A Location-Based Service (LBS) use real-time geographical locations from a mobile device with the help of GPS technology of the device. These services usually provide entertainment, information, or security. For example, an LBS can help users find the nearest restaurants or can even send an SMS promoting a sale at a nearby mall or shop. Some of the popular LBSs are Facebook Places, Google Maps, Yelp, and GetGlue. A lot of companies have found ways to utilize a device’s location such as for proximity-based marketing, roadside assistance, fraud prevention, and as store locator. An indoor LBS has a wide range of applications and end users.
Retail Sector to Witness the Fastest Growth
Industries such as healthcare, retail, BFSI, aerospace and defense, energy and power, logistics and transportation, government, hospitality, and several others are the key users of indoor LBS. Among these, the government sector is the biggest end user and was estimated at USD 10,683.9 thousand in 2016. This end-use segment widely uses indoor LBS for security purposes and also to provide information related to public services through mobile apps in the region.
However, retail end-use segment is expected to be the fastest-expanding sector registering a growth rate of 52.9 % during the forecast period (from 2017 to 2025). With various international brands entering the Gulf Cooperation Council (GCC) region has resulted in an improved scope for marketing of services and products that allow extensive usage of indoor LBS.
Market Overview
Based on the findings of a report published by Grand View Research, Inc.; the indoor LBS market in GCC is anticipated to reach USD 1,246.0 million by 2025 growing at a CAGR of 48.3 % during the estimated years. Factors such as the advent of connected smartphone devices by OEMs and the increasing scope of applications are predicted to be the key factors driving the market demand.
Ruckus Wireless, Inc.; Qualcomm Technologies Inc.; Cisco Systems Inc.; Google Inc.; and IndoorAtlas Ltd. are the key companies in the market. Most of these companies invest in R&D, new product development, and business expansion while small firms offer small-scale solutions like software and updates in order to retain the market position. For example, a team of researchers from Saudi Arabia have come up with a system that aims to offer an assistive technology for visually impaired and blind people. The system includes four key components including interface, navigation, positioning, and mapping. The functionality test and blind test were done to evaluate the new system and it proved its ability to help visually impaired individuals effectively.
In-Depth Research Report On GCC Indoor Location-based Services (LBS) Market:
https://www.grandviewresearch.com/industry-analysis/gcc-indoor-location-based-services-lbs-market
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