LONDON--(BUSINESS WIRE)--According to the latest market research report by Technavio, the Location-based search (LBS) market in Southeast Asia is expected to grow at a CAGR of over 48% until 2020.
In this report, Technavio covers the present scenario and growth prospects of the LBS market in SEA for 2016-2020. The market size is based on revenues generated from various LBS applications in the region such as navigation and tracking, location-based advertisement, location-based gaming, location-based infotainment and analytics, sports, location-based social media, emergency services, geotagging, augmented reality, information services, and marketing.
“Many SMEs are using consumer location information to send them targeted advertisements and information about attractive offers and discounts on their smartphones. SMEs either develop these platforms themselves or utilize services of domestic location-based platform providers to create such platforms,” said Technavio’s senior industry analyst for M2M and connected devices, Rakesh Panda.
“The market is also witnessing a surge in the deployment of beacon-triggered marketing. Beacons are a low-cost device attached to store shelves to ensure effective communication with customer smartphones. This technology is finding increased application for enhancing indoor maps, payments services, and other location-sensitive product catalogues,” added Panda.
Indonesia: largest LBS market in Southeast Asia
Key findings of this market research study predict the LBS market in Indonesia to reach USD 285 million by 2020, growing at a CAGR of over 42%. The growth of the LBS market in Indonesia is attributed to the increasing penetration of 4G services in the country. XL Axiata, Indosat, Bolt, and Telkomsel (Simpati) are the major 4G service providers in the country. In addition, increased demand of low-cost smartphones, and popularity of LBS applications drives the country's LBS market growth.
The region is also witnessing rising adoption of location-based apps among consumers. These apps are mainly used for finding nearby restaurants, for travel information, and for information about vital services such as locating doctors, clinics, and hospitals. Over the forecast period, the popularity of location-based gaming among children in the region is expected to prompt many vendors to venture into the LBS space in the region.
The LBS market in Singapore valued at USD 34 million in 2015
Rising adoption of location-based targeted advertisements among enterprises, increased investment by large players in LBS start-ups, and beacon technology are likely to drive the market in Singapore during the forecast period. For instance, airports in Singapore have adopted beacon technology to transmit up-to-date and relevant information on passenger smartphones. Thanks to increased beacon adoption, air passengers are able to receive notifications such as distance to gates, boarding times, and the closest security check lines through beacon supporting applications that help them navigate the airport more efficiently.
Almost all airline staff in Singapore are also equipped with beacon supporting smartphones that help locate staff members. It also notifies ground staff about company information and flight status updates to improve operational efficiency. With further advanced technological developments, the application of LBS is expected to transcend to other end-user areas as well, over the next four years.
LBS market in other Southeast Asian countries
Other Southeast Asian countries include East Timor, Brunei, Cambodia, Laos, Myanmar, and Vietnam. LBS market in these countries is likely to grow steadily during the forecast because of growing awareness of LBS among enterprises, government, and individual consumers.
The market is predicted to be driven by the deployment of beacons and its price advantage, which has increased its adoption in the region significantly. Overall, the use of beacons and proximity-based advertising services in the retail industry in particular, is expected to enhance mobile application engagement in the region substantially until 2020.
Browse related reports:
- Global Indoor LBS Market 2015-2019
- Indoor LBS Market in Western Europe 2015-2019
- LBS Market in India 2015-2019
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