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

Key players have adopted various strategies to grow in the Location-Based Services (LBS) and Real-Time Location Systems (RTLS) Market

MarketsandMarkets projects the Location-Based Services (LBS) and Real-Time Location Systems (RTLS) market to grow from USD 16.0 billion in 2019 to USD 40.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 20.1% during the forecast period. Major factors expected to drive the growth of the LBS and RTLS market include various applications of geospatial data; growing demand for LBS and RTLS solutions for industry applications; proliferation of social media, smartphones, and location-based apps among consumers; and a growing demand for geomarketing.

Key and emerging market players include Aruba Networks (US), Cisco (US), Google (US), Esri (US), IBM (US), Microsoft (US), Oracle (US), TomTom (Netherlands), Teldio (Canada), HERE (Netherlands), Ericsson (Sweden), Foursquare (US), Navigine (US), AiRISTA Flow (US), Quuppa (Finland), Ubisense (UK), Apple (US), Qualcomm (US), STANLEY Healthcare (US), GE Healthcare (US), CenTrak (US), Spime (US), KDDI (Japan), NTT Docomo (Japan), and Zebra Technologies (US). These players have adopted various strategies to grow in the LBS and RTLS market.

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Location-based technologies support applications that integrate geographic-location information with business processes, thus helping in the analysis of location information. Location-based information is required to relate, compare, and analyze relationships in the obtained data for distinct business data sets. Most structured and unstructured business data is spatially significant. Visualizing and exploring an inter-relation within this data and making use of resulting discoveries will help organizations in strategic decision-making. LBS and RTLS solutions are expected to be the key to hidden or unidentified business patterns. LBS, analytics, and RTLS, when used in conjunction with the Geographic Information System (GIS), provide a platform for interpreting and analyzing information being represented by the data through a more visual representation.

Location-based advertising for enhanced customer experience is expected to be Google’s key focus in the indoor location market. Moreover, several maps with indoor images and street views have been added to Google Maps, using the indoor mapping technology. Google’s product, Latitude, was discontinued in 2013 to introduce a better and more advanced product in the indoor location industry. The consistent introduction of indoor map features in Google Maps shows that the company largely applies organic growth strategies of new product launches and upgradations to become a leader in the market. Asia Pacific (APAC) and the Middle East are Google’s prime target regions to deploy its indoor location maps and explore more opportunities for growth in the LBS and RTLS market. In February 2017, Google Maps was updated for Android with a new User Interface (UI) to offer its Android users with relevant information, including improvement in transit time, traffic data, local places, and the recommendations feature. In November 2016, Google launched Tango, an augmented reality system for smartphones. Furthermore, Google is trying to expand its base in the LBS and RTLS market by implementing inorganic growth strategies. In September 2016, Google acquired Urban Engines, a location-based analytics firm.

Esri’s business strategy is to offer innovative products and solutions to its clients for its future growth. Furthermore, the company seeks new growth opportunities through its wide-array of product portfolio and offerings in the LBS and RTLS market. It is highly focused on building strategic partnerships and launching new products. For instance, in January 2018, Esri announced its advanced network capabilities for utilities as a part of the ArcGIS platform. The ArcGIS Utility Network Management extension combines an advanced system of record with LBS analytics. The company helps Smll and Medium-sized Enterprises (SMEs) as well as large enterprises to anticipate opportunities for business growth and enhance their business processes.

Furthermore, the company is working toward serving the needs of its clients more efficiently by technologically updating its products and solutions. Esri has been competently expanding its business lines by undertaking efficient inorganic growth strategies. For instance, in June 2018, Esri announced the integration of the ArcGIS software into SAP’s cloud-based offering, SAP HANA spatial services, assisting Esri’s customers to build location-aware business applications. Moreover, in February 2018, Esri announced an update of its existing ArcGIS platform to enhance user experience.

Related Reports:

Location-Based Services (LBS) and Real-Time Location Systems (RTLS) Market by Component (Hardware, Software and Services), Location Type (Indoor and Outdoor), Vertical, Region - Global Forecast to 2024

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