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Location-Based Services Market Size

Report ID: GMI12481
Published Date: Dec 2024
Report Format: PDF

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Location-Based Services Market Size

The global location-based services market was valued at USD 51.3 billion in 2024 and is projected to grow at a CAGR of 21.6% between 2025 and 2034.

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One significant growth driver of the Location-Based Services (LBS) market is the increasing penetration of smartphones and mobile internet in developing countries. With billions of smartphones in use globally, equipped with GPS/GNSS and advanced location-tracking technologies, consumers now expect location-specific services in applications like navigation, e-commerce, social media, and ride-hailing.

The widespread adoption of 4G, 5G, and Wi-Fi networks has further enhanced the accuracy and availability of location services, even in remote or indoor areas. Businesses are leveraging LBS for targeted marketing and personalized customer experiences, boosting engagement and revenues. Additionally, industries like transportation, healthcare, and logistics rely on LBS for real-time tracking and operational efficiency. This rapid integration of LBS into daily life continues to propel the market forward.

Location-Based Services Market Report Attributes
Report Attribute	Details
Base Year:	2024
Location-Based Services Market Size in 2024:	USD 51.3 Billion
Forecast Period:	2025 to 2034
Forecast Period 2025 to 2034 CAGR:	21.6%
2034 Value Projection:	USD 346.3 Billion
Historical Data for:	2021 – 2024
No. of Pages:	180
Tables, Charts & Figures:	200
Segments covered:	Component, Technology, Application
Growth Drivers:	Increasing penetration of smartphones and mobile internet Growing demand for location based advertising (LBA) Advancements in GPS, GNSS, and indoor positioning technologies Rising adoption of LBS in transportation, logistics, and public safety
Pitfalls & Challenges:	Privacy concerns and data security risks associated with location tracking High infrastructure costs for deploying advanced positioning systems

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For instance, according to Statista, India's smartphone penetration rate reached 71% in 2023, and is estimated to reach 96% by 2040. This is anticipated to accelerate the growth of the market in the coming years.

Another key growth driver is the rise of location-based advertising (LBA). Businesses increasingly use LBS to deliver personalized and context-aware advertisements based on users' real-time location. This enhances marketing effectiveness, particularly in retail, restaurants, and entertainment sectors. The growing use of analytics and AI in LBA ensures better targeting and customer engagement, driving demand for LBS solutions globally.

Authors: Preeti Wadhwani, Satyam Jaiswal

Frequently Asked Questions (FAQ) :

The global market size for location-based services was valued at USD 51.3 billion in 2024 and is projected to reach USD 346.3 billion by 2034, driven by a CAGR of 21.6% from 2025 to 2034.

The hardware segment accounted for over 40% of the market share in 2024 and is expected to exceed USD 120 billion by 2034, driven by the increasing demand for physical devices that enable advanced functionality.

China accounted for a market share of above 60% in the Asia Pacific region in 2024 and is expected to exceed USD 72 billion by 2034, driven by its large population and widespread smartphone adoption.

Major players in the industry include Apple, Baidu, Cisco Systems, Google, HERE Technologies, IBM, Magellan GPS, Microsoft, Oracle, and Qualcomm Technologies.