Table of Contents
Quick Help: The market is quantitatively analyzed from 2018 to 2026 to highlight the financial competency of the industry.
The pervasive use of mobile devices like smartphones, fitness trackers, tablet PC’s, Laptops have uprose a need for contextual user information that includes geo-location data – an extremely valuable resource for the marketers. Most of the businesses and marketing agencies have engaged in proximity marketing to keep track of customer behavior and purchase history.
Big brands make use of geo-fencing or create their way to target businesses in different locations for targeted promotional offers on mobile devices via text messages, emails, flyers, push notifications, flash files, GIF images and short videos.
The location-based service market is comparatively new and was valued at $23.74 billion in 2018, and is projected to reach $157.34 billion by 2026, growing at a CAGR of 27.1% from 2019 to 2026.
Digitization is directly proportional to the advance in location-based services (LBS) owing to its capability to offer customized marketing strategy solutions, creating new revenue opportunities for businesses in every domain. The ability to provide and analyze geo-data in real-time has intensively helped receivers for directions and as navigations app that tells us where we are and how to move in between points.
Low prices of GPS coupled with a rise in the penetration of the smartphones and an increasing innovation in the location-based analytical solutions has led businesses to gain competitive advantages.
Location-based services are used to provide information about a particular user’s location through the internet by using real-time geo-data. The web portals and mobile applications have an aggrandized flow of online traffic due to persistent proliferation of smart devices, wireless technologies, cloud computing, Internet of Things, Artificial Intelligence, Chatbots, Virtual and Augmented Reality. All these reactions have led to fuel the adoption of LBS across government authorities, defence & intelligence, transportation, telecommunication, manufacturing, e-retailing, energy, and natural resource management, food delivery, cab booking and tracking,
Location Bases Social Apps can be bifurcated according to the component, by technology, by application, by industry vertical and by Religion:
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Outdoor – GPS, Cell ID, Wi-Fi.
Indoor – Geo-fencing, i-beacon, Eddistone
The specific API’s that are used to create GPS Apps are:
Web
iOS
Android
As obvious the increasing adoption of technologies and mobile devices has made real-time data an extremely essential element for tracking and analytics. This accompanies the increasing importance of targeted marketing that has led to a high focus on global marketing efforts. Location-based advertising is a strong tool for mobile marketing and can elicit a quick response from consumers. Location-based app ideas lead to quick and effective marketing of brands and enterprises. Drop us a query for more information on location-based applications.
Neeti Kotia is a technology journalist who seeks to analyze the advancements and developments in technology that affect our everyday lives. Her articles primarily focus upon the business, social, cultural, and entertainment side of the technology sector.
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