Enterprise LBS Market to grow by USD 45.23 billion between 2022 - 2027 | Growth Driven by Increasing focus on proximity marketing - Technavio

NEW YORK, Sept. 26, 2023 /PRNewswire/ -- The Enterprise LBS Market report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the enterprise lbs market between 2022 and 2027 is USD 45.23 billion. The increasing focus on proximity marketing drives the enterprise LBS market growth. This strategy is widely used by different enterprises such as retail stores, hotels, and entertainment parks. It is used to improve consumer engagement and build brand equity to strengthen customer loyalty. Marketers can connect with consumers through their mobile devices by leveraging proximity marketing. The enterprises include user preference and prior purchase history, geographic location of consumers, and time of day while sending personalized messages. Such strategies can deliver just-in-time communication to the target audience by analyzing the purchasing behavior of the consumer. Hence, such factors drive the growth of the enterprise LBS market during the forecast period. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here

• Market Challenge - Privacy and security concerns challenge the growth of the enterprise LBS market. The advancement in technology offers several benefits however, it has an inherent risk of information security associated with it. Enterprise LBS is prone to serious security issues, risks, and threats because of the new developments in technology. Such systems have data reconciliation and interoperability issues as they communicate with a large set of diverse systems across an organization. Hence, such challenges impede the growth of the enterprise LBS market during the forecast period. Learn about additional key drivers, trends, and challenges available with Technavio. Read Free Sample PDF Report Now

The enterprise LBS market is segmented by Application (Large enterprises and SMEs), Component (Hardware, Software, and Services), and Geography (North America, Europe, APAC, South America, and Middle East and Africa). 

• The large enterprises segment is significant during the forecast period. Large enterprise segments increasingly adopt enterprise LBS because it is extensively used for various applications. The applications include navigation and real-time monitoring, location-based advertising and asset tracking, mobile city guides, vehicle theft detection, visual analytics, fleet management and public transportation systems, and other purposes. In this segment, the solution is used to monitor when an object or a person is entering or leaving a particular area. Hence, such factors fuel the growth of the large enterprises segment of the enterprise LBS market during the forecast period.
• North America will contribute 49% to the growth of the global market during the forecast period. View Free Sample Report for insights into the contribution of all the segments and regional opportunities in the report.

Key Companies in the Enterprise LBS Market:

AiRISTA Flow Inc., Aislelabs Inc., Broadcom Inc., Cisco Systems Inc., Comtech, Esri Global Inc., Foursquare Labs Inc., HERE Global BV, HID Global Corp., infsoft GmbH, Juniper Networks Inc., NextNav Inc., Polaris Wireless, POLE STAR SA, Qualcomm Inc., Securitas AB, Siemens AG, xAd Inc., Zebra Technologies Corp., Ziff Davis Inc.

Related Reports:

The enterprise application and integration market is estimated to grow at a CAGR of 13.34% between 2022 and 2027. The size of the market is forecast to increase by USD 17,242.64 million.

The enterprise AI market is projected to grow by USD 2.00 billion with a CAGR of 45.1% during the forecast period 2021 to 2026.

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application

Market Segmentation by Component

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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SOURCE Technavio