UK, November 12, 2014: With the adoption of GPS-enabled smartphones, the global consumer LBS market is expected to grow at a CAGR of 37.38% between 2014 and 2018, claims a market research report published by TechNavio.
The report indicates that more organisations are relying on analytics to increase consumer engagement. Heavy reliance on smartphones and internet connectivity, increased dependence on location-based services (LBS) and falling smartphone prices are acting as catalysts for the increased adoption of mobile LBS applications.
The report also states that several advertising companies are using big data analytics and information gleaned from LBS to understand consumer behaviour. They extract all information pertaining to consumers, based on their movements on the internet and on social networking websites, and profile potential customers in order to push targeted advertising according to consumer profiles.
In another report, TechNavio’s analysts forecast the LBS market in Southeast Asia to grow at a CAGR of 50.98 % over the period 2014–2019.