For instance, there is a growing demand for technology-enabled logistics solutions such as digital freight brokers, automated dock systems, route optimization, and visibility solutions. The growth of transportation and logistics segment in the global location-based services market has been driven by a number of factors, including the growing outsourcing of freight management activities, increased demand for expedited and rapid delivery services, the need for efficient and secure warehousing, and the increasing use of technology in supply chain management. Additionally, the adoption of new policies and regulations to reduce emissions and increase safety, such as the introduction of zero-emission zones, have further supported the growth of the transportation and logistics segment. This segment is increasing at a rapid rate due to the growth of e-commerce, which is driving demand for improved shipping and delivery, as well as the emergence of technologies such as drones and autonomous vehicles. The transportation and logistics segment accounted for 17.57% of the total market share in 2022. The increasing demand for improved navigation capabilities and accuracy of location-based services is likely to significantly contribute to the growth of the GNSS market.īy Application, Transportation and Logistics Segment Accounted For 17.57% Revenue Share of Global Location-Based Services Market The global navigation satellite system is expected to witness significant growth in the coming years due to its wide range of applications across various industries. Furthermore, the increasing reliance of military and defense forces on GNSS-enabled satellites is likely to drive further growth of the GNSS market. The increasing popularity of augmented reality (AR) and virtual reality (VR) technologies is also likely to create new avenues for the GNSS market. In addition to the growth in demand from existing markets, the increasing demand for intelligent transportation systems, such as autonomous vehicles and smart cities, is expected to further drive the growth of the GNSS in location-based services market. Moreover, the rapidly growing use of GNSS in various industries such as transportation, telecommunications, and surveying are likely to create new opportunities for the LBS market. The high adoption rate of smartphones and tablets due to their extensive use of location-based services is another factor driving the growth of this market. This rise in market size is attributed to the increasing demand for improved navigation capabilities and accuracy of location-based services. The GNSS segment is estimated to generate a turnover of US$ 97,849.7 million by 2031, according to Astute Analytica.
Global Navigation Satellite System to Witness Turnover of US$ 97,849.7 Million by 2031 in Global Location-based services market. This creates an opportunity for companies to create new and innovative offerings to meet the demands of consumers and businesses. With the widespread adoption of smartphones and the Internet of Things (IoT), there is a growing need for location-based services and solutions. In addition to market consolidation and niche opportunities, we also see potential for new business models to emerge in the LBS industry.
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