Location As A Service Market Forecast 2023 Trends, Research, Analysis & Review Forecast 2032

Location as a Service (LaaS) Market: Key Trends and Opportunities

The global location as a service (LaaS) market size is expected to grow from USD 12.41 billion in 2022 to USD 286.7 billion by 2032, expanding at a CAGR of 23.70% during the forecast period. The growth of this market is driven by proliferation of mobile devices, emergence of location-based applications, and increasing adoption of LaaS by organizations worldwide.

LaaS Market Overview:

Location as a service refers to provision of location data and intelligence to enterprises through cloud-based services. It offers real-time geo-data and location analytics that can be integrated into applications and solutions. The market is witnessing high growth owing to rising demand for geo-marketing, geo-fencing, and asset tracking applications across industry verticals.

North America accounted for the largest share of the global LaaS market in 2022, driven by strong presence of key market players in the region. However, the Asia Pacific regional market is expected to grow at the highest CAGR during 2022-2030.

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Key Segments:

Based on component, the LaaS market is bifurcated into hardware, software, and services. The software segment dominated the market in 2022.

On the basis of type, the market is segmented into indoor location and outdoor location. Indoor location accounted for the larger revenue share in 2022.

Based on end-use industry, the key segments include retail, healthcare, media & entertainment, transport & logistics, BFSI, IT & telecom, and others. Retail accounted for the largest share in 2022.

Location as a Service Industry Key Players:

Major companies operating in this market include Google, Microsoft, Oracle, Esri, TomTom, HERE Technologies, Ericsson, Qualcomm, Apple, Precisionhawk, Pitney Bowes, Galigeo, Foursquare, Trimble, Geomoby, Quuppa, Furuno Solutions, Navigine, Zebra Technologies, and Ubisense Group.

Key Growth Factors:

The major factors driving LaaS market growth are:

• Growing adoption of location-based applications across industry verticals
• High penetration of mobile devices and need for real-time tracking
• Increasing use of spatial data, GIS tools, and geo-analytics
• Advancements in location-based technologies like Wi-Fi, Bluetooth beacons, UWB, LPWAN
• Emergence of 5G, IoT, AI, and ML further accelerating LaaS adoption
• Growing investment in location-enabled infrastructure and marketing
• Increasing use of LaaS solutions for logistics management and asset tracking

Regional Insights:

• North America will retain market dominance during 2022-2030 driven by early adoption of location-based services.
• Asia Pacific will exhibit the fastest growth considering rising mobile adoption and digitalization across key countries.
• Europe accounts for the second largest share due to stringent regulations and initiatives around digital platforms.
• Latin America and MEA offer lucrative opportunities, considering increasing smart city and infrastructure projects.

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Recent Market Developments:

• In March 2022, HERE Technologies acquired screen-sharing software company Homerider Systems to enhance remote interactive assistance using location data.
• In May 2022, TomTom announced a partnership with Mercedes-Benz to provide maps and traffic data for the new Mercedes-Benz Navigation system.
• In June 2022, Qualcomm launched new location platforms Snapdragon Location Platform Gen 2 and Snapdragon Location Pro to enable accurate global positioning capabilities.

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