Location-based Services and Real-Time Location Systems Market by Component, Location Type, Application, Vertical and Region - Global Forecast to 2027
The global Location-Based Service (LBS) and Real-Time Location Systems (RTLS) Market size is expected to grow from USD 22.3 billion in 2022 to USD 50.2 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 17.6% during the forecast period.
New York, Feb. 01, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Location-based Services and Real-Time Location Systems Market by Component, Location Type, Application, Vertical and Region - Global Forecast to 2027" - https://www.reportlinker.com/p04507362/?utm_source=GNW
By Application, the tracking and navigation segment to grow at the higher market size during the forecast period
The tracking and navigation application uses LBS and RTLS technologies for driver assistance, passenger information, and vehicle management.LBS is frequently included into auto navigation systems to help drivers and offer real-time traffic data.
In order to give drivers real-time navigation support, Waze, a GPS navigation software app (owned by Google), crowdsources traffic and road information.
LBS and tracking methods are currently widely employed in logistic tracking and vehicle management.Applications that go beyond auto navigation and vehicle management have started to appear recently.
For instance, applications to locate open on-street parking spaces, safety alerts, and multimodal have all been implemented .
• By Vertical, the Retail segment to hold the larger market size during the forecast period
In order to manage retail apps and provide a better customer experience, LBS and RTLS are crucial.The adoption of LBS and RTLS platforms in the retail industry eliminates the need of conventional methods to analyse consumer purchasing patterns and provides a secure digital environment for interactions between buyers and sellers.
The retail industry is able to study client behaviour throughout the world and target the correct customers with the use of information produced by such apps.For instance, the use of LBS and RTUS technology has altered the way that customers shop thanks to social networking sites like Facebook, Instagram, and WhatsApp.
These technologies make it simpler to identify user interest and extend the right products through advertisements or campaigns that motivate customers and enhance their buying-selling experience.LBS and RTLS help the retail vertical in numerous ways, including inventory, fraud detection, and pricing management.
The growing adoption of eCommerce has driven the growth of LBS and RTLS platforms in this vertical.
• By Region, the Europe is expected to grow at the second highest market share during the forecast period
Europe is a leading country in terms of R&D in the LBS and RTLS.A large number of individual customers and enterprises in Europe extensively use location-based and mapping services.
Furthermore, some mobile operators in Europe use location analytics techniques and collect location-based data from subscribers, to strengthen the performance of their mobile networks and for internal marketing purposes.
Some of the major countries in Europe include France, Germany, Italy, the UK, Spain, and Russia.The LBS and RTLS market in Europe is projected to witness steady growth from 2019 to 2024.
The rise in the adoption of RTLS-based platforms in this region can be attributed to the introduction of new technologies, such as UWB and Zigbee, that offer advanced features for use across various applications. Healthcare is one of the major application segments for RTLS platforms in the region.
The breakup of the profiles of the primary participants is given below:
• By Company: Tier 1 – 45%, Tier 2 – 25%, and Tier 3 – 30%
• By Designation: C-Level Executives – 40%, Directors– 35%, Others*–25%
• By Region: North America – 45%, Europe – 20%, APAC – 25%, and RoW** – 10%
This research study outlines the market potential, market dynamics, and major vendors operating in the Location-Based Service (LBS) and Real-Time Location Systems (RTLS) market. Key and innovative vendors in the Location-Based Service (LBS) and Real-Time Location Systems (RTLS) Market include AiRISTA Flow (US), Apple (US), Aruba Networks (US), CenTrak (US), Cisco (US), Ericsson (US), ESRI (US), GE Healthcare (US), Google (US), HERE (Netherlands), IBM (US), KDDI (Japan), Leantegra (US), Microsoft (US), Navigine (US), NTT Docomo (Japan), Oracle (US), Qualcomm (US), Quuppa (Finland), Sewio Republic (Czech Republic), Spime (US), Identec Group (Liechtenstein), Infor (US), TeleTracking Technologies (US), MYSPHERA (Spain), Stanley Healthcare (US), Teldio (Canada), TomTom (Netherlands), Ubisense (UK), Zebra Technologies (UK).
The Location-Based Service (LBS) and Real-Time Location Systems (RTLS) market is segmented into component, Location type, by application, by vertical, and region. A detailed analysis of the key industry players has been undertaken to provide insights into their business overviews; services; key strategies; new service and product launches; partnerships, agreements, and collaborations; business expansions; and competitive landscape associated with the Location-Based Service (LBS) and Real-Time Location Systems (RTLS) market.
Key benefits of buying the report
The report is expected to help the market leaders/new entrants in this market by providing them information on the closest approximations of the revenue numbers for the overall Location-Based Service (LBS) and Real-Time Location Systems (RTLS) market and its segments.This report is also expected to help stakeholders understand the competitive landscape and gain insights to improve the position of their businesses and to plan suitable go-to-market strategies.
The report also aims at helping stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
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