Location-Based Services (LBS)
The location-based services (LBS) market is growing at an incredible 38 percent compound annual growth rate and is expected to quadruple in the coming years. So far, LBS-enabled apps have mostly been limited to telling people where their friends are. However, the market has far more potential than that. Tech giants like Google and Apple are investing heavily in the space, with some of their largest acquisitions being LBS startups (e.g., Waze for $1 billion).
There are huge opportunities in indoor mapping, navigation services, location-based payments, safety, security and more. A number of technologies like beacons, sensors and magnetic fields are being deployed, representing a major shift in computing. The market is ripe for development right now, and innovative entrepreneurs are ready to jump in and build the next hot app.