Location based services refer to services offered through the mobile devices to take into account the geographical location of the devices. Such services facilitate improved insight on businesses and their customer base over analytics.
The global location based services market is driven by a number of factors, including surging market of smartphone and tablets in the developing countries, availability of low-cost GPS devices, advancement in analytical capabilities in communication technology, increasing use of vehicle tracking and management and the expansion of 3G and 4G internet services in developing markets.
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Consumer speculation over the exposer of their personal data, consumer anxiety over being followed and tracked, and lack of consumer awareness about location based services, are some of the major hindrances for the growth of the location based services market.
The potential market opportunity for location based services lies in the rise of mobile devices and accessing customers’ desire for WiFi services for optimizing customer engagement, increasing number of visits and reside times of consumers, facilitating remote assistance, and inspiring additional purchases through relevant communications. Moreover, LBS can also be used in retail “showrooming” (exploring in-store products, comparing prices online, and then buying them from a competitor online) and offering a more effective omni-channel strategy. Further, opportunity such as wayfinding and remote assistance can be provided by LBS to allow customers more self-sufficient.
Based on the various services of the location based services market, the market can be segmented as consulting, system Integration, managed services, and other services. On the basis of products the global location based services market can be segmented as hardware, software and services.
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Based on the various enterprises vertical, the global location based services market can be segmented as, fleet management and vehicle tracking, business intelligence and analytics, location based advertising, map based visualization, sales and distribution planning, emergency support and disaster management, and Leisure and Social Networking. Navigation and location based advertisement are expected to be the largest market segment in coming years.
Based on the end user industries the global location based services market can be bifurcated as (Fast Moving Consumers Goods) FMCG, telecom, retail, automotive, consumer durables, oil and gas, and healthcare. Location-based services enable retailers a better understanding of customer behavior in a particular physical location. It facilitates a complete data on the customer needs; this deeper statics on consumer behavioral facilitate deeper insight of store traffic patterns of consumers, such as visit frequency of the consumers and missed opportunities. Moreover, the data based approach facilitates better service, better planning, and greater customer engagement levels, which interns drives the customer loyalty and business performance.
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