PUBLISHER: Grand View Research | PRODUCT CODE: 1376251
PUBLISHER: Grand View Research | PRODUCT CODE: 1376251
The global indoor location-based services market size is expected to reach USD 45.16 billion by 2030, registering a CAGR of 14.1% during the forecast period, according to a new report by Grand View Research, Inc.. Growing use of location-based services in the retail industry for marketing applications in expected to stimulate the growth of the market over the forecast period.
Industry players are increasingly striving towards providing real-time location services to customers, which is expected to stimulate market growth. Moreover, the use of 3D platforms to provide real-time information is allowing companies to improve their productivity. Indoor location-based services are also being implemented for public safety, whereby individuals can inform authorities about their location using their mobile devices.
Increasing penetration of mobile devices across various regions is expected to propel the market. Regions, such as North America and Europe, where smartphone penetration has surpassed 73.0%, are opening lucrative opportunities for companies to promote their products or services via location alerts and push messages on mobile devices. At the same time, developing regions, such as Asia Pacific, are also anticipated to fuel the demand for LBS for marketing initiatives.
Growth in location-based services is expected to benefit the retail industry. Retailers are using LBS to increase customer engagement by providing customers with information about their products and discounts whenever customers get in the vicinity of retail store. Retailers are also using LBS to gain insights on customers' response to a particular promotional initiative and to tailor their marketing strategies accordingly.
There are several established as well as smaller players that offer location-based services. Larger enterprises focus on innovation and new product development whereas smaller companies provide deployment solutions and product services.