Innovations in Geofencing and Their Impact on the Location-Based Services Market

The location-based services market was estimated at USD 53.2 billion in 2022 and is likely to grow at a CAGR of 21.1% during 2023-2028 to reach USD 168.22 billion in 2028.

A location-based service (LBS) is a collection of services that include mapping and navigation, local search and information, social networking and entertainment, proximity marketing, asset tracking, and others that are delivered via software and allow end-users to access location-specific data and other online services. Location-based services use real-time geo-data from a smartphone or other smart device to provide information, entertainment, or security.