Technavio analysts forecast in a new report that the LBS market in Africa will grow at a CAGR of over 49% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the LBS market in Africa for 2016-2020. To calculate the market size, the report considers revenue generated from the annual sales of the following: LBS applications, software, and digital maps, and LBS map, mobile LBS, and LBS solution segments.
Technavio ICT analysts highlight the following four factors that are contributing to the growth of the LBS market in Africa:
- Rise in demand for personal and enterprise navigation services
- Indoor LBS applications for public safety and emergency support
- Integration of location-based search with social networking websites
- Rapid adoption of beacon technology
Additionally, the authors see a rise in demand for personal and enterprise navigation services.
The demand for personal and enterprise navigation services has surged dynamically over a period of time. This, in turn, has led to the growth of the LBS market globally. Navigation services include real-time navigation, LBA, and payment. These services generate revenue primarily through fees for map updates, advertisements that lead to purchases, and other fees (toll or parking fees).
“The high availability and declining costs of smartphones are facilitating the adoption of workforce management services, which improve operational efficiency for businesses,” says Rakesh Kumar Panda, a lead analyst at Technavio for research on M2M and connected devices. “Logistics companies such as MDS Logistics can track the movement of goods across the country using real-time sensors. LBS also include voice-enabled in-car and pedestrian navigation services, which contribute to the market revenue considerably.”