Technavio’s latest report on the location-based services (LBS) market in the US provides what the company calls an analysis of the key trends expected to impact the market through 2016-2020.
Technavio defines an emerging trend as a “factor that has the potential to significantly impact the market and contribute to its growth or decline.”
According to the report summary shared with MMW, the LBS market in the US is expected to top 18 billion by 2020.
“The LBS market in the US is likely to witness significant growth during the forecast period due to the increasing use of indoor LBS solutions in the retail sector,” says Rakesh Kumar Panda, lead analyst at Technavio. “Indoor LBS analytics helps retailers track the buying patterns of the customers and offer specific discounts or coupons accordingly. Such customized service improves the shopping experience, which in turn increases sales revenue.”