20 December 2018
The global location-based services market is set to attain significant revenue in the forthcoming years. Rise in business applications and penetration of mobile devices are projected to drive the market. Location-based service or LBS provides access to data for the purpose of business, gathering information, and entertainment. Increasing adoption by sectors such as government and defense, healthcare, media and entertainment, and transportation is anticipated to further fuel demand. These services use real-time information of user location through their smartphones or mobile devices. This information can be utilized in numerous applications, such as finding an address or tracking location of a vehicle. Such versatile applications of LBS is projected to create business avenues for vendors in the coming years.
As a result, various vendors focus on introducing unique business models to establish themselves among the top market participants. Mainstream acceptance and rising demand for mobile LBS from different industrial verticals is the primary market driver. Easy availability of services with the help of a mobile device and data plan is projected to boost adoption in future. Rising penetration of smartphones, coupled with increasing internet connectivity, can propel the reach of location-based services, especially across emerging markets in Asia Pacific, Latin America, and Middle East and Africa. Awareness regarding advantages of navigation services such as Google Maps is poised to drive more business in the market in the years to come.
Growing popularity of online and real-time gaming and demand for location-based gaming are likely to bode well for the expansion of the LBS market. Location-based games such as Ingress, Pokemon Go, and Zombies, Run! are poised to create growth prospects for companies. Inclusion of advanced technologies such as Augmented Reality (AR) and Artificial Intelligence (AI) are projected to present business opportunities in future. A case in point would be the new generation Father.io game resulting from a partnership between Brookstone and Proxy42. They have created a product called Smartphone Inceptor, a keychain-size device that can turn a smartphone into a VR laser tag system. This real-time first-person shooting, Massively Multiplayer Online (MMO) game aims to offer an immersive experience to players.
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Location-based advertising, navigation and mapping, emergency support, entertainment and media, social networking, government and defense, business analytics, business intelligence, and local search are some of the major applications of LBS. Rising adoption by the government and defense sector is poised to bode well for market expansion. Adoption of LBS for Geospatial Information Service (GIS) updates, public safety, land mapping, urban development, and other such applications is anticipated to drive this application segment in future. The entertainment sector is anticipated to register significant rise in demand for location-based services on account of increasing adoption of social media and online gaming.
While developed regions such as North America and Europe are expected to remain regions with a significant market share, emerging regions such as Asia Pacific are projected to grow at a significant pace in terms of revenue in the years to come. Focus on target marketing, rise in urbanization, infrastructural development, consumer awareness regarding advantages of these services, and easy access to internet are some of the key market drivers. Rise in usage of 3G networks and popularity of social media on mobile web are also projected to bode well for market growth. Adoption of blockchain technology is projected to enhance the capability of LBS as it works as a customizable monetary reward, which, in turn, can be used to target specific consumers. This can create growth avenues for market players across developed and developing regions.
Google, Inc.; International Business Machines (IBM) Corporation; Apple, Inc.; Oracle Corporation; Microsoft Corporation; Alcatel-Lucent SA; Cisco Systems, Inc.; Bharti Airtel, LTD.; Zebra Technologies; Qualcomm Inc.; and Ericsson are some of the top players operating in the global location-based services market. Most companies focus on innovation and technological advancements. For instance, electronics manufacture Acuity Brands, Inc. offers Internet of Things (IoT)-based indoor LBS for enhanced business operations and customer interaction.
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