With the widespread penetration of the Internet and the increasing number of smartphones around the world, location based services have been provided in the form of mobile applications that facilitate access to urban locations for users by sending and receiving location information. Apart from this, geo targeting allows businesses to introduce their activities to others by producing location-based content on the web.
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Market / Industry segment of location based app
| Base Year | Market size(B$) | Duration(YEAR) | CAGR(%) | Source Name |
| 2020 | 17.8 | 5 | 17.10% | Market and market |
| 2019 | 28.95 | 8 | 26.30% | Allied market research |
| 2019 | 36.2 | 6 | 23.20% | PR news wire |
| 2018 | 16.14 | 8 | 20.00% | Fortune Business Insights |
| 2018 | 23.74 | 8 | 27.10% | Business wire |
Influencing factors that changes market size of location based app
The size of the market value changes under the influence of many factors; the increase and decrease in the rate of these influential factors leads to changes in the value of the market size, which is provided by direct and reverse drivers in the market of location based app.
Direct drivers:
- Increasing number of smartphones
- Internet penetration
- Incresing advertisiment in location based platform
Reverse Drivers:
- Low-quality internet
- High cost of mobile Internet
- Violation of privacy laws
This market may also be threatened by following risks:
In all different markets and industries, risk is always one of the factors that business founders should be sufficiently aware of. The first step is risk assessment is identification of risks in the market in order to perform risk management. The market of location based app may also be threatened by the following risks:
- Technology risk
- Reputation risk
- Legislation risk
