location-based service

a.k.a. location based service, LBS, location services, geolocation

Location-based services refer to software on your smart device that constantly tracks your precise location.

LBS is an information service that marries advertising, database systems, GPS technology, and advanced cell phone features. For example, a concierge service can provide you with restaurant, gas station, hotel, or bank locations via your smartphone, based on your current, GPS-tracked location. Location-based services such as Yelp, Foursquare, Gowalla, Loopt, and others generate revenue from mobile advertising.

Historical perspective: As of 2010, location-based services remained a mystery to nearly 90% of the U.S. population. According to Statista, in 2013, 123 million users were accessing location-based services on their mobile devices; that number increased to 150 million in 2014, and as of 2018 it's jumped to 242 million location-based service users in the United States.

NetLingo Classification: Online Business

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