Global Location-based Services (LBS) and Real-Time Location Systems (RTLS) Market Report 2023: Increasing Demand for UWB-Based Real-Time Location Systems Boosts Growth

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Apr 19, 2023, 11:30 ET

DUBLIN, April 19, 2023 /PRNewswire/ -- The "Global Location-based Services (LBS) and Real-Time Location Systems (RTLS) Market by Component (Platforms, Services, and Hardware), Location Type, Application (Tracking & Navigation, Marketing & Advertising), Vertical and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The publisher forecasts 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.

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, 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.

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

Challenges

System Irreconcilability and Lack of Standardization

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview and Industry Trends

6 LBS and RTLS Market, by Component
6.1 Introduction
6.2 Platforms
6.2.1 Growing Need to Enhance Features of Location-Based and Real-Time Location Platforms
6.3 Services
6.3.1 Growing Demand for Modern Information Services
6.3.2 Deployment and Integration
6.3.3 Application Support and Maintenance
6.3.4 Consulting and Training
6.4 Hardware
6.4.1 Rising Use of Embedded Sensors and Long-Lasting Internal Batteries

7 LBS and RTLS Market, by Location Type
7.1 Introduction
7.2 Outdoor
7.2.1 Rising Demand for Outdoor Positioning Systems in Companies
7.3 Indoor
7.3.1 Increasing Need to Track Inventory Accurately

8 LBS and RTLS Market, by Application
8.1 Introduction
8.2 Tracking and Navigation
8.2.1 Wayfinding Apps Aid Indoor Navigation
8.3 Marketing and Advertising
8.3.1 Geolocation Data Helps Identify Store Preferences of Customers
8.4 Location-Based Social Networks
8.4.1 Growing Popularity of Social Networking Apps
8.5 Location-Based Health Monitoring
8.5.1 Rising Demand for Monitoring and Alert Systems During Pandemic
8.6 Other Applications

9 LBS and RTLS Market, by Vertical
9.1 Introduction
9.2 Transportation & Logistics
9.2.1 Increasing Demand for Field Asset Monitoring and Alert Applications
9.3 Retail
9.3.1 Location-Based Intelligence Systems Help Retail Consumers Locate Nearby Stores
9.4 Government
9.4.1 Location-Based and Real-Time Location Services Help Government Gather Information
9.5 Manufacturing
9.5.1 Rising Need to Track and Locate Equipment and Components
9.6 Tourism & Hospitality
9.6.1 Increasing Use of Location-Based and Real-Time Location Systems to Manage Tourism
9.7 Healthcare
9.7.1 Increasing Adoption of Location-Based and Real-Time Location Solutions to Drive Market Growth in Healthcare
9.8 Media & Entertainment
9.8.1 Rising Need to Manage Distribution Networks
9.9 Other Verticals

10 LBS and RTLS Market, by Region

11 Competitive Landscape

12 Company Profiles

13 Adjacent Markets

14 Appendix

Companies Mentioned

Airista Flow
Apple
Aruba Networks
Centrak
Cisco
Ericsson
Esri
GE Healthcare
Google
Here
Ibm
Identec Group
Infor
Kddi
Leantegra
Microsoft
Mysphera
Navigine
Ntt Docomo
Oracle
Qualcomm
Quuppa
Sewio Networks
Spime (Trimble)
Stanley Healthcare
Teldio
Teletracking Technologies
Tomtom
Ubisense
Zebra Technologies

For more information about this report visit https://www.researchandmarkets.com/r/al4y0k

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