Location-Based Service (LBS) and Real-Time Location Systems (RTLS) Market worth $60.4 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Feb. 2, 2024 /PRNewswire/ -- 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™. The emergence of 5G and low-cost connectivity technologies have also helped create ubiquitous connectivity. Enhancement in connectivity technologies, supplemented by growing interest in personalizing services based on users' location information, has boosted the LBS and RTLS Market.

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250 - Tables
70 - Figures
300 - Pages

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Scope of the Report

Based on service, the application support and maintenance segment hold the largest market size during the forecast period.

Application-specific support and maintenance services are offered after an organization installs the LB and RTL solutions. These services include assistance during installation and data and platform maintenance activities. The services can be provided onsite or remotely via web conferencing, telephones, and ticketing systems. End-users may require the help of LBS and RTLS vendors for further customization or improvement in the system, for which the vendors provide services for a predetermined duration.

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Timely support and maintenance reduce overall performance issues of LBS or RTLS platforms. Vendors offering support and maintenance services focus on improving the performance of the platforms, reducing Capital Expenditure (CAPEX) and Operational Expenditure (OPEX), and ensuring end-to-end LBS and RTLS platform delivery and multi-vendor support. Thus, an increase in the adoption rate of platforms across the globe is expected to lead to an increased demand for support and maintenance services.

Based on application, the Location-based health monitoring segment is expected to grow with the highest CAGR during the forecast period.

Many applications based on Location-Based Services (LBS) are concentrated in the healthcare sector, specifically in areas like exercise and fitness, remote health monitoring, fall detection, and lone worker protection. A recent trend involves the integration of LBS with other wearable sensors, such as those measuring heart rate, blood pressure, and body temperature, to facilitate health monitoring and deliver personalized healthcare information and services. LBS also serves as assistive technology for visually impaired, differently-abled, and elderly individuals, enabling them to independently carry out daily activities and enhance their quality of life. These assistive systems offer features like personalized navigation, obstacle detection, space perception, and independent shopping. The growing awareness of preventive healthcare has significantly influenced the fitness landscape, particularly as sedentary jobs contribute to health issues. This shift is expected to drive the demand for advanced wellness and fitness solutions. Consequently, there is an increased interest in wearable devices and a surge in the demand for location-based health monitoring.

Asia Pacific is expected to grow with the highest CAGR during the forecast period.

The Asia Pacific LBS and RTLS Market are poised for substantial growth in the coming five years. The region presents promising opportunities due to the presence of a vast population and the continuous development of technologies. High economic growth in key countries, including China, India, Australia, Japan, Singapore, and Hong Kong, plays a pivotal role in propelling the expansion of the LBS and RTLS Market in this dynamic region. This growth is fueled by a combination of factors, including technological advancements, a burgeoning population, and robust economic activities, positioning the Asia Pacific market as a significant player in the global landscape. Dominos, Facebook, Willis RE, and the Australian Federal Government are some of the major players that use the enterprise location intelligence platform provided by Pitney Bowes. Pitney Bowes is a global shipping and mailing company providing technology, logistics, and financial services worldwide. In rapidly growing economies like China and India, the growing demand to improve supply chain operations and the government's efforts to standardize LBS and RTLS technologies drive the market's growth.

Top Key Companies in Location-Based Service (LBS) and Real-Time Location Systems (RTLS) Market:

The LBS and RTLS Market comprises major providers, such as 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 competitors have used various growth methods to increase their market share in the LBS and RTLS industry, including partnerships, agreements, collaborations, new product releases, product enhancements, and acquisitions.

Recent Developments

• In January 2024, TomTom announced the roll-out of its new TomTom Orbis Maps. The maps feature unprecedented coverage, including an industry-leading 86 million kilometers of transportation networks.
• In November 2023, Esri, a geographic information system (GIS) software leader, partnered with Microsoft to integrate its ArcGIS platform with Microsoft Fabric, a unified analytics platform. This integration will allow users of Microsoft Fabric to access Esri's powerful spatial analytics capabilities directly within their existing workflow.
• In May 2023, Google launched Geospatial Creator, which empowers individuals to swiftly create, visualize, and share immersive and augmented reality (AR) content using Unity and Adobe Aero
• In April 2023, Qualcomm and Xiaomi demonstrated mobile meter-level positioning capabilities powered by Snapdragon 8+ Gen 1 Mobile Platform in Germany, unlocking superior location capabilities. Meter-level positioning accuracy can improve smartphone user experience in numerous scenarios, including mapping, driving, and other mobile applications.
• In January 2023, Google Cloud Marketplace offered ESGSignals, a platform introduced by RS Metrics. It provides access to over 100 real-time environmental, social, governance (ESG), and environmental, climate, and physical (ECP) risk metrics at the asset level.

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Location-Based Service (LBS) and Real-Time Location Systems (RTLS) Market Advantages:

• Real-time asset, vehicle, and personnel tracking and monitoring within a facility or environment is made possible by RTLS, which enhances productivity, resource utilisation, and operational efficiency.
• LBS and RTLS promote safety and security by enabling real-time tracking and monitoring of individuals in emergency circumstances, facilitating timely response and evacuation procedures.
• With the use of RTLS, businesses can efficiently manage and monitor their inventory, equipment, and assets in real time, minimising theft, loss, and misplacing of these resources while maximising their use and maintenance schedules.
• By using geofences and delivering customised marketing messages, promotions, and alerts to users depending on their proximity to particular areas, LBS enables businesses to increase foot traffic and consumer engagement.
• By offering real-time visibility into vehicle locations, routes, and status, RTLS enhances fleet management and logistics by optimising delivery timetables, cutting fuel costs, and raising overall fleet efficiency.
• By providing indoor navigation and wayfinding services, LBS enhances visitor experience and lessens difficulties associated with navigation by guiding users across huge buildings, campuses, airports, and shopping malls.
• In hospitals and other healthcare facilities, RTLS is extensively utilised for personnel management, asset tracking, patient monitoring, and operational efficiency. These applications enhance patient care and help institutions comply with regulations.

Report Objectives

• To determine, segment, and forecast the global LBS and RTLS Market based on offering, service, location type, application, technology, vertical, and region in terms of value.
• To forecast the size of the market segments to five main regions: North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
• To provide detailed information about the major factors (drivers, opportunities, threats, and challenges) influencing the growth of the LBS and RTLS Market.
• To study the complete value chain and related industry segments and perform a value chain analysis of the LBS and RTLS Market landscape.
• To strategically analyze the macro and micro markets to individual growth trends, prospects, and contributions to the total LBS and RTLS Market.
• To analyze the industry trends, patents, and innovations related to the LBS and RTLS Market.
• To analyze the opportunities for stakeholders by identifying the high-growth segments of the LBS and RTLS Market.
• To profile the key players in the market and comprehensively analyze their market share/ranking and core competencies.
• Track and analyze competitive developments, such as mergers and acquisitions, product launches and developments, partnerships, agreements, collaborations, business expansions, and Research and development (R&D) activities.

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