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Technavio’s market research analysts have predicted the location-based services (LBS) market in the US will grow at an impressive CAGR of more than 30% over the forecast period. This market will be positively affected by the increasing adoption of smartphones in the coming years. The consumer demand for smartphones has been increasing rapidly over the years which has led to the introduction several new smartphone models and the development of compelling mobile applications. Moreover, the US is one the world’s largest 4G market and has a 100% smartphone adoption rate with respect to its population. Furthermore, due to a high-speed mobile Internet connection that provides real-time information and context-aware services using cloud technology, highly personalized location solutions are offered to retailers. Such solutions ensure high customer engagement, thereby increasing sales.
The integration of location-based search with social networking sites like Facebook, Twitter, and Flickr on a mobile platform is increasing worldwide. This integration helps users post updates on social networking sites with exact location information. Therefore, smartphone manufacturers are collaborating with LBS providers to develop applications that integrate location-enabled search with social networking sites. Additionally, LBS service providers like GeoSolutions Holdings and Pelago offer location-based mobile social networking services that let users share their real-life experiences using geo-tagged, user-generated multimedia content. Moreover, the integration of location-based search with social networking websites helps local advertisers to target potential customers easily. The integration of location-based search with social networking websites and its rising adoption is a critical factor that will impel the prospects for growth in this market until the end of 2020.
During 2015, the outdoor LBS segment dominated the LBS market and is anticipated to reach more than USD 12 billion by 2020. Outdoor LBS has extensive applications in city planning as they help in the intelligent design of city infrastructure using population density heat maps. These maps enable public transport managers plan and update routes to match the actual and future needs of the commuters. With growing smart city planning activities, outdoor LBS also provide monitored solutions to improve energy efficiency, thereby propelling this market segment’s growth over the forecast period.
In this market study, analysts have estimated the location-based search and advertising segment to be the largest revenue generating segment during the forecast period. LBS provides coupons and discounts through push and pull marketing technology. Location-based marketing is a combination of mobile marketing and contextual marketing and is widely used by marketers in different industries. Enterprises, retail outlets, and restaurant owners find this medium convenient to advertise their Comprehensive market research carried out by the analysts at Technavio has shown that the location-based search and advertising segment will grow exponentially at a CAGR of over 37% by the end of 2020.
The LBS market in the US is highly competitive and consists of stakeholders like location providers, location technology developers, digital map providers, navigation providers, proximity marketing providers, among others. This market has high growth potential owing to the presence of many start-ups that offer innovative solutions.
The leading vendors in this market are -
Other prominent vendors analyzed in this market research are Aisle411, Google, IndoorAtlas, Intel, MazeMap, Navizon, Near (AdNear), Polaris Wireless, Scanbuy, Sensewhere, Shopkick, Spirent Communications, Sprint, TeleCommunication Systems, Telenity, TomTom, Verve Wireless, Waze, xAd, Yelp, and Zebra.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by technology
PART 07: Outdoor LBS market segmentation by applications
PART 08: Market drivers
PART 09: Impact of drivers
PART 10: Market challenges
PART 11: Impact of drivers and challenges
PART 12: Market trends
PART 13: Vendor landscape
PART 14: Appendix
PART 15: Explore Technavio
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