Increased Consumer Engagement Through Analytics Predicted to Drive the LBS Market in APAC Until 2020, Says Technavio

LONDON--()--According to the latest research study released by Technavio, the location-based services (LBS) market in APAC is expected to grow at a CAGR of more than 28% until 2020.

This research report titled ‘Location-based Services (LBS) Market in APAC 2016-2020’, provides an in-depth analysis of market growth in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various end-user segments, including enterprise, individual customers, and government organizations.

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Big data analytics provides insights on consumer buying patterns so that retailers can increase sales volume and enhance customer search experiences. With indoor location-based technology, store owners can retrieve a shopper’s search information and offer unique incentives to bring a strong value-added component in their digital and CRM strategy,” said Rakesh Panda, one of Technavio’s lead analyst for sensors research.

Advertising companies such as Near use big data analytics to understand consumer insights. With the help of analytics, retailers can extract all relevant information about consumers, based on their movements inside stores and browsing patterns on the Internet. Thereafter, based on the information gathered, retailers send relevant advertisements to these targeted consumers,” added Rakesh.

LBS market in APAC segmentation by end-user 2015

  • Enterprise 45.88%
  • Individual customers 38.12%
  • Government organizations 16%

Source: Technavio research

LBS market in APAC by enterprises: largest segment

The LBS market in APAC by enterprises was valued at USD 1.95 billion in 2015. Enterprises in sectors such as retail, energy, production, aviation, healthcare, and hospitality use LBS applications to increase employee productivity and improve workforce management. In addition, LBS provides a convenient and cost-effective medium to reach customers.

In 2015, Sprooki (an LBS provider) partnered with Skyfii (a guest Wi-Fi and data analytics platform provider) to offer mobile retail solutions such as m-commerce, guest Wi-Fi, and location-based engagement Crescent, a popular mall located in Vietnam. With this, shoppers were able to avail value-added services by installing the Crescent Mall mobile app provided by Spoorki. Vendors are predicted to innovate with similar offerings over the next four years.

LBS market in APAC by individual consumers: second largest segment

Popularity of location-based apps among consumers is a key driver for the LBS market in the APAC region. Friend finder, restaurant finder, family locator, car navigation, and roadside assistance are some popular LBS applications among users in countries such as China, Japan, Singapore, South Korea, and Malaysia in APAC. Consumers use these applications to find nearby restaurants and coffee shops.

Many consumers use location-based applications to obtain bus and subway train schedules and find taxis. Location-based apps also provide information about the nearest available doctors, clinics, and hospitals. The increased use of location-based apps among consumers will likely emerge as a key driver for the LBS market in APAC during the forecast period.

The LBS market in APAC by individual consumers was valued at USD 1.62 billion in 2015. Consumers use LBS for applications such as car navigation, traffic information, pedestrian navigation, mobile payment, check-ins, indoor routing, product tracking, car-parking guidance, and weather information.

LBS market in APAC by government organizations

The global temperature sensor market in the food and beverage segment was valued at USD 556.8 million in 2015. Government organizations use LBS for emergency services in situations of theft, fire, accident, flood, and drought. They also use LBS for public safety and asset protection. During emergencies, LBS locates and tracks callers as well as public safety officers. It also monitors endangered areas through virtual geo-fence technology, which makes it popular among government agencies.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
media@technavio.com

Release Summary

According to the latest research study released by Technavio, the location-based services (LBS) market in APAC is expected to grow at a CAGR of more than 28% until 2020.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
media@technavio.com