4 Essential Steps For Getting Started With Location-Based Services
The market for Location-Based Services (LBS) represents a fast growing and multi-faceted opportunity for entrepreneurs and small businesses. The global LBS market is expected to grow at approximately 27% CAGR through 2022, when it is forecasted to be worth $60.1 billion. This growth is primarily driven by the need for organizations across various industries to improve operational efficiencies, adhere to regulatory policies, and enhance worker safety. Advances in IoT-enabled mobile technologies and wireless connectivity have resulted in an increasing number of LBS applications entering the market, and these numbers are indicative of the growing opportunity for location tracking and monitoring services. However, in order to successfully seize this opportunity, there are four essential steps you need to execute to launch an LBS solution.
Step 1: Understand the Location-Based Services (LBS) Opportunity
For end users, LBS solutions can deliver compelling benefits, by providing fleet operators, small business managers, or even construction foremen with real-time location information of their fleets, whether they be vehicles or other pieces of equipment. While location is of central importance, there are other equally valuable pieces of data that LBS applications can collect, interpret, and analyze regarding critical systems, components, or other assets.
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