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 - Global Forecast to 2027
[261 Pages Report] MarketsandMarkets 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.
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Location-Based Service (LBS) and Real-Time Location Systems (RTLS) Market Dynamics
Driver: Growing demand for LBS and RTLS for industry applications
The development of platforms that offer improved accuracy is the result of the improvements in LBS and RILS technologies during the past ten years. better effectiveness and reduced prices for RTLS goods and services. The usage of RTLS increased across a number of verticals, including healthcare, industrial manufacturing, logistics, process industries (mining, oil and gas), and defense as a result of all these advancements. The benefits of tracking, monitoring, and analysing the precise location and movements of their assets are now being recognized by more sectors. These advantages include improved workflow, simpler processes, and higher production.
The penetration of LBS and RTLS solutions into several industries, including industrial manufacturing and consumer goods, is anticipated in order to create a more established tracking and locating technology. The surge in the use of LBS and RTLS solutions is a result of the requirement for high operational excellence, increased resource utilisation, and improved productivity in a company for a sustainable future. The decreased capital expenditure made feasible by the adoption of these solutions is the main driver of the rising demand for advanced asset tracking solutions. These solutions allow businesses to manage the assets for improved productivity at lower costs, in addition to tracking assets and staff.
Restraint: High cost of installation and maintenance restricts market growth
RTLS systems can be highly expensive to install, costing anything between USD 2 and $5 million. This varies depending on the installation region and the different businesses. The hardware cost of Wi-Fi-based RTLS is higher than that of UWB-enabled systems, but the installation cost is lower. The upkeep of Wi-Fi and RFID-based systems is more expensive than that of systems based on UWB and BLE, for example. The cost of the RTLS systems' hardware, software, infrastructure wiring, and electricity can be partly blamed for their high cost. While wiring, power, and the installation of RTLS components greatly increase the overall cost, the infrastructure is expensive. Many RTLS companies are facing various issues in terms of deployment and technology, as many projects are failing because they require significant engineering efforts and on-site preferences. Installation of RTLS systems requires qualified personnel to be present on the site at the time of installation.
Opportunity: Focus on IoT in healthcare
The use of loT solutions powered by technologies like RFID tags, GPS, and RTLS is gaining traction due to a number of factors. widespread use of IP networks. decreasing equipment costs and fresh business prospects all help to fuel the growing demand for loT solutions. These tools assist in tracking physical assets to enhance corporate operations and cut costs in a variety of sectors and government agencies. In general, the term "loT" is used to refer to any technology that enables networked devices to share data and carry out tasks on their own, without the need for human intervention. The adoption of loT has been among the fastest in the healthcare sector.
The capacity to collect data and monitor activity from other locations is the main benefit of loT. Accurate location information from RTLS can assist healthcare facilities boost efficiency, capacity, productivity, and throughput while lowering waste and unnecessary costs by enabling the best alignment of resources, personnel, and patients. Operational performance may be improved, maintenance costs can be decreased, and delays in problem solving can be minimised when operational data can be linked and coupled with people and things. Additionally, improved diagnostic equipment connectivity enables practitioners to collect and retrieve data that may be linked with patient records.
Challenge: Hindrance in RTLS supply chain
To stop the spread of COVID-19, many nations have imposed or are still enforcing lockdowns. The supply chains of several markets have been impacted by this, including the RTLS industry for healthcare. For RTLS manufacturers, manufacturing and selling their products is becoming more difficult as a result of this supply chain obstruction. For example, Honeywell has acknowledged that there are a few modest production and lead time issues. Although the company is working to increase capacity, there is a backlog in demand, therefore it is allocating orders based on first-in, first-out priority. Similar to these companies, Zebra Technologies was unable to finish all of its orders in the first quarter due to global supply chain problems, less than anticipated Chinese demand, and other factors.
By Component, the Services segment to have a higher growth during the forecast period
The LBS and RTLS platform's services can be divided into three categories: application support and maintenance, consultancy, and training. These services are necessary for the effective operation of RTLS and LBS. The complexity of the application and the kind of technology being used affect the general cost of installing LBS systems. Costs for middleware, services, hardware, and software are included in this amount.
Services are crucial to the whole implementation of LBS and RTLS, particularly for RTLS. Before installing RTLS, it is essential to understand the installation and maintenance requirements in order to estimate the precise time and financial commitments needed to instal a platform. For instance, some RTLS instals may take months and hinder the functioning of current systems, which can reduce staff productivity in settings like hospitals. On the other hand, other technologies, like Wi-Fi-based RTLS, can be integrated with the building's existing wireless network infrastructure and hence take less time to deploy. In addition to installation and maintenance services, the services category also includes professional services including consultation, Rol analysis, and site inspection.
By Location Type, the Outdoor segment to dominate the market during the forecast period
Outdoor positioning uses style mapping, which enables navigation services, combined with GPS, satellites, IR-based remote sensing, and other positioning technologies to find data, assets, or people in an open area. To track distant objects or people from any area, outdoor positioning is employed. The main outside positioning technologies are wireless networks, cellular networks, and GNSS. The GPS GNSS is the most widely used GNSS used on mobile devices. Based on differential GPS, aided GPS, and high-accuracy GPS chips, numerous locating strategies and methodologies have been created.
APAC to grow at the highest CAGR during the forecast period
Significant growth prospects are expected in the APAC LBS and RTLS industry during the next five years. The presence of a sizable population, evolving technology, and rapid economic development in nations like China, India, Australia, Japan, Singapore, and Hong Kong are the primary driving forces behind the expansion of the LBS and RTLS business in the region.
The Australian Federal Government, Facebook, Dominos, and Willis RE are a few of the prominent users of the enterprise location intelligence platform offered by Pitney Bowes. Pitney Bowes is a multinational shipping and mailing business that offers financial, logistical, and technological services globally. Some of the factors driving the growth of the market in fast developing economies like China and India include the rising desire to enhance supply chain operations and the initiatives taken by the governments of these nations to standardise LBS and RTLS technologies.
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Key Market Players
The report includes the study of key players Location-Based Service (LBS) and Real-Time Location Systems (RTLS) market. It profiles major vendors in the Location-Based Service (LBS) and Real-Time Location Systems (RTLS) market. The major vendors in the Location-Based Service (LBS) and Real-Time Location Systems (RTLS) market are AiRISTA Flow (US), Apple (US), Aruba Networks (US), CenTrak (US), Cisco (US), Ericsson (US), ESRI (US), GE Healthcare (US), Google (US), HERE (Netherlands), IBM (US), KDDI (Japan), Leantegra (US), Microsoft (US), Navigine (US), NTT Docomo (Japan), Oracle (US), Qualcomm (US), Quuppa (Finland), Sewio Republic (Czech Republic), Spime (US), Identec Group (Liechtenstein), Infor (US), TeleTracking Technologies (US), MYSPHERA (Spain), Stanley Healthcare (US), Teldio (Canada), TomTom (Netherlands), Ubisense (UK), Zebra Technologies (UK). These players have adopted various strategies to grow in the global offering Location-Based Service (LBS) and Real-Time Location Systems (RTLS) market. The study includes an in-depth competitive analysis of these key players in the offering Location-Based Service (LBS) and Real-Time Location Systems (RTLS) market with their company profiles, recent developments, and key market strategies.
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Get online access to the report on the World's First Market Intelligence Cloud
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- Latest News, Updates & Trend analysis
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Report Metrics |
Details |
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Market size available for years |
2017-2027 |
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Base year considered |
2021 |
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Forecast period |
2022-2027 |
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Forecast units |
Value (USD Million/USD Billion) |
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Segments covered |
By component, deployment mode, organization size, vertical, and region |
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Regions covered |
North America, Europe, Asia Pacific, and Rest of World |
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Companies covered |
AiRISTA Flow (US), Apple (US), Aruba Networks (US), CenTrak (US), Cisco (US), Ericsson (US), ESRI (US), GE Healthcare (US), Google (US), HERE (Netherlands), IBM (US), KDDI (Japan), Leantegra (US), Microsoft (US), Navigine (US), NTT Docomo (Japan), Oracle (US), Qualcomm (US), Quuppa (Finland), Sewio Republic (Czech Republic), Spime (US), Identec Group (Liechtenstein), Infor (US), TeleTracking Technologies (US), MYSPHERA (Spain), Stanley Healthcare (US), Teldio (Canada), TomTom (Netherlands), Ubisense (UK), Zebra Technologies (UK). |
This research report categorizes the Location-Based Service (LBS) and Real-Time Location Systems (RTLS) market to forecast revenues and analyze trends in each of the following subsegments:
By Component:
- Platform
-
Services
- Deployment and Integration
- Application Support and Maintenance
- Consulting and Training
- Hardware
By Location Type:
- Outdoor
- Indoor
By Application:
- Tracking and Navigation
- Marketing and Advertising
- Location-based Social Networks
- Location-based Health Monitoring
- Others
By Vertical:
- Retail
- Government
- Manufacturing
- Tourism and Hospitality
- Healthcare and Life Sciences
- Media and Entertainment
- Others
By Region:
-
North America
- US
- Canada
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Europe
- UK
- Germany
- Rest of Europe
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Asia Pacific
- China
- Japan
- Rest of Asia Pacific
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Rest of the World
- Middle East
- Africa
- Latin America
Recent Developments:
- In September 2021, BT and Oracle partnered to optimize its network resources and accelerate the introduction of a new 5G offering in the market. The solution will enable BT to test and implement 5G services quickly and seamlessly.
- In September 2021, Ericsson's new Cloud Connect service is an integrated component of the Ericsson IoT Accelerator. This makes it easy for enterprises to securely connect cellular devices to public cloud IoT endpoints such as AWS IoT Core.
- In July 2021, IBM and Atos collaborated and built a secure infrastructure for the Dutch Ministry of Defence. This infrastructure supports advanced technologies and infrastructure services and safeguards related systems.
- In June 2020, Google Maps released beta of Cloud-based maps styling features which is a new set of capabilities to help customize, manage, and deploy maps from Google cloud console.
Frequently Asked Questions (FAQ):
How is the Location-Based Service (LBS) and Real-Time Location Systems (RTLS) market expected to grow in the next five years?
According to MarketsandMarkets, the Location-Based Service (LBS) and Real-Time Location Systems (RTLS) market size is expected to grow 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.
Which region has the largest market share in the Location-Based Service (LBS) and Real-Time Location Systems (RTLS) market?
North America is estimated to hold the largest market share in Location-Based Service (LBS) and Real-Time Location Systems (RTLS) market in 2022. North America is one of the technologically advanced markets in the world.
What are the major factors driving Location-Based Service (LBS) and Real-Time Location Systems (RTLS) market?
The major drivers Location-Based Service (LBS) and Real-Time Location Systems (RTLS) market are increasing demand for RTLS solutions based in UWB, increasing demand for geo-marketing, increasing competitiveness of LBS and RTLS market, and growth demanding for LBS and RTLS for industry applications.
Who are the major vendors in Location-Based Service (LBS) and Real-Time Location Systems (RTLS) market?
Major vendors in Location-Based Service (LBS) and Real-Time Location Systems (RTLS) market include AiRISTA Flow (US), Apple (US), Aruba Networks (US), CenTrak (US), Cisco (US), Ericsson (US), ESRI (US), GE Healthcare (US), Google (US), HERE (Netherlands), IBM (US), KDDI (Japan), Leantegra (US), Microsoft (US), Navigine (US), NTT Docomo (Japan), Oracle (US), Qualcomm (US), Quuppa (Finland), Sewio Republic (Czech Republic), Spime (US), Identec Group (Liechtenstein), Infor (US), TeleTracking Technologies (US), MYSPHERA (Spain), Stanley Healthcare (US), Teldio (Canada), TomTom (Netherlands), Ubisense (UK), Zebra Technologies (UK).
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The study involved four major activities in estimating the current size of the Location-Based Service (LBS) and Real-Time Location Systems (RTLS) market. Exhaustive secondary research was done to collect information on the industry. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain using primary research. Both top-down and bottom-up approaches were employed to estimate the total market size. After that, the market breakup and data triangulation procedures were used to estimate the market size of the segments and sub segments of the Location-Based Service (LBS) and Real-Time Location Systems (RTLS) market.
Secondary Research
In the secondary research process, various secondary sources were referred to, for identifying and collecting information for this study. Secondary sources include annual reports; press releases and investor presentations of companies; and white papers, certified publications, and articles from recognized associations and government publishing sources. Moreover, journals such as the International Journal of Computer Science, Information Technology, and Security (IJCSITS); Journal of Location Based Services; and associations, such as The International RFID Business Association (RFIDba), Location Based Marketing Association (LBMA), and The International Map Industry Association (IMIA), have also been referred to for consolidating this report.
Secondary research was mainly used to obtain key information about the industry insights, the market’s monetary chain, the overall pool of key players, market classification and segmentation according to industry trends to the bottom-most level, regional markets, and key developments from both market- and technology-oriented perspectives.
Primary Research
In the primary research process, various primary sources from both demand and supply sides were interviewed to obtain qualitative and quantitative information for the global LBS and RTLS report. The primary sources from the supply side included industry experts, such as Chief Executive Officers (CEOs), VPs, marketing directors, technology and innovation directors, and related key executives from various key companies and organizations, operating in the global LBS and RTLS market. After the complete market engineering (which included calculations for market statistics, market breakdown, market size estimation, market forecasting, and data triangulation), extensive primary research was conducted to gather information and verify and validate the numbers arrived at, through our estimation process. Primary research was also conducted to identify the segmentation types, industry trends, key players, competitive landscape of the global LBS and RTLS market, and key market dynamics, such as drivers, restraints, opportunities, industry trends, and key player strategies.
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
For the estimation and forecasting of the Location-Based Service (LBS) and Real-Time Location Systems (RTLS) market, many methodologies were used. The first method entails calculating the market's size by adding up the profits that businesses make from the sales of products and services. For crucial insights, this complete process has examined the annual and financial reports of leading market participants and has conducted in-depth interviews with prominent industry figures, including CEOs, VPs, directors, and marketing executives of top businesses. Secondary sources were used to calculate all percentage splits and breakdowns, and primary sources were used to confirm the results. All possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to arrive at the final quantitative and qualitative data. This data has been consolidated and enhanced with detailed inputs and analysis from MarketsandMarkets.
Data Triangulation
After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and subsegments. In order to complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation and market breakdown procedures were employed, wherever applicable.
Report Objectives
- To determine and forecast the global Location-Based Service (LBS) and Real-Time Location Systems (RTLS) market by component, (platforms, services, and hardware), location type, by application, by vertical, and region from 2021 to 2026, and analyze various macroeconomic and microeconomic factors that affect the market growth
- To forecast the size of the market’s segments with respect to five main regions: North America, Europe, Asia Pacific (APAC), and the RoW (Rest of the world).
- To analyze each submarket with respect to individual growth trends, prospects, and contributions to the overall digital payment market
- To provide detailed information regarding major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the Location-Based Service (LBS) and Real-Time Location Systems (RTLS) market
- To profile key market players and provide a comparative analysis based on their business overviews, service offerings, regional presence, business strategies, and key financials
- To track and analyze competitive developments, such as mergers and acquisitions, product developments, partnerships and collaborations, and Research and Development (R&D) activities, in the market
Available Customizations
Along with the market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:
Product Analysis
- Product Matrix which gives a detailed comparison of the product portfolio of each company
Company Information
- Detailed analysis and profiling of additional market players (up to 5)
Growth opportunities and latent adjacency in Location-based Services (LBS) and Real-Time Location Systems (RTLS) Market