The Location Based Services(LBS) Market in the APAC Region is expected to grow at a CAGR of 33.2 percent in the next five years, thanks to the increased usage of location-enabled devices in this region, said research firm TechNavio. TechNavio said that the popularity of LBS and demand for handsets with GPS capability has increased significantly in different APAC countries such as India and China.
According to the latest report by TechNavio, location based advertising (LBA) is one of the fastest growing market segments for LBS in the APAC region. LBA is a more focused and efficient marketing tool for advertisers, which provides an additional revenue source for LBS vendors. Mobile operators use LBA to offer free advertisement-funded navigation that helps them promote LBS and increase their profitability, added Technavio.
Faisal Ghaus, Vice President of TechNavio
Sales of smartphones have increased drastically in India, with this number reaching 44 million in 2013. The LBA Market in India is growing 65 percent every year, and many new players like AdNear, dealchat.com, Nimbuzz and Zomato Media are entering this market. Coffee chain Café Coffee Day uses LBA to drive traffic to their outlets. Baidu also launched a service in China that helps retailers push their ads to nearby users.
