Indoor Location-based Services (LBS) is a technology that allows users to receive location-specific information based on their indoor positioning. This technology has been made possible by advancements in mobile and wireless communication, making it easier to track the exact location of a person or device inside a building. Through LBS, businesses can use real-time data to provide customers with tailored services such as targeted advertisements and special offers.
LBS systems rely on sensors located throughout the environment, combined with data from Wi-Fi access points, Bluetooth beacons and other sources of positioning information. This creates an accurate map of a given space which can then be used for navigation purposes, enabling customers to find their way around large venues such as malls and airports. Additionally, LBS can also be used for asset management by providing detailed tracking of valuable items within the premises.
Read More: Indoor Location-based Services (LBS) Market : Statistics and Technical Analysis
Advantages: Benefits/Uses
Indoor location-based services (LBS) are becoming increasingly popular as a way to provide enhanced service and convenience for customers. With the rapid advancement of smartphones and other mobile devices, LBS can be used to identify a customer’s exact location inside a building or business premises. This technology has many benefits, such as improving security, aiding navigation and providing personalized services in an efficient manner. Furthermore, indoor LBS can also be used by businesses to track their employees’ movements and optimize processes within the organization.
The most common applications of indoor LBS include navigation assistance, targeted advertising, customer experience enhancement and analytics. Furthermore, it relies on wireless networks such as Wi-Fi and Bluetooth Low Energy Beacons to determine the user’s exact location. This allows for more accuracy than traditional methods such as GPS tracking which only works outdoors. With indoor positioning technologies businesses can provide customers with tailored services based on their physical location within an interior space.
The indoor LBS market size was valued at USD 1.84 billion in 2018. It is estimated to grow by a CAGR of 43.4%. The Indoor Location-based Services (LBS) industry is poised to witness significant growth in the near future. The technology allows customers to use their phones and other devices to discover new products, services, and deals within retail locations. This has created a huge opportunity for enterprises to develop location-based services that will provide more personalized experiences for consumers.
The benefits of indoor location-based services include increased customer satisfaction, improved marketing performance, better security measures and greater operational efficiency. Companies are integrating advanced technologies such as 3D mapping, augmented reality and virtual reality into their indoor LBS solutions to deliver enhanced user experiences. Additionally, the growth of mobile payments is expected to further drive the demand for these services in the coming years.
Suggested Reading: Location-Based Services and Real Time Location Systems Market [+Microsoft Company Profile – Gross Margin %] | Shares 2031
Indoor LBS is being implemented more frequently due to improvements in infrastructure such as skyscrapers, shopping malls, and hi-tech parks across different regions. Virtual private networks (VPNs), which allow for location-based services, are being adopted by most educational institutions and business organizations around the world.
LBS indoors can also be used for security and assistance. Market growth is expected to be aided by the increasing use of surveillance devices by government agencies to monitor public activities. The market’s growth will be aided by the increasing use of location-based services within the retail sector, which can be used for promotional purposes.
Industry players are increasingly using analytics and business intelligence to improve location accuracy and increase tracking efficiency. Industry participants still face challenges with the accuracy of real-time information.
North America is a highly developed region where innovation and new technologies will be major trends in the next few years. In 2019, North America accounted for a large share of the global indoor location-based service market. The same reason is why North America will likely offer opportunities in this market globally. Europe and Asia Pacific are the closest regions.
Indoor Location Based Service Market: Competition Landscape
June 2019: Apple introduced a new feature for indoor navigation services. It is currently available in 279 major global cities, mostly in the U.S., U.K, Spain and Australia. This allows you to map buildings from within.
July 2018: Esri released ArcGIS Indoors. This product allows interactive indoor mapping of corporate facilities and retail locations, as well as airports and hospitals.
OTHER GOOD SOURCES OF INFORMATION
Survey for Location-Based Services (LBS) Market Drive Highest Growth With Leading Players by 2031
