Dublin, Feb. 14, 2023 (GLOBE NEWSWIRE) -- The "Global 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 - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The publisher 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.
By Application, the tracking and navigation segment to grow at the higher market size during the forecast period
The tracking and navigation application uses LBS and RTLS technologies for driver assistance, passenger information, and vehicle management. LBS is frequently included into auto navigation systems to help drivers and offer real-time traffic data. In order to give drivers real-time navigation support, Waze, a GPS navigation software app (owned by Google), crowdsources traffic and road information.
LBS and tracking methods are currently widely employed in logistic tracking and vehicle management. Applications that go beyond auto navigation and vehicle management have started to appear recently. For instance, applications to locate open on-street parking spaces, safety alerts, and multimodal have all been implemented.
By Vertical, the Retail segment to hold the larger market size during the forecast period
In order to manage retail apps and provide a better customer experience, LBS and RTLS are crucial. The adoption of LBS and RTLS platforms in the retail industry eliminates the need of conventional methods to analyse consumer purchasing patterns and provides a secure digital environment for interactions between buyers and sellers.
The retail industry is able to study client behaviour throughout the world and target the correct customers with the use of information produced by such apps. For instance, the use of LBS and RTUS technology has altered the way that customers shop thanks to social networking sites like Facebook, Instagram, and WhatsApp. These technologies make it simpler to identify user interest and extend the right products through advertisements or campaigns that motivate customers and enhance their buying-selling experience. LBS and RTLS help the retail vertical in numerous ways, including inventory, fraud detection, and pricing management. The growing adoption of eCommerce has driven the growth of LBS and RTLS platforms in this vertical.
By Region, Europe is expected to grow at the second highest market share during the forecast period
Europe is a leading country in terms of R&D in the LBS and RTLS. A large number of individual customers and enterprises in Europe extensively use location-based and mapping services. Furthermore, some mobile operators in Europe use location analytics techniques and collect location-based data from subscribers, to strengthen the performance of their mobile networks and for internal marketing purposes.
Some of the major countries in Europe include France, Germany, Italy, the UK, Spain, and Russia. The LBS and RTLS market in Europe is projected to witness steady growth from 2019 to 2024. The rise in the adoption of RTLS-based platforms in this region can be attributed to the introduction of new technologies, such as UWB and Zigbee, that offer advanced features for use across various applications. Healthcare is one of the major application segments for RTLS platforms in the region.
Market Dynamics
Drivers
- Increasing Demand for UWB-Based Real-Time Location Systems
- Rising Need for Geo-Marketing
- Increasing Competitiveness
- Growing Demand for Location-Based and Real-Time Systems and Services in Various Industries
Restraints
- High Installation and Maintenance Costs
- Data Security Concerns
- Negative Feedback from End-users
Opportunities
- Growing Use of BLE and UWB for Indoor Proximity Services
- Rising Focus on IoT in Healthcare
- Growing Use of 5G for Location-Based Services
- Rising Demand for Real-Time Location Systems in Emerging Regions
Challenges
- System Irreconcilability and Lack of Standardization
- RTLS Supply Chain Hindrances
| Report Attribute | Details |
| No. of Pages | 251 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $22.3 Billion |
| Forecasted Market Value (USD) by 2027 | $50.2 Billion |
| Compound Annual Growth Rate | 17.6% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
6 LBS and RTLS Market, by Component
6.1 Introduction
6.2 Platforms
6.3 Services
6.3.2 Deployment and Integration
6.3.3 Application Support and Maintenance
6.3.4 Consulting and Training
6.4 Hardware
7 LBS and RTLS Market, by Location Type
7.1 Introduction
7.2 Outdoor
7.3 Indoor
8 LBS and RTLS Market, by Application
8.1 Introduction
8.2 Tracking and Navigation
8.3 Marketing and Advertising
8.4 Location-Based Social Networks
8.5 Location-Based Health Monitoring
8.6 Other Applications
9 LBS and RTLS Market, by Vertical
9.1 Introduction
9.2 Transportation & Logistics
9.3 Retail
9.4 Government
9.5 Manufacturing
9.6 Tourism & Hospitality
9.7 Healthcare
9.8 Media & Entertainment
9.9 Other Verticals
10 LBS and RTLS Market, by Region
11 Competitive Landscape
12 Company Profiles
13 Adjacent Markets
14 Appendix
Companies Mentioned
- Airista Flow
- Apple
- Aruba Networks
- Centrak
- Cisco
- Ericsson
- Esri
- GE Healthcare
- Here
- Ibm
- Identec Group
- Infor
- Kddi
- Leantegra
- Microsoft
- Mysphera
- Navigine
- Ntt Docomo
- Oracle
- Qualcomm
- Quuppa
- Sewio Networks
- Spime (Trimble)
- Stanley Healthcare
- Teldio
- Teletracking Technologies
- Tomtom
- Ubisense
- Zebra Technologies
For more information about this report visit https://www.researchandmarkets.com/r/l1rvyy-location?w=12
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