Location-Based Service (LBS) uses real-time geographical locations from mobile devices with the help of GPS technology. These services usually provide entertainment, information, and security. For example, LBS can help users find the nearest restaurants or can send SMS prompting 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 the location of devices to implement proximity-based marketing, roadside assistance, fraud prevention, and store locator tool. An indoor LBS has a wide range of applications and end users.
Retail Sector to Witness the Fastest Growth
Healthcare, retail, BFSI, aerospace and defense, energy and power, logistics and transportation, government, hospitality, and several other industries are the key users of indoor LBS. Among these, government sector is the biggest end user 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 sector is expected to expand at the fastest pace in the forthcoming years. Various international brands entering the Gulf Cooperation Council (GCC) 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 GCC indoor location-based services (LBS) market is anticipated to reach USD 1,246.0 million by 2025. It is anticipated to expand at a CAGR of 48.3% during the estimated years (2018 to 2025). Factors such as the advent of connected smartphone devices by Original Equipment Manufacturers (OEMs) and increasing scope of applications are projected to be the key factors driving the market.
Ruckus Wireless, Inc.; Qualcomm Technologies Inc.; Cisco Systems Inc.; Google Inc.; and IndoorAtlas Ltd. are the key market companies. 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 to retain 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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