing the power of mobile LBS to enhance digital experiences among customers. The retail industry dominated the market in 2018 with a market share of 33%, owing to extensive use of mobile LBS in digital marketing and proximity-based advertising. The transportation segment, with a market share of 26%, has also been widely using mobile LBS for navigation, way-finding, and asset tracking. The travel and tourism industry is expected to witness the highest growth rate (CAGR 27.3%), as a result of the increasing popularity of LBS-enhanced travel apps among regular travelers. The healthcare segment is also expected to witness significant growth in Europe and the Asia-Pacific regions over the next few years.
Currently, the physical location segment enjoys the highest market share globally (58%) because mobile LBS is primarily based on the real-time physical location of subjects. However, with the development of technology and marketing strategies, the adoption of proximity LBS through beacons, Wi-Fi, and Bluetooth is increasingly becoming popular in developed countries like North America and Europe, and the Asia-Pacific region. As a result, the proximity to locations of interest segment is anticipated to expand at a CAGR of 26.3% during the forecast period.
North America was the market leader in mobile LBS with a share of approximately 44% in 2018, owing to increased smartphone penetration, advanced data transmission techniques, and new positioning technology. Asia-Pacific is expected to witness the highest CAGR (27.6%) during the forecast period due to the increased use of mobile LBS and high technology adoption rates in this region. However, Europe may experience a setback due to strict government policies regarding privacy.
Several companies are operating in the mobile LBS market, including Google Inc., Near Corporation, Groundtruth, Place IQ, Telenity, Foursquare, Uber, Groupon, Facebook, and Baidu Inc.
The report further discusses the market opportunity, CAGR growth rate, competition, new technology innovations, market player analysis, government guidelines, and export and import (EXIM) analysis for the following regions and/or countries: North America (U.S. & Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey.
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The report addresses the following key questions regarding the Mobile Location-Based Services (Mobile LBS) market:
- What is the expected growth rate of the market in the upcoming years and what factors are driving this growth?
- How do consumers perceive and adopt different types of Mobile Location-Based Services (Mobile LBS) in the market?
- How are regulatory policies and government initiatives impacting the growth of the Mobile Location-Based Services (Mobile LBS) market?
- What is the market share of the top 5 players in the Mobile Location-Based Services (Mobile LBS) market and how is it likely to change in the future?
- What are the latest technologies and innovations in the Mobile Location-Based Services (Mobile LBS) market and how are they shaping the industry landscape?
- How do macroeconomic factors such as inflation, GDP, and exchange rates affect the Mobile Location-Based Services (Mobile LBS) market?
- What are the challenges related to the supply chain and logistics that Mobile Location-Based Services (Mobile LBS) market players face and how are they addressing them?
- How is the changing consumer behavior and preferences influencing the dynamics of the Mobile Location-Based Services (Mobile LBS) market?
- What are the potential risks and uncertainties associated with investing in the Mobile Location-Based Services (Mobile LBS) market, and how can they be mitigated?
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Mobile Location-Based Services (Mobile LBS) market revenues on a global, regional, and country level, projecting trends until 2030. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Mobile Location-Based Services (Mobile LBS) market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Mobile Location-Based Services (Mobile LBS) market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Mobile Location-Based Services (Mobile LBS) business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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