The Location-Based Services (LBS) And Real-Time Location Systems (RTLS) Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Location-Based Services (LBS) And Real-Time Location Systems (RTLS) Global Market Report 2024, 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.
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.
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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
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 report table of contents includes:
1. Executive Summary
2. Location-Based Services (LBS) And Real-Time Location Systems Market Characteristics
3. Location-Based Services (LBS) And Real-Time Location Systems Market Trends And Strategies
4. Location-Based Services (LBS) And Real-Time Location Systems Market – Macro Economic Scenario
5. Global Location-Based Services (LBS) And Real-Time Location Systems Market Size and Growt
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26. South America Location-Based Services (LBS) And Real-Time Location Systems Market
27. Brazil Location-Based Services (LBS) And Real-Time Location Systems Market
28. Middle East Location-Based Services (LBS) And Real-Time Location Systems Market
29. Africa Location-Based Services (LBS) And Real-Time Location Systems Market
30. Location-Based Services (LBS) And Real-Time Location Systems Market Competitive Landscape And Company Profiles
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