Global Location-Based Services (LBS) And Real-Time Location Systems (RTLS) market growth 2024, Forecast To 2033
4 Mar, 2024
Moreover, the location-based services (LBS) and real-time location systems (RTLS) market has experienced exponential growth, rising from$27.23 billion in 2023 to$33.74 billion in 2024 at a compound annual growth rate (CAGR) of 23.9%. This growth is attributed to the demand for contactless solutions, industrial and manufacturing use, transportation and logistics, healthcare utilization, and the adoption of the retail industry. Expectations for the coming years indicate exponential growth, reaching$80.8 billion in 2028 at a compound annual growth rate (CAGR) of 24.4%. Projected growth drivers include the rise in IoT integration, increasing demand in healthcare, expansion in retail and e-commerce, smart city development, and post-pandemic solutions. Major trends in the forecast period encompass regulatory compliance and data privacy, strategic collaborations, enhanced safety and security, smart city initiatives, and fleet management and transportation.
Global Location-Based Services (LBS) And Real-Time Location Systems (RTLS) Market Key Driver
The widespread adoption of smartphones is anticipated to drive the expansion of the location-based services and real-time location systems market. With smartphones serving as ubiquitous communication devices, location-based services leverage geospatial and communication technologies to provide real-time information to users based on their geographic location. As reported by Uswitch Limited, the UK witnessed a 3.8% increase in active mobile connections in 2022, totaling 71.8 million. Moreover, an estimated 95% of the UK's projected population of 68.3 million by 2025 is expected to own smartphones, underscoring the surge in smartphone usage and its impact on the location-based services market.
Get A Free Sample Of The Global Location-Based Services (LBS) And Real-Time Location Systems (RTLS) Market ReportGlobal Location-Based Services (LBS) And Real-Time Location Systems (RTLS) Market Segments
The global 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
By Geography: 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, and Africa.
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.
Major Location-Based Services (LBS) And Real-Time Location Systems (RTLS) Industry Players
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.
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Location-Based Services (LBS) And Real-Time Location Systems (RTLS) Market Overview
Real-time location systems are similar to location-based services which are based on a user's location as determined by the geographical location of the device and use real-time geo-data from a smartphone to provide information, entertainment, or security. These systems also provide information on directions, local advertising, and local news.
Location-Based Services (LBS) And Real-Time Location Systems (RTLS) Global Market Report 2023 provides data on the global location-based services (lbs) and real-time location systems (rtls) market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The location-based services (lbs) and real-time location systems (rtls) market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.