LBS: Key market research findings
- Increased usage of indoor LBS applications for public safety and emergency support
- Growing popularity of proximity-based mobile advertising among enterprises
- Key vendors include Foursquare, Google, MTN, HERE, and TomTom
Technavio’s market research analysts predict the LBS Market in Africa 2016-2020 to generate revenues of around $2 billion between 2016 and 2020. Much of this market’s growth can be attributed to the rising demand for location-based services (LBS) for tracking and navigation applications. The location-based maps have gained huge popularity in the healthcare sector and are increasingly used in improving the human immunodeficiency virus (HIV) programs in South Africa. These maps enable service-rendering teams to allocate financial, human, and material resources effectively. Also, the several benefits related to LBS in retail business has encouraged several enterprises and mobile network carriers to deliver point-of-sale services and offers. With growing LBS applications for public safety and emergency support, the market is expected to witness huge growth in the coming years.
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.
“At present, the enterprises are increasingly adopting proximity-based mobile advertising to offer a personalized shopping experience to customers based on location data and behavioral insights. Proximity-based solutions send relevant offers and information to individuals and allow companies to track data regarding people at different venues and locations. These solutions also help companies to explore typical traffic patterns for the better comprehension and analysis of consumers’ buying patterns,” says Rakesh Panda, Lead Analyst, ICT, Technavio Research
Indoor LBS is the fastest-growing segment in this market and is anticipated to grow at an impressive CAGR of 57% by 2020. Indoor LBS analytics helps retailers to track the buying patterns of customers and offer customized services and specific discounts or coupons, which in turn helps increase the revenue of the overall market. Factors such as increasing Internet penetration and the growing popularity of social networking will propel this market segment’s growth over the forecast period.
Telecom operators are developing new ways to promote LBS among target customers in countries, including Nigeria, South Africa, and Kenya. The key providers in the region are offering distinguishing services such as mobile banking and mobile entertainment to gain a competitive edge in the market. The market is witnessing collaboration between mobile operators and application providers, which are focusing on providing enterprise LBS such as asset tracking, mobile advertising, and card payments.
A more detailed analysis is available in the Technavio report, LBS Market in Africa 2016-2020.
We can customize reports by other regions and specific segments upon request.
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