Location-based Services (LBS) and Real-Time Location Systems (RTLS) Industry

Location-based Services (LBS) and Real-Time Location Systems (RTLS) Industry worth $60.4 billion by 2028

According to a research report "Location-based Services (LBS) and Real-Time Location Systems (RTLS) Market by Offering (Platform, Services, Hardware), Location Type, Technology, Application (Tracking & Navigation, Marketing & Advertising), Vertical and Region - Global Forecast to 2028" published by MarketsandMarkets, 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. 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.

Browse 338 market data Tables and 44 Figures spread through 298 Pages and in-depth TOC on "Location-based Services (LBS) and Real-Time Location Systems (RTLS) Market by Offering (Platform, Services, Hardware), Location Type, Technology, Application (Tracking & Navigation, Marketing & Advertising), Vertical and Region - Global Forecast to 2028"
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Based on service, the  application support and maintenance segment holds 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.

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.

Market Players

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.

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Location-based Services (LBS) and Real-Time Location Systems (RTLS) Market Size,  Share & Growth Report
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