Location based services have been synonymous with the usage of GPS technology to support personal navigation and social applications. However, the growth in the overall market has also been driven by the growing need for location awareness in other end user applications like logistics and healthcare. According to TechNavioTM, the market for LBS is expected to reach $6.3 billion by 2012 from $1.6 billion in 2009; growing at a compounded annual growth rate (CAGR) of 59% during this period.
Lean supply chains moving towards a just in time replenishment of inventories has driven the need for real time tracking of inventories and assets. The integration of information captured via barcodes or RFID tags along with location awareness via the GPS technology has assisted the tracking of inventories. The market for LBS in logistics is expected to grow at a CAGR of 68% which would be faster than the overall market growth rate.
The need to improve speed of response during medical emergencies is a key imperative for the healthcare sector. Medical teams can improve their response time by being able track equipments, medical staff and patients by using these services. A shortened response time to medical emergencies during a period of pressure on healthcare budgets could help manage costs.
TechNavioTM has been tracking the market for Location Based Services market and has published a series of reports on this area. TechNavioTM is built on developing an industry model which incorporates the deep understanding of our analysts and the in-depth insight of industry leaders and end users to deliver accurate research to you.
To benefit from our research on Location Based Services, please visit us at https://www.technavio.com/content/location-based-services-lbs
Location Based Services (LBS) Market to Quadruple by 2012
