[May 06, 2016] |
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Increased Consumer Engagement Through Analytics Predicted to Drive the LBS Market in APAC Until 2020, Says Technavio
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.
Request sample report: http://goo.gl/k0VqaS
"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
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Enterprise 45.88%
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Individual customers 38.12%
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Government organizations 16%
Source (News - Alert): 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 prodctivity 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.
If you are interested in more information, please contact our media team
at [email protected].
View source version on businesswire.com: http://www.businesswire.com/news/home/20160506005034/en/
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