What Has Been The Evolution of the Location-Based Services (LBS) And Real-Time Location Systems (RTLS) Market in Recent Years?
The location-based services (lbs) and real-time location systems (rtls) market has seen considerable growth due to a variety of factors.
• The market size for location-based services (LBS) and real-time location systems (RTLS) has seen significant expansion over the past few years. Its growth is predicted to rise from $33.07 billion in 2024 to $40.58 billion in 2025, representing a compound annual growth rate (CAGR) of 22.7%. This growth has been largely driven by the rising demand for contactless solutions, applications in industrial and manufacturing sectors, usage in transportation and logistics, healthcare sector utilization, and the adoption by the retail industry.
How Will the Location-Based Services (LBS) And Real-Time Location Systems (RTLS) Market Size In The Coming Years?
The Location-Based Services (LBS) And Real-Time Location Systems (RTLS) market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for location-based services (LBS) and real-time location systems (RTLS) is projected to witness substantial growth in the coming years. By 2029, it is predicted to reach a value of $102.65 billion, expanding at a compound annual growth rate (CAGR) of 26.1%.
This anticipated growth in the forecast period is due to the rise of IoT integration, higher demand in the healthcare sector, growth in retail and e-commerce sectors, the advancement of smart cities, and solutions for post-pandemic issues. The forecast period is also expected to see major trends such as regulatory compliance and data privacy, strategic partnerships, improved safety and security measures, initiatives for smart city development, and better management of fleet and transportation systems.
Which Factors Are Boosting Growth In The Location Based Services LBS And Real Time Location Systems RTLS Market?
The rapid rise in smartphone usage is predicted to boost the expansion of the market for location-based services and real-time location systems. A smartphone is a portable device that connects to a cellular network. These location-based services and real-time location systems utilize digital geospatial and communication technologies to provide real-time data to individual smartphones, depending on their geographical location, facilitating the growth of this market. For example, Uswitch Limited, a UK-based online and telephone comparison and switching service, reported in February 2023 that in 2022, 71.8 million mobile connections were active, marking a 3.8% increase from the previous year. By 2025, the UK population is estimated to reach 68.3 million, and a staggering 95% of them are expected to own a smartphone. Consequently, the accelerating use of smartphones is fueling the growth of the location-based services and real-time location systems market.
What Key Areas Define The Segmentation Of The Global Location Based Services LBS And Real Time Location Systems RTLS Market?
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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How Are Emerging Trends Reshaping The Dynamics Of The Location Based Services LBS And Real Time Location Systems RTLS Market?
Leading businesses in the sector of location-based services (LBS) and real-time location systems (RTLS) are introducing groundbreaking products like workplace applications to cater to a broader client base, escalate sales, and bolster their revenue. Workplace applications are software solutions made to streamline and enrich a variety of work elements inside a company. For instance, Microsoft Corporation, a prominent tech firm from the USA, unveiled Places, a product for GPS-like navigation in October 2022. The uniqueness of this application lies in its dedication to simplifying the integration of hybrid work structures for workplaces as well as employees. A key highlight is its satellite navigation-like functionality, allowing employees to seamlessly pinpoint meeting rooms within their office premises. Moreover, by mapping out the office structure and amenities within the application, users are equipped with the capacity to spot on-the-spot available hot desking spaces, simplifying the process to identify readily accessible and unoccupied workplaces in real-time.
Who Are the Key Players 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 include:
• 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.
What Is The Most Dominant Region 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.
