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[Monitor] LBS market to surpass W1tr

Feb. 18, 2018 - 14:55 By Lee Joo-hee
The market for location based information services has been expanding rapidly with the size this year expected to surge 25 percent on-year to reach 1.2 trillion won ($1.1 billion), data by the Korea Internet and Security Agency showed.

The data was based on a survey of 893 LBS businesses operating in the country as of August to October last year.

For the market as of 2016, 296.1 billion won came from marketing and commerce-related services, followed by 114.3 billion won from living and entertainment-related services.

While revenue from big data analysis service remained low at 17.8 billion won, it was cited as one with great potential for growth.

The business owners also said that the LSB service, mainly provided through tablets, smartphones and other devices will be diversified to include autonomous vehicles, Internet of Things, wearables, drones and robots.

Of the respondents, 44 percent called for improved laws and regulations. Nearly 41 percent said they were currently suffering from a shortage of funds. (