The rise of the internet era has brought about many disruptive services which are changing the way we lead our life daily. Come to think of it, there was a time when exploring a new city or country meant buying a physical map mandatorily. To read the map and navigate the driver accordingly was also a very critical task which required certain skill and precision. One wrong turn could land you in trouble. Now, thanks to the internet and various navigation services, exploring a new place is as simple as baking a cake. One just must follow the right steps.
As a result, the global mobile location-based services market is undergoing a huge growth with more and more location-based services becoming mainstream. Popular services like mapping, navigation, search and information, entertainment and recreation, social networking, and even tracking one’s fitness levels, all together comprise of the entire market. With the recent developments in positioning technologies and improved data transmission due to 5G and edge computing, the global mobile location-based services market is expected to approximately reach a value of nearly USD 86 Bn by the year 2023, expanding at a compound annual growth rate (CAGR) of 24.6% year on year staring 2028 and ending in the year 2023. These facts are published in the market research report created by global market intelligence firm, Research on Global Markets.
One of the leading application segments of the global mobile location-based services market is the location-based advertising segment. The likes of Google, Amazon and Facebook are using this to the extent possible to provide new and innovative advertising options to global brands and business. As a result, this segment is expected to dominate the market and hold a share of nearly 33%. End user industries like retail, BFSI, travel and tourism are some of the major beneficiaries of this service.
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Research On Global Markets 