The latest news from Research and Markets indicated that Location Based Services (LBS) market in India could grow at a CAGR of 58.61 percent over the period from 2014 to 2019.
“The report includes the present scenario and the growth prospects of the LBS market in India for the period 2015-2019,” notes a report summary shared with MMW. “The market can be segmented based on application: location-based navigation, location-based tracking, location-based infotainment, location-based search and advertising, location-based analytics, indoor LBS, location-based recreation and fitness, and other applications.”
An emerging trend? Social networking.
“People use their smartphones to access social networks and find friends, check-in, tag locations, check locational reviews, etc. All of these services use LBS through the user’s smartphone’s in-built GPS,” according to the report.
A critical driver in the Indian market is the increased adoption of mobile internet. In fact, the availability of 3G (as well as the recent introduction of 4G) in India has resulted in a rise in the consumer base for mobile internet, which indisputably directly impact the LBS market in India.
There is one caveat.
“The report states that one of the major challenges that the market faces is the lack of updated, reliable, and accurate information,” the summary concludes. “Consumers using LBS expect real-time information provided by LBS. The lack of updated information about a region’s infrastructure leads to LBS-enabled apps providing outdated data. This anomaly is primarily because of the lack of content providers on a regional level. India has a serious deficit of content providers.”