Location Based Services (LBS) Market Size, Share, Trends, Key Players, Demand and Opportunities by 2023

The global location based services market is driven by a number of factors, including surging market of smartphone and tablets in the developing countries, availability of low-cost GPS devices, advancement in analytical capabilities in communication technology, increasing use of vehicle tracking and management and the expansion of 3G and 4G internet services in developing markets.

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The potential market opportunity for location based services lies in the rise of mobile devices and accessing customers’ desire for WiFi services for optimizing customer engagement, increasing number of visits and reside times of consumers, facilitating remote assistance, and inspiring additional purchases through relevant communications. Moreover, LBS can also be used in retail “showrooming” (exploring in-store products, comparing prices online, and then buying them from a competitor online) and offering a more effective omni-channel strategy. Further, opportunity such as wayfinding and remote assistance can be provided by LBS to allow customers more self-sufficient.

Based on the end user industries the global location based services market can be bifurcated as (Fast Moving Consumers Goods) FMCG, telecom, retail, automotive, consumer durables, oil and gas, and healthcare. Location-based services enable retailers a better understanding of customer behavior in a particular physical location. It facilitates a complete data on the customer needs; this deeper statics on consumer behavioral facilitate deeper insight of store traffic patterns of consumers, such as visit frequency of the consumers and missed opportunities.

Asia Pacific was the largest market for location based services. The market dominance of Asia Pacific is attributed to the presence of a large number of smart phone users in the region. Country wise China is the largest LBS market in the world. The U.S. and Canada are two of the largest markets of LBS in North America.

Some of the major players operating in the global location based services (LBS) market include, Apple Inc., Google Inc., Micello Inc., Shopkick Inc., HP Enterprise Services LLC, Zebra Technologie, Cisco Systems Inc., CommScope Holding Company Inc., Ericsson Inc., IndoorAtlas Ltd., Microsoft Corp., NextNav LLC, Qualcomm Atheros Inc. and Skyhook Wireless Inc.