According to a report published by Gartner in 2008, the Location Based Service industry or the Location Based Technology industry as I call it will be worth $8 Billion by 2011. How? According to Gartner’s research:

- in 2007 there were approx. 16 million subscribers to location based services worldwide

- they expected that number to grow to 43 million by 2008 and the revenue to rise from $485 million to $1,307 million in 2008

- research also expects the number of subscribers to reach 300 million by 2011 and forecasting revenues to be around $8 billion

phew!

This is clearly as I said before a new market waiting to explode. It will be interesting what comes of it and if we witness the birth of another Google or Microsoft in this arena.

If you wish to read the full article, please click here.

Based on the number of apps in the Apple Store for dating/socializing/social networking and their pricing/operating costs – how much are you willing to pay for an application that helps you connect?

Would you prefer a “free” app but deal with the cost of SMS and other carrier related expenses? Or would you prefer a “free” app with constant ads being thrown your way? Or would you rather pay a one time fee of $5 or more to get the app free and clear with no carrier related costs no ads poping up and complete peace of mind?

If neither, then would you pay for something onetime that is a combination of a hefty dating site, social networking, & local entertainment?

Loopt – one of the leading apps for Location Based Technology (LBT) is available on iTunes but only in the US. Why is it hard for some companies like Loopt to understand that they can reach a much larger audience by launching in other countries simultaneously as well? Okay, maybe not all countries but some that are English speaking. I know it is hard to break the language barrier especially with an application with such a heavy software running behind the scenes. Why?

What is your idea of location based technology?

A website giving you details about entertainment near you? an application on your smartphone/iPhone helping you find the nearest point of interest? A social networking site helping you reach out to other professional globally? Or maybe a social networking site helping you meet someone personal?

Location Based Technology is something that is bound to explode, and personally is on a much smaller scale at the moment. With the internet as our lifeline, the need to meet people/know things, and the invention of smartphones like blackberries and iphones you can and should expect something that is an integration of all.

Question is – what is taking so long? Why isnt there a single application that is smart enough to help you find the nearest point of interest, whilst it alerts you and 10 other users around you who match your desired partner profile about you and your common point of interest and yet smart enough to switch to a personal/professional mode to help manage a profile depending on your social atmosphere so people around you know you and can address you depending on your profile? – Well I am sure I am not the only one who concieved this idea and probably there are companies out there working on something like this already.

For now, the question is what does Location Based Technology mean to you and how can you benefit from it?

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