The Location-Based Services Market size is estimated at USD 40.97 billion in 2023, and is expected to reach USD 120.64 billion by 2028, growing at a CAGR of 24.11% during the forecast period (2023-2028).
The proliferation of smartphone usage is driving the location-based services market.
The growth in the e-commerce industry and the need for efficient location-based services worldwide are driving market growth. For instance, U.S. retail e-commerce sales for the second quarter of this year were USD 257.3 billion, up 2.7% from the first quarter of this year, according to the Census Bureau of the Department of Commerce. Moreover, according to IBEF, the Indian e-commerce market is expected to flourish from USD 38.5 billion in 2017 to USD 200 billion by 2026.
The location-based services market needs to be more cohesive. Ongoing research and technological advancements are expected to be the key trends in the market. The companies are adopting various strategies to expand their customer base and mark their presence in the market. The primary strategies involve long-term partnerships or mergers and acquisitions.
In November 2022, VeriDaaS Corporation announced the acquisition of 4DM, a geo-intelligence company based in Canada. 4DM engages governments, NGOs, and private sector organizations in the areas of intelligent transportation solutions, environmental health, location-based services, and risk assessment applications through consulting projects and service-based work.
In March 2022, Aruba Networks announced the advancement of its Edge Services Platform (ESP) with new management capabilities and development in location-based services to help enterprises go after edge and IoT opportunities. The company also unveiled self-locating indoor access points (APs) with built-in GPS receivers and Open Locate for sharing location information from an access point to a device.
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