Location-Based Services (LBS) And Real-Time Location Systems (RTLS) Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Real-time location systems are similar to location-based services which are based on a user’s location as determined by the geographical location of the device and use real-time geo-data from a smartphone to provide information, entertainment, or security. These systems also provide information on directions, local advertising, and local news.

Sizing and Forecast
The location-based services (lbs) and real-time location systems (rtls) market size has grown exponentially in recent years. It will grow from $27.23 billion in 2023 to $33.74 billion in 2024 at a compound annual growth rate (CAGR) of 23.9%. 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 $80.8 billion in 2028 at a compound annual growth rate (CAGR) of 24.4%. 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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Segmentation & Regional Insights
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

North America was the largest region in the location-based services (LBS) and real-time location systems (RTLS) market share in 2023. 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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Major Driver Impacting Market Growth
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.

Key Industry Players
Major companies operating in the location-based services (lbs) and real-time location systems (rtls) market report 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.

The location-based services (lbs) and real-time location systems (rtls) market report table of contents includes:

1. Executive Summary

2. Location-Based Services (LBS) And Real-Time Location Systems Market Characteristics

3. Location-Based Services (LBS) And Real-Time Location Systems Market Trends And Strategies

4. Location-Based Services (LBS) And Real-Time Location Systems Market – Macro Economic Scenario

5. Global Location-Based Services (LBS) And Real-Time Location Systems Market Size and Growth

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31. Global Location-Based Services (LBS) And Real-Time Location Systems Market Competitive Benchmarking

32. Global Location-Based Services (LBS) And Real-Time Location Systems Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Location-Based Services (LBS) And Real-Time Location Systems Market

34. Location-Based Services (LBS) And Real-Time Location Systems Market Future Outlook and Potential Analysis

35. Appendix

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