The Business Research Company’s report on the Location-Based Services (LBS) And Real-Time Location Systems (RTLS) Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
Which emerging drivers are set to accelerate the growth of the location-based services (lbs) and real-time location systems (rtls) market further?
The surge in the use of smartphones is expected to propel the growth of the location-based services and real-time location systems market going forward. A smartphone refers to a portable electronic gadget with a cellular network connection. Location-based services and real-time location systems use the internet, geospatial technologies, and communication technologies to deliver information to individual smartphones in real-time, based on their geographic location, and assist in driving this market. For instance, in February 2023, according to a report published by Uswitch Limited, a UK-based online and telephone comparison, and switching service, 71.8 million mobile connections were active in 2022, which is an increase of 3.8% from 2021. There will be 68.3 million people living in the UK by 2025, and 95% of them will have smartphones in their hands. Therefore, the surge in the use of smartphones is driving the growth of the location-based services and real-time location systems market.
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What are the key factors influencing the forecasted market size of the location-based services (lbs) and real-time location systems (rtls) industry?
The location-based services (LBS) and real-time location systems (RTLS) market size has grown exponentially in recent years. It will grow from $33.07 billion in 2024 to $40.58 billion in 2025 at a compound annual growth rate (CAGR) of 22.7%. The growth in the historic period can be attributed to demand for contactless solutions, industrial and manufacturing use, transportation and logistics, healthcare utilization, retail industry adoption.
The location-based services (LBS) and real-time location systems (RTLS) market size is expected to see exponential growth in the next few years. It will grow to $102.65 billion in 2029 at a compound annual growth rate (CAGR) of 26.1%. The growth in the forecast period can be attributed to rise in IoT integration, increasing demand in healthcare, expansion in retail and e-commerce, smart city development, post-pandemic solutions. Major trends in the forecast period include regulatory compliance and data privacy, strategic collaborations, enhanced safety and security, smart city initiatives, fleet management and transportation.
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Who are the leading competitors in the location-based services (lbs) and real-time location systems (rtls) market?
Major companies operating in the location-based services (LBS) and real-time location systems (RTLS) market are 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, International Business Machines Corporation, Cisco Systems Inc., Microsoft Corporation, Ericsson India Private Limited, 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.
Which emerging trends are set to transform the location-based services (lbs) and real-time location systems (rtls) market landscape?
Major companies operating in the location-based services (LBS) and real-time location systems (RTLS) market are developing innovative products such as workplace applications to meet larger customer bases, more sales, and increase revenue. Workplace applications refer to software programs or tools designed to facilitate and enhance various aspects of work within an organization. For instance, in October 2022, Microsoft Corporation, a US-based technology company, launched Places for GPS-style navigation. The distinctive feature of the application is its focus on facilitating the adoption of hybrid work models for both employees and workplaces. One notable aspect is its satellite navigation-style functionality, enabling workers to effortlessly locate meeting rooms within the office building. Additionally, by configuring the office’s layout and facilities within the application, users gain the ability to identify currently available hot desking spots, making it easier to find suitable and vacant workspaces in real time.
How do different geographies compare in terms of market share and growth potential in the location-based services (lbs) and real-time location systems (rtls) market?
North America was the largest region in the location-based services (LBS) and real-time location systems (RTLS) market share in 2024. The regions covered in the location-based services (LBS) and real-time location systems (RTLS) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Which major segments of the location-based services (lbs) and real-time location systems (rtls) market are experiencing the fastest growth?
The location-based services (LBS) and real-time location systems (RTLS) market covered in this report is segmented –
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
Subsegments:
1) By Hardware: GPS Devices, RFID Tags And Readers, Beacons (Bluetooth, Ultra-Wideband), Sensors (Environmental, Motion), Wireless Access Points
2) By Software: LBS Software Platforms, Mapping And Navigation Software, Analytics And Data Management Software, Location Tracking Software
3) By Services: Consulting Services, Integration Services, Maintenance And Support Services, Managed Services
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What defines the structure and scope of the location-based services (lbs) and real-time location systems (rtls) market?
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. When combined, LBS and RTLS form a robust framework for location-aware applications, enhancing user engagement, optimizing operational processes, and generating valuable data insights.
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