Market Trends

Accelerating Market Momentum: Asia-Pacific Leads in Location-Based Services Adoption

DUBLIN, March 1, 2024 - The comprehensive research study titled "Asia-Pacific Location-based Services Market by Component, Technology (GNSS, GPS), Application (Navigation, Mapping, GIS), Location Type, End-use Industry (Transportation & Logistics, Retail & E-commerce), and Geography - Forecast to 2031" has recently been included in the exhaustive database of ResearchAndMarkets.com.

The Asia-Pacific location-based services market is steadily soaring, with projections indicating an ascent to $118.2 billion by 2031. During the 2024-2031 forecast period, a compound annual growth rate (CAGR) of 17.3% is expected. This illuminating research report exhaustively analyzes the Asia-Pacific location-based services market, providing key insights into prevailing market trends, sizes, shares, recent advancements, and forecasts leading up to 2031.

Market analysts observe an upward trajectory in the Asia-Pacific location-based services sector, propelled by the incorporation of location-based functionally in the retail sector and a burgeoning adoption in agriculture. Despite the promising outlook, fluctuations in government regulations concerning location-based services may curb the market's expansion.

A bright spot on the horizon is anticipated with continuous enrichment in mapping and navigation upgrades, harboring opportunities for key market players. Nevertheless, formidable cost barriers related to procurement and deployment of location-based services present significant challenges to market progress. Moreover, the integration of 5G technology is set to amplify real-time analysis capabilities, and the inventive blending of Geographic Information System (GIS) software with Augmented Reality (AR) and Virtual Reality (VR) technologies underscore noteworthy trends in this dynamic marketplace.

In the upcoming year of 2024, China is poised to dominate the Asia-Pacific location-based services market share, courtesy of its escalating demand for automated smart driving amenities, automotive industry's keen focus on autonomous vehicle introductions, the burgeoning utilization of GNSS equipment, and the uptick in drone use for hospital operations. Concurrently, India is tipped to exhibit the highest CAGR during the forecast period, backed by the rising tide of drone applications across state governments and strategic partnerships aimed at new product launches.

The market's segmentation unfolds to reveal platforms/solutions and professional services on the basis of constituent components. By 2024, platforms/solutions are predicted to capture a substantial market segment, a credit to the surge in novel location-based solution launches, escalating popularity of location-powered mobile applications, a growing need for location intelligence platforms for data analysis and visualization, and an increase in the adoption of location-based messaging services among consumers. This particular segment is slated for the steepest CAGR over the forecast duration.

When dissected by technology, the market is categorized into Global Navigation Satellite System (GNSS), Global Positioning System (GPS), Wi-Fi, Near-field Communication (NFC), and additional technologies. Come 2024, the GNSS segment is projected to seize the largest market share due to its myriad applications, notably accurate positioning and real-time location tracking, coupled with escalating GNSS-based location advertising and asset management utilization.

Delving into applications, navigation, geo-marketing & advertising/target marketing, mapping & GIS, tracking, social networking, infotainment, commercial, and assorted applications form the diverse segments. Navigation is forecast to command the principal market share in 2024, as auto manufacturers expedite the integration of high-end navigation systems and leading players in location-based services (LBS) intensify efforts to innovate automotive navigation offerings.

Location types categorized as outdoor and indoor further bifurcate the market. The outdoor segment is anticipated to be more prevalent due to heightened demand for outdoor LBS catering to various applications like superior navigation and mapping, asset tracking, and outdoor proximity marketing. However, the indoor location segment is expected to escalate at a more rapid CAGR during the forecast period due to the pressing requirement to track individuals and objects within indoor premises, along with the rising implementation of indoor LBS aimed at enhancing navigation efficiency in sprawling indoor environments such as malls, airports, and large infrastructures.

Considering the end-use industries, the market is segmented into government & public sector, transportation & logistics, smart cities, retail & e-commerce, consumer goods, media & entertainment, travel & tourism, BFSI, IT & telecom, healthcare, hospitality, aerospace & defense, energy & utilities, automotive, agriculture, education, and manufacturing. Transportation & logistics is projected to be the market heavyweight in 2024, driven by the imperative for GPS-enabled real-time vehicle tracking, use of location intelligence for deciphering traffic flows and jams, and optimizing routes utilizing location-based tools.

In stark contrast, the retail & e-commerce segment is forecasted to attain the highest CAGR during the forecast period. The escalating demand for location data in tailor-made marketing initiatives, the proliferation of tools for location-based surveys and feedback aggregation, the upsurge in retail asset management systems, and the need for efficient supply chain management in retail will be key growth drivers.

Essential questions addressed within the report encapsulate which market segments will blaze the trail in growth, historical market sizings, forecasts, the driving forces and restraints at play, major players and their market shares, a view of the competitive landscape, recent market developments, and emerging local players who vie with the industry giants.

The report lays bare key market insights — the retail sector's adoption of location-based services as a market accelerator, the elevation in demand driven by the agricultural sector, the market shrinkage caused by fluctuating government statutes, the potential market expansion opportunities stemming from steadily progressing mapping and navigation systems, and the deterrence of adoption due to elevated initial costs.

Trends under the spotlight include the application of 5G technology for heightened real-time data analysis and the trailblazing development of GIS software by harnessing AR/VR. The compilation also elucidates location-based services' ecosystem analysis, its component breakdown, essential vendor selection criteria, and factors influencing purchase decisions.

The report features detailed company profiles inclusive of HERE Global B.V. (Netherlands), Google LLC (subsidiary of Alphabet Inc.) (U.S.), TomTom N.V. (Netherlands), Esri (U.S.), and others. An in-depth competition analysis covers growth strategies, benchmarking, market differentiators, and a ranking of key players.

For a comprehensive understanding of this report, please visit the ResearchAndMarkets.com report page.

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SOURCE: Research and Markets