The Location-Based Service (LBS) Market first made headway with GPS devices in the early 2000s. Since then, the market has continued to flourish, growing at an anticipated CAGR of 35.25 percent for the 2012-2016 period.
When smart phone manufacturers made LBS technology more accessible to single users, developers found new ways to utilize the benefits of mobile devices. Below are just three of these technological developments that are helping to push the market for location-based services to new heights.
1. Using Mobile Broadband
Some smartphone applications use LBS technology via mobile broadband connections to determine a user’s location and provide the desired search results. In addition, driver assistance devices depend on mobile broadband to function and track vehicles. It also enables location-based advertisers to send advertising messages to potential customers nearby.
2. Open Mobile Alliance (OMA) Standards
Elliott Hamilton, TeleCommunication Systems’ Senior Director of Strategic Planning
explains :
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“The OMA standards body has issued industry-wide standards for precise location technology in its SUPL standards. SUPL 2.0 offers many features and benefits such as geo-fencing and prioritization of location that benefits marketers and public safety. The widespread adoption of SUPL 2.0 by the handset vendors and mobile operators will increase the use of location based applications by consumers, enterprises and public safety.” |
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Elliot Hamilton, Senior Director of Strategic Planning |
3. Location-Based Application-Enabled Mobile Media
With the increasing functionalities and processing capabilities of today’s LBS-enabled smartphones, users are able to obtain real-time directions to nearby locations, weather forecasts, and traffic updates all with the help of their mobile device. In addition, the advertising world has also been investing in LBS-based applications which target consumers through their smartphones.
4.Linking Location-Based Searching with Social Networking Sites
Most handset manufacturers and location-based service providers are developing applications that integrate location-enabled search with social network sites. This is helping users to post and update their social networking sites with their exact location; this can already be seen on Facebook and Instagram.
The collaboration between LBS and smartphone developers is a trend that will yield the Global Location-Based Services Market not only large profits, but will provide many opportunities for technological advancements and expansion into new markets. All-in-all, we at TechNavio predict that the convenience of on-the-go usage will keep the market growing at a steady pace in the years to come.
For more information, view our 2012-2016 report on The Global LBS Market.
