Location-based services (LBS) are technologically driven services that use geographical data to provide personalised and relevant experiences to users. They employ mobile phones and GPS devices to deliver real-time maps, navigation, and directions, revolutionising how people explore unfamiliar areas. LBS also enable businesses to give users with location-based advertisements and promotions, increasing engagement and conversions. Location-based social networking systems connect individuals with shared interests or proximity, allowing for in-person interactions and community building. LBS are important in areas like as logistics, transportation, and emergency services since they enable vehicle tracking, route optimisation, and timely assistance in emergency circumstances.

The expansion of the location-based service (LBS) business can be attributed to a number of major factors. To begin with, the widespread adoption of GPS-equipped smartphones and mobile devices has enabled individuals to readily access location-specific services. Second, the increased need for customised information has driven the expansion of LBS, as customers want tailored recommendations and services based on their specific location and preferences. In addition, the rise of e-commerce and mobile commerce has raised demand for location-based advertising and marketing, allowing businesses to target consumers with location-specific discounts and offers. The introduction of location-based social networking sites has also aided market growth, as users seek to interact with individuals in their immediate vicinity and engage in local events.

However, the global location-based service (LBS) sector also faces some issues in privacy and data security, regulatory compliance, location data accuracy, network infrastructure, interoperability, and user acceptance. Protecting user privacy and ensuring transparent data management practises are crucial for retaining user trust. Additionally, LBS providers must navigate several legal frameworks and comply with data protection rules in multiple jurisdictions. It is vital for optimal user experiences to assure the accuracy and reliability of location data, especially in congested urban areas. In remote locations, inadequate network coverage may make real-time access to LBS challenging. Interoperability problems arise when several platforms and technologies are merged.

The COVID-19 epidemic had a mixed impact on the Location-Based Service (LBS) industry. Physical foot traffic losses and business closures during lockdowns hampered LBS vendors that rely on in-store advertising and navigation services. However, as people became more accustomed to remote work and social isolation, the need for contactless services and remote help grew. The use of location-based services (LBS) applications to assist online shopping and delivery services has grown. The outbreak also demonstrated the importance of real-time information in public health and safety. The location-based service (LBS) played an important role in tracking the infection, assisting in contact tracing, and providing location-based notifications. The crisis has accelerated the adoption of telemedicine, with location-based services (LBS) being used for remote patient monitoring and prescription delivery.

The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Alcatel-Lucent, Apple Inc., AT&T Inc., Bharti Airtel Limited, Cisco Systems, Inc., Google Limited Liability Company (LLC), HERE, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Qualcomm Technologies, Inc., others.

By Component: Based on the Component, Global Location Based Service Market is segmented as; Hardware, Software and Service.

By Technology: Based on the Technology, Global Location Based Service Market is segmented as; Assisted GPS (A-GPS), Cell ID, Enhanced Observed Time Difference, Global Positioning System (GPS), Wi-Fi, Others.

By Application: Based on the Application, Global Location Based Service Market is segmented as; Local Search & Information, Location-Based Advertising, Mapping and Navigation, Proximity Marketing.

By Industry Vertical: Based on the End User, Global Location Based Service Market is segmented as; Government & Public Utilities, Healthcare & Life Sciences, Hospitality, Manufacturing, Media & Entertainment, Transportation & Logistics.

By Region: This report also provides the data for key regional segments of Asia-Pacific, Europe, Middle East and Africa, North America, Latin America.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.