LOCATION BASED SERVICES MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Location Based Services (LBS) Market Analysis:

The Location-Based Services Market is projected to experience substantial growth, with an estimated size of USD 40.97 billion in 2023, and an expected increase to USD 120.64 billion by 2028, reflecting a Compound Annual Growth Rate (CAGR) of 24.11% during the forecast period (2023–2028).

The proliferation of smartphone usage is a key driver of the location-based services market.

Location-based services (LBS) have emerged significantly in recent years, providing users with access to relevant and up-to-date information about their surroundings. LBS is increasingly being used to locate friends in an area, locate the nearest restaurant, or advertise deals to shoppers nearby. This technology allows businesses to update their customers regarding their orders, offering a dynamic user experience and a convenient method for the interaction of business enterprises with customers.

The fastest-developing positioning methods are based on mobile positioning and satellite-based GPS. With more widespread methods, like global cell identity (CGICTA) and enhanced observed time difference (E-OTD), the practical precision falls in the range of 50–1000 m. These technologies provide end-users with opportunities based on the accuracy required for specific application location identification.

Location can be determined by using E-OTD, observed timed difference of arrival (OTDOA), wireless-assisted GNSS (A-GNSS), and hybrid technologies, which combine A-GNSS with other standard technologies. Location-based services that track vehicular movement can offer commuters and service seekers better location and accurate, speculated arrival times in real-time. This is expected to gain a significant market base, coupled with the countries’ significant efforts worldwide in trying to achieve smooth transportation goals as a part of their smart city projects. These developments are expected to create increased opportunities, particularly in the Latin American and Asia-Pacific markets, over the forecast period.

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