Enterprise LBS: Key market research findings
- Increased use of 3D platforms
- Application of location-based analytics
Technavio has released a new market research report on the global enterprise LBS market, which is expected to grow at a CAGR of around 23.5% by 2020. Penetration of smart devices, increasing deployment of Wi-Fi in indoor and outdoor locations, and use of beacon technology have boosted the usage of location-based services (LBS) among enterprises. The Americas dominate the enterprise LBS market, thanks to large-scale deployment of RTLS solutions in hospitals, the increase in use of location-based messaging inside hospitals, and the availability of high-speed LTE connections in the region.
LBS business benefits
Source: Technavio, 2016
“The LBs market is witnessing increased use of 3D platforms. The augmented reality technology uses GIS information and 3D platforms to provide virtual information about users and their surroundings. This helps enterprises understand the needs of users and send targeted advertisements to them. 3D visualization provides clarity of information about routes, warehouse utilization, and throughput,” says Rakesh Panda, Lead Analyst, ICT, Technavio Research.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
Location-based analytics uses location-based data of users to derive insights, related to their overall likes, dislikes, and behavior. Big data analytics provides insights on consumer buying patterns so that retailers can increase sales volume and enhance customer search experiences. Based on the information collected, the retailers send relevant advertisements to the consumers. In addition, through location-based analytics, businesses can make strategic decisions regarding new product launches, the timing of new launches, and the relevant target customer segment.
The leading vendors in the global enterprise LBS market include AeroScout, Apple, Foursquare, Google, Groupon, HERE and xAd. This market is highly competitive and consists of stakeholders like LBS device providers, map providers, location-based advertisers, platform providers, application developers, mobile operators, location-aware application and media providers, and location-based content providers. New players are expected to foray into the market by introducing innovative solutions.
A more detailed analysis is available in the Technavio report, Global Enterprise LBS Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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