Location-Based Services (LBS) and Real Time Location Systems (RTLS) Market Study by 2025
Real-time location systems and location-based services are an interconnected pair of technologies that is becoming increasingly popular due to the growing use of smartphones, the increasing refinement with which a smartphone user’s location can be tracked, and the rising commercial importance of the geo-data gained from smartphone use. Real-time location systems make use of the digital mapping facilities of modern smartphones to provide accurate location tracking, while location-based services provide a platform for third-party users to use the location information for a range of purposes.
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The healthcare sector is a major consumer in the global location-based services and real-time location systems market and is likely to dominate demand in the coming years. Hospitals have made increasing use of location-based services in recent years, while the overall healthcare sector has greatly benefited from the availability of real time location services for field data collection, disease surveillance, spatial statistics, etc. The rising implementation of smart healthcare protocol in urban centers is likely to help the global location-based services and real-time location system market, aided by the rising use of e-prescriptions and other digital solutions aimed at smooth transition of the healthcare sector into the digital world.
Emerging regions such as Asia Pacific are likely to be crucial to the global location-based services and real-time location systems market due to the growing use of smartphones in dynamic countries such as India and China. The rising use of digital solutions in the industrial sector as well as urban management in such countries is likely to lead to rising demand for location-based services and real-time location systems for enhancing supply chain operations.
Global Location-Based Services (LBS) and Real Time Location Systems (RTLS) Market: Overview
Location-based services (LBS) and real time location systems (RTLS) are being brought into use more than ever. LBS uses real-time geo-data from smartphones or a mobile device to deliver information, security or entertainment. To identify the current geo location of a target, RTLS comes into play.
Based on location, the market can be segmented into indoor location and outdoor location. On the basis of technology, the market may be classified into microwave, satellite, and infrared remote sensing, Wi-Fi/WLAN, Beacons, and more. Based on software, the market can be segmented into geospatial transformation and load (GTL), reporting and visualization, risk analytics and threat prevention, geocoding and reverse geocoding, location analytics, context accelerator and geofencing, and other software. Based on application area, the market can be divided into banking, financial services, and insurance (BFSI), defense, government and public utilities, industrial manufacturing, healthcare and life sciences, retail and e-commerce, transportation and logistics, and others.
The TMR Research report presents a detailed analysis of drivers and restrictions influencing the global location-based services (LBS) and real time location systems (RTLS) market. It also offers insights into the various segments and regions of the market.
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Global Location-Based Services (LBS) and Real Time Location Systems (RTLS) Market: Key Trends
The market for global location-based services (LBS) and real time location systems (RTLS) has increased over the years due to rise in the number of smart phone users, higher adoption of business intelligence, and increasing market competitiveness.
By generating huge amount of data – healthcare and life sciences are the chief contributors to the application segment of the global location-based services (LBS) and real time location systems (RTLS) market. Several customer-centric organizations such as hospitals use location convenience to offer their services. The Geographic Information System (GIS) technology offers diverse solutions such as efficiency in reporting and field data collection, and through spatial statistics and online mapping, it backs disease surveillance & analysis. Advanced LBS and RTLS technologies provide security from imminent threats, therefore, these software solutions have become essential and have in turn increased the demand from various sectors.
Global Location-Based Services (LBS) and Real Time Location Systems (RTLS) Market: Regional Analysis
The global location-based services (LBS) and real time location systems (RTLS) market can be segmented on the basis of geography into the Americas, Asia Pacific, Europe, and Rest of the World. China and India – rapidly growing economies of Asia Pacific – positively impacted the growth of the global location-based services (LBS) and real time location systems (RTLS) market. Governments’ initiatives to standardize LBS and RTLS technologies and rising demand for enhancing the supply chain operations are a few of the key factors driving the market. Additionally, a large pool of working population, developing technology hubs, and affluent countries, such as Singapore, South Korea, and Hong Kong have expanded the competitive environment in the region
Global Location-Based Services (LBS) and Real Time Location Systems (RTLS) Market: Key Players
The report profiles some of the prominent competitors operating in the global location-based services (LBS) and real time location systems (RTLS) market. It also offers insights into the threats and opportunities that the companies are expected to witness in the coming years. Cisco systems, Google Inc., IBM Corp., Microsoft Corp., Oracle Corp., Qualcomm, ESRI, Zebra Technologies, Ericsson, and Teldio are a few of the key players in the market.
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