The location-based services (lbs) and real-time location systems (rtls) global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Location-Based Services (LBS) And Real-Time Location Systems (RTLS) Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The location-based services (lbs) and real-time location systems (rtls) market size has grown exponentially in recent years. It will grow from $27.23 billion in 2023 to $33.74 billion in 2024 at a compound annual growth rate (CAGR) of 23.9%. The growth in the historic period can be attributed to demand for contactless solutions, industrial and manufacturing use, transportation and logistics, healthcare utilization, retail industry adoption.
The location-based services (lbs) and real-time location systems (rtls) market size is expected to see exponential growth in the next few years. It will grow to $80.8 billion in 2028 at a compound annual growth rate (CAGR) of 24.4%. The growth in the forecast period can be attributed to rise in iot integration, increasing demand in healthcare, expansion in retail and e-commerce, smart city development, post-pandemic solutions. Major trends in the forecast period include regulatory compliance and data privacy, strategic collaborations, enhanced safety and security, smart city initiatives, fleet management and transportation.
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Scope Of Location-Based Services (LBS) And Real-Time Location Systems (RTLS) Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Location-Based Services (LBS) And Real-Time Location Systems (RTLS) Market Overview
Market Drivers –
The surge in the use of smartphones is expected to propel the growth of the location-based services and real-time location systems market going forward. A smartphone refers to a portable electronic gadget with a cellular network connection. Location-based services and real-time location systems use the internet, geospatial technologies, and communication technologies to deliver information to individual smartphones in real-time, based on their geographic location, and assist in driving this market. For instance, in February 2023, according to a report published by Uswitch Limited, a UK-based online and telephone comparison, and switching service, 71.8 million mobile connections were active in 2022, which is an increase of 3.8% from 2021. There will be 68.3 million people living in the UK by 2025, and 95% of them will have smartphones in their hands. Therefore, the surge in the use of smartphones is driving the growth of the location-based services and real-time location systems market.
Market Trends –
Major companies operating in the location-based services (LBS) and real-time location systems (RTLS) market are developing innovative products such as workplace applications to meet larger customer bases, more sales, and increase revenue. Workplace applications refer to software programs or tools designed to facilitate and enhance various aspects of work within an organization. For instance, in October 2022, Microsoft Corporation, a US-based technology company, launched Places for GPS-style navigation. The distinctive feature of the application is its focus on facilitating the adoption of hybrid work models for both employees and workplaces. One notable aspect is its satellite navigation-style functionality, enabling workers to effortlessly locate meeting rooms within the office building. Additionally, by configuring the office’s layout and facilities within the application, users gain the ability to identify currently available hot desking spots, making it easier to find suitable and vacant workspaces in real time.
The location-based services (lbs) and real-time location systems (rtls) market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Location Type: Indoor, Outdoor
3) By Application: Tracking And Navigation, Marketing And Advertisement, Location-Based Social Networks, Location-Based Health Monitoring, Other Applications
4) By End User: Manufacturing, Healthcare And Life Sciences, Media And Entertainment, Government, Retail, Transportation
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Regional Insights –
North America was the largest region in the location-based services (LBS) and real-time location systems (RTLS) market share in 2023. The regions covered in the location-based services (lbs) and real-time location systems (rtls) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the location-based services (lbs) and real-time location systems (rtls) market report are NTT Docomo Inc., Google LLC, Oracle Corporation, Quuppa Intelligent Locating System, Airista Flow Inc., TomTom N.V, Qualcomm Incorporated, Zebra Technologies Corporation, Navigine Corp., Stanley Black & Decker Inc., Apple Inc., Teldio Avigilon Solutions, International Business Machines Corporation, Cisco Systems Inc., Microsoft Corporation, Ericsson India Private Limited, Aruba Networks, CenTrak, Wipro GE Healthcare Pvt. Ltd., Trimble Inc., Foursquare Labs Inc., Baidu Inc., AutoNavi Holdings Limited, Ubisense Group plc, HERE Technologies, KDDI Corporation, Leantegra Inc., Sewio Networks s.r.o., Spime Inc., Identec Group AG, Infor Inc., TeleTracking Technologies Inc.
1. Executive Summary
2. Location-Based Services (LBS) And Real-Time Location Systems (RTLS) Market Report Structure
3. Location-Based Services (LBS) And Real-Time Location Systems (RTLS) Market Trends And Strategies
4. Location-Based Services (LBS) And Real-Time Location Systems (RTLS) Market – Macro Economic Scenario
5. Location-Based Services (LBS) And Real-Time Location Systems (RTLS) Market Size And Growth
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27. Location-Based Services (LBS) And Real-Time Location Systems (RTLS) Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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