How Has The LBS And RTLS Market Performed Historically And What Is The Forecasted Market Growth?
The location-based services (LBS) and real-time location systems (RTLS) market size has grown exponentially in recent years. From $33.07 billion in 2024, it will grow to $40.58 billion in 2025 at a compound annual growth rate (CAGR) of 22.7%. This growth in the historic period can be attributed to the demand for contactless solutions, industrial and manufacturing use, transportation and logistics, healthcare utilization, retail industry adoption. Looking ahead, the LBS and RTLS market will continue to see exponential growth. It will grow to $102.65 billion in 2029 at a CAGR of 26.1%, powered by the rise in IoT integration, increasing demand in healthcare, expansion in retail and e-commerce along with smart city development and post-pandemic solutions. Major trends in the forecast period include regulatory compliance and data privacy, strategic collaborations, enhanced safety and security, smart city initiatives, and improvements in fleet management and transportation.
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What Are The Drivers Of The LBS And RTLS Market Growth?
A chief driver of growth in the location-based services and real-time location systems market is the surge in the use of smartphones. Smartphones are portable electronic gadgets with a cellular network connection that use the internet, geospatial technologies, and communication technologies to deliver real-time information based on geographic location. For instance, a report published by Uswitch Limited in February 2023, revealed that there were 71.8 million active mobile connections in 2022, an increase of 3.8% from 2021. By 2025, an estimated 95% of the 68.3 million people living in the UK will possess smartphones, further fuelling the demand for location-based services and real-time location systems.
What Are The Key Market Segments within The LBS And RTLS Market?
1) By Component: Hardware, Software, Services
2) By Location Type: Indoor, Outdoor
3) By Application: Tracking And Navigation, Marketing And Advertisement, Location-Based Social Networks, Location-Based Health Monitoring, Other Applications
4) By End User: Manufacturing, Healthcare And Life Sciences, Media And Entertainment, Government, Retail, Transportation
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Who Are The Major Players In The LBS And RTLS Market?
Major companies operating in the LBS and RTLS market include NTT Docomo Inc., Google LLC, Oracle Corporation, Quuppa Intelligent Locating System, Airista Flow Inc., TomTom N.V, Qualcomm Incorporated, Zebra Technologies Corporation, Navigine Corp., Stanley Black & Decker Inc., Apple Inc., Teldio Avigilon Solutions, IBM, Cisco Systems Inc., Microsoft Corporation, Ericsson India Pvt Ltd, Aruba Networks, CenTrak, Wipro GE Healthcare Pvt Ltd, Trimble Inc., Foursquare Labs Inc., Baidu Inc., AutoNavi Holdings Limited, Ubisense Group PLC, HERE Technologies, KDDI Corporation, Leantegra Inc., Sewio Networks s.r.o., Spime Inc., Identec Group AG, Infor Inc., TeleTracking Technologies Inc.
What Are The Emerging Trends In The LBS And RTLS Market?
LBS and RTLS market players are developing innovative products such as workplace applications to meet larger customer bases and increase revenue. For instance, Microsoft launched Places for GPS-style navigation in October 2022. Its key feature is its utility in supporting hybrid work models for both employees and workplaces. The application enables workers to locate meeting rooms within office buildings with ease while also helping users to identify available hot desking spots in real time by configuring the office’s layout and facilities within the application.
What Is The Regional Analysis Of The LBS And RTLS Market?
North America held the largest share in the LBS and RTLS market in 2024. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Location-Based Services (LBS) And Real-Time Location Systems (RTLS) Market Report 2025 Offer?
Location-Based Services (LBS) leverage geographical data to deliver information, services, or applications tailored to users’ physical locations. Real-Time Location Systems (RTLS) automatically identify and track objects or individuals in real-time within a designated area. Combined, LBS and RTLS form a robust framework for location-aware applications, enhancing user engagement, optimizing operational processes, and generating valuable data insights. The Location-Based Services (LBS) And Real-Time Location Systems (RTLS) Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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