Location Based Services: Trends to Watch Out for in 2020| 3 min
Location Based Services (LBS) have arrived at an intersectional point in the dynamics of both technological, social and cultural progresses. Technologically speaking, use of GPS enabled smart applications has become as common as air in most parts of the developed world. And these applications mediate our social and cultural interactions on a regular basis throughout our waking life.
Be it through use of navigation apps, social media platforms, or a simple web search, we have become one with our 'smart' device for improvising on the time taken for accomplishing tasks in relation to our lifestyle.
And this is a crucial intersection, as suggested by Prof. Schöning during his keynote address at the annual edition of LBS18 in held in Zurich. He and his team investigate how people interact with digital spatial information and create new methods and novel interfaces to help people interact with spatial information.
It is in this context that we present to you LBS trends to watch for in 2020, comprising of market trends and its applicability in various industry segments.
Location Based Services - Market Trends
Key regions from the Asia Pacific, North America, Europe, Latin America and the rest of the world were analyzed to gauge the potential of the Location Based Services (LBS) market and project its growth. This study by Kenneth Research, project the LBS and Real-Time Location System (RTLS) markets to grow at a rate of around 26% and reach USD 111 billion by 2025.
As represented in the image below, an earlier study by MarketsandMarkets Research presented a global forecast to the tune of USD 40 billion by 2024. It's going to be interesting to see the actual market numbers generated by this industry by the year 2025.
Location Based Services: Applicable Industry Segments
With proximity marketing taking center stage among the various promotional strategies used by large shopping malls and expansive retail spaces, consumers can now look forward to tailored notifications and customized offers on their smart devices during a visit to their favorite mall.
Simply put, proximity marketing refers to the process of relaying relevant messages to prospective consumers based on their location within the facility. For instance, a prospective customer on the 5th floor of the venue can be sent offers & deals from stores located on that floor only. For this to occur, the mall management needs a positioning & location platform, which then works as an interface between the sellers and buyers
Once the customer receives a push notification based on his/her location, it become easier for them to avail a flash sale or a rolling offer. Store owners can also send special coupons or discount keys to customers' smart devices, thereby increasing their scope of revenue generation.
While its application and benefits are many, retail spaces need to ensure the tech platform they deploy for pushing notifications to customers is calibrated based on precision and high location accuracy.
Here are a few ways how retail spaces can engage customers better
- Provides Relevant Ad Campaigns
- Brand Awareness
- Better Discounts
- Personalized Communication
Accurate Market Information
Growing numbers indicate that large hospitals, niche healthcare and restorative centers in some parts of the globe have begun implementing a tech platform known as real-time location system (RTLS).
This move will gradually bring about the exit of legacy systems like queue management, communication tools for workforce collaboration, etc., paving the way for composite tech platforms working in synchrony with the ubiquitous smart devices.
A few American healthcare centers have gone the extra mile by deploying a smart app which allows patients and/or their aides to interact with staff on their Smartphones, through an engaging user interface.
Expansive corporate campuses need the right technology to optimize attendant processes such as hoteling & reservation, workforce collaboration, and a virtual perimeter - a geofence.
Among the various types of location based services, Geofencing has become particularly sought after as it generates instant data about building security.
One significant application of geofencing technology is that once installed, it keeps track of all the devices entering or exiting a facility, thus proving facility managers & security departments with key inputs related to facility security.
An integrated software application can aid in deft management of educational institutions which are spread over a large tract of land. Universities, especially, house students in big numbers and the data generated is immense.
Too ensure data processing is streamlined and information is relayed to the student community in real-time, it becomes imperative for educational campuses to deploy a high-tech platform which responds based on the location of the user.
The above image depicts the projected growth of student information system market across the globe, focusing primarily on developed and developing countries. However, the need of the hour is an integrated system which supports functions such as positioning & navigation and instant notifications among others.
This creates a win-win for both the university administrative body and its intended users - the students. While the management can relay important information related to the university calendar of events and vital dates to note, the students can register for conferences, check availability of conference rooms, and apply for interdisciplinary courses among others.
In addition to this, the tech platform can aid in real-time staff communication and synchronization. Visitors to the varsity too can wayfind and navigate effortlessly once this app is downloaded on their smart devices.
Find more information on campus navigation solutions here.