SAN FRANCISCO, November 21, 2018
SAN FRANCISCO, November 21, 2018 /PRNewswire/ --
The global indoor LBS market size is expected to reach USD 18.74 billion by 2025, according to a new study by Grand View Research, Inc., rising at a CAGR of 37.8% during the forecast period. 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.
Browse full research report with TOC on "Indoor Location-based Services (LBS) Market Analysis Report By Product, By Technology (RFID and NFC, Wi-Fi/WLAN and BT/BLE), By Application (Tracking, Proximity, Navigation), By End Use, And Segment Forecasts, 2018 - 2025"at: https://www.grandviewresearch.com/industry-analysis/indoor-lbs-market
Further Key Findings From the Report Suggest:
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Grand View Research has segmented the global indoor LBS market based on products, technologies, applications, end use, and regions:
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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