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

Location-based Services LBS and RTLS Industry - Key Trends Driving Global Growth

The Location-based Services (LBS) and Real-Time Location Systems (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 usage of RTLS increased across several verticals, including healthcare, industrial manufacturing, logistics, process industries (mining, oil and gas), and defense due to all these advancements.

To know about the assumptions considered for the study download the pdf brochure

These emerging trends indicate that the LBS and RTLS industry will continue to grow as new applications are discovered, and technology evolves to provide more accurate and reliable location-based services.

Emerging trends in the global Location-based Services LBS and RTLS Market are:

  • Increased Adoption in Healthcare
  • Expansion in Retail and Customer Experience
  • Growth of IoT and Smart Devices
  • Improved Accuracy with Advanced Technologies
  • Integration with Artificial Intelligence (AI) and Machine Learning (ML)
  • Safety and Security Applications
  • Growing Use in Transportation and Logistics

Increased Adoption in Healthcare:

Healthcare facilities are using RTLS to track medical equipment, monitor patient flow, and ensure safety. Location-based services also assist in managing assets and personnel within hospitals.

Expansion in Retail and Customer Experience:

Retailers use LBS to enhance customer experience through personalized promotions, in-store navigation, and proximity marketing. RTLS helps retailers manage inventory and optimize store layout.

Growth of IoT and Smart Devices:

The rise of IoT devices fuels the growth of LBS and RTLS. Connected devices can share location data, enabling real-time tracking and monitoring across various applications.

Improved Accuracy with Advanced Technologies:

The use of technologies like Ultra-Wideband (UWB), Bluetooth Low Energy (BLE), and GPS increases the accuracy of location-based services, allowing for more precise tracking.

Integration with Artificial Intelligence (AI) and Machine Learning (ML):

AI and ML are being integrated with LBS and RTLS to provide predictive analytics and enhance decision-making. This leads to smarter asset management and improved customer insights.

Safety and Security Applications:

LBS and RTLS are used for safety and security, such as employee tracking in hazardous environments, emergency response coordination, and security in public venues.

Growing Use in Transportation and Logistics:

Transportation and logistics companies use RTLS to optimize routes, manage fleets, and track shipments in real-time, improving efficiency and reducing costs.

Related Reports:

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

Location-based Services (LBS) and Real-Time Location Systems (RTLS) Market Size,  Share & Growth Report
Report Code
TC 2371
RI Published ON
4/10/2024
Choose License Type
BUY NOW
ADJACENT MARKETS
REQUEST BUNDLE REPORTS
GET A FREE SAMPLE

This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.

SEND ME A FREE SAMPLE
  • Call Us
  • +1-888-600-6441 (Corporate office hours)
  • +1-888-600-6441 (US/Can toll free)
  • +44-800-368-9399 (UK office hours)
CONNECT WITH US
ABOUT TRUST ONLINE
©2024 MarketsandMarkets Research Private Ltd. All rights reserved
DMCA.com Protection Status