Exploring the trends in the Global Mobile Location-Based Services Market

Mobile Location-Based Services refer to the services provided to smartphone users based on their geographic location. Mobile LBS has a wide variety of applications that are already popular with consumers. Applications like mapping services which help in the times of navigational needs, and information services providing services like booking movie tickets, directory services or making dinner reservations.

According to the Global Mobile Location-Based Services Market Insights published by Research on Global Markets, the market is expected to grow at a CAGR of 24.6% until 2023. The evolving business models and the global deployment of 4G & 5G promising ubiquitous connectivity, availability of cheaper GPS enabled devices, high interest of key players across industries in personalising services based on a user’s location information and history and government regulations regarding the use of data are the prime factors driving the growth of the Mobile Location-Based Services Market.

Global Mobile Location-Based services Market

Location-based services is critical to many businesses both private and government organizations. The spatial patterns that location-related services provide are one of its most powerful and useful aspects. It can be used to better understand patterns and relationships. Banking, E-commerce, surveillance and many weapon systems are dependent on LBS.

Location-based services may be adopted in several applications. Apart from the obvious use of navigation and mapping, it helps us getting recommendations about any kind of social event happening in the city or checking out any restaurants, booking a cab, finding the location of an ATM, or maybe a retail store, in times of need or otherwise.

But there are several factors that has been working against this emerging technology. The high cost of geo location technology and the privacy concerns among consumers are affecting both the supply and demand of the location based services. Limited awareness of the consumers about the benefits of the technology, changing business strategies, limitation of smartphones, investment risks estimated by the players in the industry and the infrastructure constraints are some of the major challenges faced by the Global Mobile Location-Based services Market.