LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global indoor location based services (LBS) market is expected to generate USD 8.5 billion by 2020.
This research report titled ‘Indoor Location Based Services 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 an up to date analysis and forecasts for various market segments and all geographical regions.
"The global indoor LBS market will witness significant growth during the forecast period due to the increasing use of proximity-based solutions in the retail sector. The rapid adoption of mobile media by enterprises for promoting products and services and the increasing adoption of location-enabled searches by individual users are among the factors propelling the global indoor LBS market," says Abhishek Sharma, a lead analyst at Technavio for M2M and connected devices research.
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The report categorizes the global LBS market into the following end-user segments of which the top three are discussed in detail below:
- Retail companies
- Government organizations and public safety
Global indoor LBS market by retail companies
The global indoor LBS market by retail companies is expected to exceed USD 4.4 billion by 2020, growing at a CAGR of over 41%. Indoor LBS providers offer coupons and discounts through push and pull marketing technologies. These services also provide social information such as ratings and reviews, product videos, and recommended products, thereby improving the shopping experience.
Location-based marketing (LBM), which is a combination of LBS, mobile marketing, and contextual marketing, is widely being used by marketers in different industries. Also, LBA sends product or service promotional messages based on user location. Spending on social media advertising is popular among retailers, where specifically mobile advertising accounts for approximately 8% of the total digital marketing revenue.
Enterprises use location-based apps for targeted advertisements to reach potential consumers in real time. For instance, Baidu, a Chinese web services company, launched a platform for retailers in 2014, which allows them to send advertisements to the smartphones of people in their vicinity. Mobile payment using near field communication (NFC) technology is prevalent in varied industries such as retail. Enterprises analyze mobile payment trends using analytics to create promotional campaigns based on consumer preferences. Also, these enterprises are gaining competitive advantage with the help of analytic solutions. This way LBA provides a convenient and cost-effective medium to reach consumers.
Global indoor LBS market by hospitals
The global indoor LBS market by hospitals is expected to reach USD 1.7 billion by 2020, growing at a CAGR of almost 45%. Beacons deployed in a hospital and its vicinity help in monitoring, wayfinding, faster check-ins and admitting activities, real-time equipment registry, asset management, and digital support.
Indoor LBS is primarily used in hospitals to improve operational efficiency and reduce the cost of tracking personnel and monitoring assets. Indoor LBS uses real-time location systems for location analytics and in integration with other clinical systems. It also helps to enhance staff productivity and work efficiency. Companies such as infsoft and Navizon provide LBS in hospitals to ensure operational effectiveness and for process automation management.
Global indoor LBS market by airports
The global indoor LBS market by airports is expected to exceed USD 977 million by 2020, growing at a CAGR of over 47%. Indoor LBS can notify airline passengers to have their electronic boarding passes ready when they approach a security check in airports. It can also send customized offers such as commission-free currency exchange deals to passengers at the airport.
Airports also use location technology to provide flight status notifications to travelers. For instance, the Hong Kong International Airport has introduced beacon technology, allowing store and restaurant staff at the airport, to communicate with travelers. Most airports provide mobile communications using business intelligence solutions that enable fast check-ins, send real-time updates, manage queues, and enable fast aircraft turnarounds. "Indoor LBS providers are entering into strategic partnerships with other stakeholders in the market to enhance indoor location services at airports. For instance, INFORM and indoo.rs have collaborated to improve passenger experience and operational management at airports," says Abhishek.
The top vendors highlighted by Technavio’s ICT research analysts in this report are:
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