Be it navigation or pin-pointing a location using the mobile device, the location-based services in mobile device have become an essential part of how users communicate with the outer world. Therefore, when research publishers who claimed that the mobile location-based services market is expanding at a compounded annual growth rate (CAGR) of 24.6% during the 2018-2023 period, it didn’t come as a surprise. With the recent developments in transmission technology, improved data transmission through edge computing, cloud computing, and advent of 5G, the market will hit a valuation of nearly USD 86 Bn by 2023.
While this growth is natural considering the increased use of smartphones and internet penetration around the world, however there are several other factors that are enabling as well as challenging the Global Mobile Location-Based Services Market. Let us discuss some of those factors here in this article.
- Use of real time location-based services for connected retail is an upcoming trend. Retailers are increasingly looking at ways they can engage customers and increase repeat sale patterns. The data generated by the mobile location-based services helps uncover deep and enriching insights that prove extremely beneficial in the process of creating valuable products for consumers.
- Social media check-ins and content tagging through Global Mobile Location-Based Services Market products is becoming a huge rage. People are using these products so often for sharing pictures, photographs, travel information, and even when they are going from one city to another and the mode of transport they are using. These check-ins have unlocked a huge amount of data that various industries are using it from travel and tourism to brands and products to even manufacturing sector. It won’t be also wrong to assume that even the governments of various countries are using these data points for surveillance and tracking its citizens.
- Indoor-outdoor location-based service and coordination is also picking up gradually. Be it smart cars, or telematics through which machines are talking to each other to provide an unimaginable experience to consumers. For instance, when you leave from home to your car, turns out the cooling inside the car is already set to a temperature of your preference and similarly when you leave your car at the parking and are about to enter home, all the required temperature, geyser setting are in place.
- Privacy and data breach concerns are looming with the exposure of so much personal information by tracking indoor outdoor location data. This is posing as a major challenge in growth of the Global Mobile Location-Based Services Market as increasingly people are also growing conscious about allowing so much technology intervention in their lives and feeling out of control due to data changing hands so fast and so frequently amongst multiple people as well as agencies.
- Another major challenge is the accuracy of the sensors to point at the right location. The location-based services are still not very accurate when it comes to crowded areas, dingy locations, and neighbourhoods with extremely high population density.