Location-based services (LBS) are big business. In fact, an April 2014 study by Berg Insight projects that by 2018, the LBS market will reach $3.8 billion.
Included in LBS are applications we’re familiar with: social networking, messaging, and games; mapping and navigation; and local search; as well as lower profile uses, such as site selection in the retail industry, urban planning, and traffic monitoring.
Consumer Engagement with LBS
When it comes to consumers, adoption of LBS applications is definitely on the rise. In 2010, the Pew Research Center published a study showing that less than 5% of online adults used LBS services.
But about three years later, in September 2013, a new study showed a very different number: 74% of adult smartphone users reported taking advantage of LBS applications.
In a survey conducted by Millward Brown Digital and sponsored by mBlox, nearly half of respondents said they would share location data with a trusted brand in order to receive relevant offers or discount coupons.
The infographic below breaks down some of this consumer engagement.
Infographic source: MDG Advertising
The time has definitely come to take notice of the possibilities available for consumer engagement with LBS.
Maponics Social Places™
Maponics offers a comprehensive geofence product for mobile marketers and advertisers: Social Places.
Maponics Social Places dataset includes geofences for locations where people live, work, play and travel, including Destination & Venue Boundaries, Shopping Boundaries and College Campus Boundaries.
High-profile brands use Maponics Social Places, including Foursquare, Urban Airship, Red Bull, and PlaceIQ.
To learn more about how to leverage Maponics’ data for LBS applications, contact us.