An emerging market analysis titled “Anticipated Trends, Drivers of Growth, and Obstacles in the Mobile Location-Based Services (Mobile LBS) Market” has been showcased on Report Ocean
The “Global Mobile Location-Based Services (Mobile LBS) Market” report offers comprehensive insights into factors affecting demand, growth, opportunities, challenges, and limitations. It covers global and regional industry dynamics, including research & development, new product launches, and responses from leading players in both global and local markets. The report provides visual representations and regional breakdowns of the Mobile Location-Based Services (Mobile LBS) Market.
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Mobile Location-Based Services (Mobile LBS): Shaping the Future of Smartphones
Mobile Location-Based Services (Mobile LBS) have evolved into essential features on smartphones, primarily catering to navigation and location-based queries. Recent advancements in positioning technologies, coupled with enhanced data transmission capabilities through edge computing, cloud computing, and the rollout of 5G, are poised to drive the market’s growth.
It is anticipated that the global mobile LBS market will expand at a remarkable Compound Annual Growth Rate (CAGR) of 24.6% during the period from 2018 to 2023, reaching a valuation of approximately USD 86.0 billion by 2023, a significant increase from USD 1.18 billion in 2018.
Application Segment Insights
Location-based advertising represents one of the key applications of mobile LBS, experiencing substantial growth over the past decade. This surge is attributed to the development and increasing utilization of technologies such as beacons, geo-fencing, and geo-tagging for digital and proximity marketing. This segment is expected to exhibit the highest CAGR (27.2%) within the mobile LBS market. Mapping and navigation, which is the most widely used mobile LBS service, held the largest market share (28.4%) in 2018. It was followed by the social networking and entertainment, as well as local search and information segments. The business information and analytics segment is projected to grow at a CAGR of 26.2%, driven by increased adoption in industries like retail, BFSI (Banking, Financial Services, and Insurance), and transportation and logistics, where data analytics play a pivotal role.
End User Industry Segment Insights
Several industries, including retail, healthcare, transportation, travel and tourism, and BFSI, are harnessing mobile LBS to enhance digital experiences for their customers. The retail sector, as an early adopter of mobile LBS, dominated the market with a substantial market share of 33%. This dominance is primarily due to the extensive use of mobile LBS in digital marketing and proximity-based advertising. Similarly, the transportation segment, which relies heavily on mobile LBS for navigation, way-finding, and asset tracking, held the second-highest market share (26%) in 2018. The travel and tourism industry is poised to experience the highest growth rate (CAGR 27.3%) owing to the increasing popularity of LBS-enhanced travel apps among frequent travelers. The integration of mobile LBS with existing travel apps holds significant growth potential in both developed and developing countries. The healthcare segment is also expected to witness substantial growth, particularly in Europe and the Asia-Pacific regions.
Location of Interest Segment Insights
Currently, the physical location segment commands the highest global market share (58%) as mobile LBS primarily relies on real-time physical location data. However, advancements in technology and marketing strategies have led to increased adoption of proximity LBS using technologies such as beacons, Wi-Fi, and Bluetooth. This trend is particularly notable in developed regions like North America, Europe, and the Asia-Pacific. As a result, the proximity to locations of interest segment is forecasted to grow at a CAGR of 26.3% during the forecast period.
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Regional Insights
North America led the global mobile LBS market with a market share of approximately 44% in 2018. This leadership was driven by increased smartphone penetration, advanced data transmission techniques, and the adoption of new positioning technologies. Asia-Pacific is expected to witness the highest CAGR (27.6%) during the forecast period due to the rising use of mobile LBS and high technology adoption rates in the region. Europe, however, may face challenges due to stringent government privacy policies.
Key Companies in the Market
Key players operating in the global mobile LBS market include:
- Google Inc.
- Near Corporation
- Groundtruth
- Place IQ
- Telenity
- Foursquare
- Uber
- Groupon
- Baidu Inc.
The comprehensive report explores market opportunities, CAGR growth rates, competition, technological innovations, analysis of market players, government regulations, and export-import trends across regions and countries, including:
- 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 countries, Ireland, Switzerland, Austria, Poland, Turkey, Russia, and the rest of Europe)
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, and the rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC countries, North Africa, South Africa, and the rest of Middle East and Africa)
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Report Overview:
This research offers a comprehensive exploration of the emerging trends poised to shape the future business landscape. It delves deep into the pivotal factors driving the growth of the Mobile Location-Based Services (Mobile LBS) market over the projected period. Furthermore, the report sheds light on strategic initiatives undertaken by leading industry players to fortify their market positions.
Market Dynamics:
Encompassing a global perspective, this study presents insights into the influential entities within the worldwide Mobile Location-Based Services (Mobile LBS) market. It encompasses contact details, sales figures, and global market estimates. The research draws from reputable sources and institutions, aggregating a wealth of information and insightful analysis pertaining to the global Mobile Location-Based Services (Mobile LBS) market.
Marketing Insights:
The study furnishes essential facts and statistics relevant for marketers, consultants, and decision-makers navigating the global Mobile Location-Based Services (Mobile LBS) market landscape. With comprehensive regional breakdowns, this research offers a vital resource for newcomers venturing into the global Mobile Location-Based Services (Mobile LBS) market. It encapsulates indispensable insights extracted from the Mobile Location-Based Services (Mobile LBS) Market domain, facilitating informed decision-making processes.
This report covers several key questions related to the global Mobile Location-Based Services (Mobile LBS) market, including:
- What can be expected for the Mobile Location-Based Services (Mobile LBS) market in the next decade?
- What are the primary drivers of growth in the global Mobile Location-Based Services (Mobile LBS) market?
- Which technologies are likely to experience the most rapid growth, both by market and region?
- How do opportunities within the Mobile Location-Based Services (Mobile LBS) market vary based on the size of the end market?
- What is the breakdown of Mobile Location-Based Services (Mobile LBS) by type and application?
- How have recent events such as the COVID-19 pandemic and the Russia-Ukraine conflict impacted the Mobile Location-Based Services (Mobile LBS) market?
Our most recent research report showcases the thriving expansion of the global Mobile Location-Based Services (Mobile LBS) Market and offers in-depth insights into the projected market size, share, and revenue until 2031.
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