Location as a Service Market Overview
Location as a service (LBS) is a cloud-based platform that provides location-based data and services to businesses and developers. LBS solutions can be used to track and manage assets, provide navigation and routing, target advertising, and more.
The global Location as a service market is expected to grow from USD 43.3 billion in 2022 to USD 286.7 billion by 2030, at a CAGR of 23.70%. The growth of the market is being driven by the increasing adoption of smartphones, the growing popularity of location-based apps, and the rising demand for precision location data.
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Key Companies in the Location as a Service Market
Some of the key players in the Location as a service market include:
- HERE Technologies
- TomTom
- Mapbox
- ESRI
- IndoorAtlas
- Acuity Brands
- Cisco Systems
- IBM
- Microsoft
- Amazon Web Services
Market Segmentation
The Location as a service market can be segmented by component, technology, application, and industry vertical.
- By component, the market is segmented into hardware, software, and services.
- By technology, the market is segmented into GPS, A-GPS, GLONASS, Galileo, BeiDou, Wi-Fi, Bluetooth, and others.
- By application, the market is segmented into navigation, tracking, advertising, gaming, and others.
- By industry vertical, the market is segmented into retail, healthcare, transportation, logistics, and others.
Top Impacting Factors
The following are some of the top factors impacting the growth of the Location as a service market:
- Increasing adoption of smartphones
- Growing popularity of location-based apps
- Rising demand for precision location data
- Increasing use of LBS in the enterprise
- Growing popularity of augmented reality and virtual reality
- Development of new location-based technologies
Regional Insights
The global LBS market is led by North America, followed by Europe and Asia Pacific. North America is the largest market for LBS due to the early adoption of smartphones and location-based apps in the region. Europe is the second-largest market for LBS, followed by Asia Pacific. Asia Pacific is expected to be the fastest-growing market for LBS due to the growing adoption of smartphones and the increasing demand for location-based services in emerging economies.
Industry Latest News
- In April 2023, Google announced the launch of its new location-based services platform, Google Maps Platform. Google Maps Platform offers a suite of APIs and SDKs that businesses can use to build location-based apps and services.
- In March 2023, HERE Technologies announced the acquisition of Mapbox. Mapbox is a leading provider of location data and services. The acquisition will help HERE Technologies to expand its offerings and become a more comprehensive provider of location-based solutions.
- In February 2023, TomTom announced the launch of its new location-based services platform, TomTom Location Intelligence. TomTom Location Intelligence offers a suite of APIs and SDKs that businesses can use to build location-based apps and services.
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