US: Technavio has released a market study on Monday, according to which, the global enterprise LBS market is set to reach USD 19.8 billion by 2020, growing at a CAGR of more than 23%. The research report titled ‘Global Enterprise LBS Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends.
The report also includes up to date analysis and forecasts for various market segments and all geographical regions. The report categorizes the global enterprise LBS market into five major application segments, that are, Location-based search and advertising; Location-based navigation; Location-based infotainment and analytics; Location-based tracking; and Other LBS.
According to Rakesh Kumar Panda, a lead analyst at Technavio for M2M and connected devices, “Advertisers send targeted advertisements to smartphone users based on their locations. Enterprises, retail outlets, and restaurant owners find this medium convenient to advertise their products, as it enables them to reach their customers efficiently and at a low cost. In addition, consumers benefit from receiving the best offers while making purchases.”
Further it [the report] predicts the global enterprise location-based search and advertising market to grow at a CAGR of 30.22% and reach USD 7.6 billion by 2020. Location-based advertising contributes the majority of the revenue to the global enterprise LBS market, and it is expected to sustain this trend over the forecast period.
As far as location-based navigation market is concerned, the global enterprise location-based navigation market was valued at USD 1.86 billion in 2015, and it is expected to reach USD 2.9 billion by 2020. The growth rate of this segment is expected to decline significantly over the forecast period, as most enterprises prefer location-based tracking services to location-based navigation services.
“Consumers use location-based tracking applications to track buses and taxis. LBS are widely used in industries such as oil and gas and manufacturing to monitor equipment and assets. In the healthcare sector, this technology is extensively used to track employees, patients, and sensitive equipment,” says Rakesh.