Chicago, Feb. 22, 2024 (GLOBE NEWSWIRE) -- The LBS and RTLS Market size is projected to grow from USD 24.7 billion in 2023 to USD 60.4 billion by 2028, at a CAGR of 19.6% during the forecast period, according to a new report by MarketsandMarkets™.
Browse in-depth TOC on "Location-Based Services (LBS) and Real-Time Location Systems (RTLS) Market"
250 - Tables
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Location-Based Services (LBS) Market Dynamics:
Drivers:
- Increasing demand for UWB-based real-time location systems
- Rising need for geo-marketing
- Increasing competitiveness
- Growing demand for location-based and real-time systems and services in various industries
Restraints:
- High installation and maintenance costs
- Data security concerns
- Negative feedback from end users
Opportunities:
- Growing use of BLE and UWB for indoor proximity services
- Rising focus on IoT in healthcare
- Growing use of 5G for location-based services
- Rising demand for real-time location systems in emerging regions
List of Key Players in Location-Based Services (LBS) and Real-Time Location Systems (RTLS) Market:
- Cisco
- IBM
- Microsoft
- Oracle
- Ericsson
- Qualcomm
- TomTom
- Zebra Technologies
- ESRI
The widespread adoption of LBS and RTLS across various sectors, such as industrial manufacturing and consumer goods, is expected to foster the development of robust tracking and locating technologies. The increased utilization of LBS and RTLS is driven by the growing need for enhanced operational efficiency, optimized resource usage, and heightened productivity within companies, all aimed at securing a sustainable future.
By offering, the services segment is expected to grow with the highest CAGR during the forecast period
Services play a pivotal role in the comprehensive implementation of Location-Based Services (LBS) and Real-Time Location Systems (RTLS), with a particular emphasis on the latter. Understanding the intricacies of installation and maintenance is crucial for RTLS deployment, as it allows for accurate assessments of the time and cost investments needed to establish a platform. For example, certain RTLS installations may span several months, potentially impacting staff productivity in settings like hospitals by disrupting existing systems. Conversely, solutions such as Wi-Fi-based RTLS can be seamlessly integrated into the facility's current wireless network infrastructure, resulting in a shorter installation time. Beyond installation and maintenance services, the services segment encompasses professional services, including consulting, role analysis, and site inspection. These additional services contribute to the holistic support and optimization of LBS and RTLS implementations.
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By location type, the Outdoor segment is expected to hold the largest market size during the forecast period
Outdoor positioning locates data, assets, or people in an open area using GPS, satellites, IR-based remote sensing, other positioning technologies, and style mapping, which supports navigation services. Outdoor positioning is used to trace long-distance objects or people from any location. Major outdoor positioning technologies include GNSS, cellular networks, and wireless networks. The most popular GNSS deployed on mobile devices is the GPS. Many positioning techniques and methods have been developed based on high-accuracy, differential, and assisted GPS chips. Major applications of outdoor LBS include geo-marketing and advertising, asset tracking, personal tracking, customer location tracking, fleet tracking, freight management, route optimization and planning, mapping discovery and infotainment, geographic event alerts, and defense management.
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Major players operating in this market ecosystem include Cisco (US), Google (US), IBM (US), Microsoft (US), Oracle (US), Ericsson (Sweden), Qualcomm (US), TomTom (Netherlands), Zebra Technologies (US), ESRI (US), Teldio (Canada), HERE (Netherlands), Ubisense (UK), Apple (US), etc. These entities possess not only an extensive and varied range of products but also maintain a robust global presence. Operating on a worldwide scale, these corporations provide numerous products and services, leveraging their research and development capabilities as well as diversified portfolios to enhance their market share. Their strategic emphasis revolves around product launches, collaborations, acquisitions, contracts, and partnerships, aimed at fortifying their market presence through innovative product offerings and expanding their business outreach.
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