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 2032. This comprehensive analysis delves into various industry components and growth patterns that offer valuable insights for anticipating the market’s future trajectory.
Obtain a comprehensive report on the Mobile Location-Based Services (Mobile LBS) Market, which includes a full table of contents, over 120 tables and figures, and charts. The report provides precise information on the market before and after the COVID-19 outbreak, segmented by region.
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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.
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)
Reasons to Consider Purchasing the Mobile Location-Based Services (Mobile LBS) Market Report:
Comprehensive Market Insights: Delve into the depths of the Mobile Location-Based Services (Mobile LBS) Market Report to gain an all-encompassing and meticulous analysis of the market landscape. Uncover details such as market size, share, trends, and growth catalysts, which provide invaluable perspectives on both the present market scenario and its promising future prospects.
Reliable Projections: Rely on the report’s dependable forecasts and projections, which are underpinned by rigorous research methodologies, insights into industry expenditures, and assessments of market expansion rates. These foresights empower businesses to make well-informed decisions and chart out effective strategies for the times ahead.
In-depth Competition Analysis: Equip yourself with an extensive evaluation of key market players, their array of products, and the strategies they employ. This comprehensive understanding arms businesses with the knowledge needed to not only comprehend their rivals but also to craft strategies that position them ahead in the dynamic market arena.
Clear Market Scope and Segmentation: Gain clarity on the broad expanse of the market through the report’s clear delineation of market scope. With detailed insights into diverse market segments and their growth potential, businesses can discern and capitalize on opportunities that align with their objectives.
Insightful Regional Examination: Assess the market’s performance across different regions, enabling enterprises to pinpoint lucrative markets and tailor their approaches accordingly. With region-specific insights, businesses can adapt strategies that resonate with the unique dynamics of each area.
Evaluation of Industry Technology: Grasp the pulse of technological progress within the Mobile Location-Based Services (Mobile LBS) market. The report dissects cutting-edge advancements and trends, providing businesses with a window into emerging technologies that have the potential to reshape the industry.
Dynamics of Supply and Demand: Acquire a profound comprehension of supply-demand dynamics. This understanding empowers businesses to optimize production, distribution, and inventory management processes, resulting in enhanced operational efficiency.
Informed Investment Decision Making: Leverage the report’s critical information and data-driven insights to facilitate informed investment choices within the Mobile Location-Based Services (Mobile LBS) market. Equipped with this knowledge, businesses can confidently allocate resources to avenues with the greatest potential for returns.
Unveiling Long-Term Growth Avenues: Through the scrutiny of trends and growth stimulants, the report illuminates the enduring opportunities the Mobile Location-Based Services (Mobile LBS) market holds. By identifying these sustainable growth prospects, businesses are poised to set a course for lasting success.
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