Global enterprise LBS market set to reach USD 19.8 billion by 2020, growing at a CAGR of more than 23%.
This 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. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
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The report categorizes the global enterprise LBS market into five major application segments:
- Location-based search and advertising
- Location-based navigation
- Location-based infotainment and analytics
- Location-based tracking
- Other LBS
Global enterprise location-based search and advertising market
The global enterprise location-based search and advertising market is projected to grow at a CAGR of 30.22% to 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.
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.”
Global enterprise location-based navigation market
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.
Global enterprise location-based infotainment and analytics market
The global enterprise location-based infotainment and analytics market is projected to reach USD 5.05 billion by 2020, an increase from USD 1.41 billion in 2015. The market is expected to witness a significant growth during the forecast period due to a large number of restaurant owners, retail outlets, and FMCG companies that are trying to gain consumer insights using analytics.
“For instance, if a user wants to purchase a car, he will likely browse the Internet to seek information about said car. Analytics companies track such browsing activities and provide all the relevant information about the car and the associated car dealers to the consumer. This also helps vendors reach out to the consumer with the best deals,” states Rakesh.
Global enterprise location-based tracking market
The global enterprise location-based tracking market is expected to reach USD 2.7 billion by 2020, growing at a CAGR of 28.52%. The growth of this segment is driven by the increased adoption of GPS-enabled smartphones and in broadband penetration.
“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.
The top vendors highlighted by Technavio’s research analysts in this report are:
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