Consumer LBS Market Set for Big Gains Through 2018

The consumer LBS market is accelerating at a pace that comes as a surprise to even the most optimistic of market analysts.

With the adoption of GPS-enabled smartphones, posits research firm TechNavio, the Global Consumer LBS Market is now projected to grow at a CAGR of 37.38 percent from 2014-2018.

Driving the expected growth will be stronger reliance on smartphones and internet connectivity, not to mention a corresponding increased dependence on location-based services.

The report also indicates that more organizations are relying on analytics to increase consumer engagement.

“Many advertising companies use big data analytics and information gleaned from LBS to understand consumer behavior,” the report summary reads. “They extract all information pertaining to consumers, based on their movements on the internet and on social networking websites, and profile potential customers in order to push targeted advertising according to consumer profiles.”

If projections materialize as expected, subsequent growth of the consumer LBS market could make gains over the next four years seem paltry in retrospect.

 

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