Location-based services help determine the geographical location of a device via a software installed on the said device. Location-based services are critical to several businesses as well as government organisations to drive real insight from data tied to a specific location where certain activities take place. Rapid development in digital infrastructure is one of the major factors fuelling the growth of the location-based services market. Location-based services are an emerging technology and are gaining popularity due to the increasing availability of spatial data and analytical tools. Moreover, the growing demand for business intelligence solutions is also rapidly boosting the demand for location-based services. Infrastructure developments in various countries with the increasing number of parks, skyscrapers and shopping malls is enabling the providers of location-based services to offer customers information regarding location through indoor location-based services. Furthermore, the increasing number of mobile devices and rising trend of navigation & map-based visualisation are creating potential opportunities for the growth of the location-based services market. Increase in the mobility of individuals is also one of the major factors fuelling the growth of the location-based services market.

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Global Location-Based Services Market: Drivers and Challenges

Drivers

Exponential growth in the usage of smartphones and tablets is a primary factor fuelling the growth of the location-based services market. In addition, the growing usage of mobile commerce and the availability of low-cost GPS-enabled smartphones is expected to drive the location-based services market. Moreover, the rising popularity of social networking & mobile-based advertising, the evolution of internet of things, and an increase in the demand for wearable devices are also among factors creating potential growth opportunities for the location-based services market. Furthermore, the growing penetration of 3G and 4G networks and continuous increase in the number of internet users are also driving the location-based services market.

Apart from this, the high demand for advanced business intelligence tools and a shift towards artificial intelligence and machine learning technologies are boosting the demand for location-based services. In addition, technological advancements and the rising trend of cloud technologies are increasing the application areas of location-based services and are expected to provide numerous growth opportunities for location-based services in the near future.

Challenges

Consumer speculation over the exposure of their personal data and anxiety about being followed & tracked are among factors hampering the growth of the location-based services market. Moreover, lack of awareness about location-based services is also one of the major challenges for the growth of the location-based services market. 

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