Global Location-Based Services (LBS) And Real-Time Location Systems (RTLS) Market – Industry Trends and Forecast to 2031

Location-Based Services (LBS) And Real Time Location Systems (RTLS) Market Analysis and Size

The rise in the use of location-based mobile advertising is a crucial factor accelerating the market growth, as the rise in the use of social media marketing, the rise in the use of services in various industrial verticals, and the rise in research and development activities in the market act as the major factors among others boosting the market. Moreover, the rise in technological advancements and modernization in production techniques and the rise in demand from emerging economies will further create new opportunities for the market.

Data Bridge Market Research analyzes that the global location-based services (LBS) and real-time location systems (RTLS) market is expected to reach USD 2,076.02 million by 2031 from USD 275.81 Million in 2023 and is expected to undergo a CAGR of 8.6% during the forecast period of 2024 to 2031. “Satellite” dominates the components segment of the market due to demand from growing markets. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Location-Based Services (LBS) And Real Time Location Systems (RTLS) Market Scope and Segmentation

Market Definition

Location-based services (LBS) is defined as a service that takes into the account the geographical location of the user to provide information. It is extensively used in the directions, local news, point of interest, asset tracking among others. Real time location system (RTLS) is referred to the use of electronic system to locate people or things and is extensively used in tracking fleets of vehicles, complex navigation services, asset tracking as well as personal tracking.

Global Location-Based Services (LBS) And Real Time Location Systems (RTLS) Market Dynamics

Driver

• Growing demand for LBS and RTLS for industry applications

The development of platforms that offer improved accuracy is the result of the improvements in LBS and RILS technologies during the past ten years. better effectiveness and reduced prices for RTLS goods and services. The usage of RTLS increased across a number of verticals, including healthcare, industrial manufacturing, logistics, process industries (mining, oil and gas), and defense as a result of all these advancements. The benefits of tracking, monitoring, and analysing the precise location and movements of their assets are now being recognized by more sectors. These advantages include improved workflow, simpler processes, and higher production.

Opportunity

• Focus on lot in healthcare

The use of loT solutions powered by technologies like RFID tags, GPS, and RTLS is gaining traction due to a number of factors. widespread use of IP networks. decreasing equipment costs and fresh business prospects all help to fuel the growing demand for loT solutions. These tools assist in tracking physical assets to enhance corporate operations and cut costs in a variety of sectors and government agencies. In general, the term "loT" is used to refer to any technology that enables networked devices to share data and carry out tasks on their own, without the need for human intervention. The adoption of lot has been among the fastest in the healthcare sector.

Restraints/Challenges

• High cost of installation and maintenance restricts market growth

RTLS systems can be highly expensive to install, costing anything between USD 2 and $5 million. This varies depending on the installation region and the different businesses. The hardware cost of Wi-Fi-based RTLS is higher than that of UWB-enabled systems, but the installation cost is lower. The cost of the RTLS systems' hardware, software, infrastructure wiring, and electricity can be partly blamed for their high cost. While wiring, power, and the installation of RTLS components greatly increase the overall cost, the infrastructure is expensive. Many RTLS companies are facing various issues in terms of deployment and technology, as many projects are failing because they require significant engineering efforts and on-site preferences. Installation of RTLS systems requires qualified personnel to be present on the site at the time of installation.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Developments

• In September2016, Megabarre Group, Ltd. supplied its System and Impact Busbar Trunking Systems to a shopping Centre Project in Ukraine. This project helped the company to grow its market reach in the Eastern Europe and enhanced its product portfolio in the market
• In January 2019, Eaton announced its High Density Rack PDU Platform for the North American market. This product is integrated with busbars designed to implement more outlets in less space. With this launch, Eaton enhanced the power distribution technology in the market and strengthened market competition

Global Location-Based Services (LBS) And Real Time Location Systems (RTLS) Market Scope

The location-based services (LBS) And real time location systems (RTLS) market is segmented on the basis of technology, component, location type, and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Technology

• Satellite
• Microwave & Infrared Remote Sensing
• OTDOA & E-OTD
• RFID & NFC
• Context-Aware Technology
• Wi-Fi/WLAN
• UWB
• BT/BLE
• Beacons
• A-GPS
• Others

Component

• Software
• Services
• Hardware

Location Type

• Outdoor
• Indoor

End-User

• Government
• Defense
• Public Sector
• Retail
• E-Commerce
• BFSI
• Automotive
• Transportation & Logistics
• Industrial Manufacturing
• Healthcare & Life Sciences
• Media & Entertainment

Global Location-Based Services (LBS) and Real Time Location Systems (RTLS) Market Region Analysis/Insights

The location-based services (LBS) and real time location systems (RTLS) market is analyzed and market size insights and trends are provided by region, product type, type, implementation, data center type, current ampere, and vertical as referenced above.

The countries covered in the market report are U.S., Canada, Mexico, Germany, U.K., France, Italy, Spain, Russia, Poland, Switzerland, Netherlands, Hungary, Austria, Norway, Ireland, Turkey, Lithuania, rest of Europe, China, Japan, India, Australia, South Korea, Singapore, Thailand, Malaysia, Indonesia, Philippines, Vietnam, rest of Asia-Pacific, Brazil, Argentina, Peru, rest of South America, South Africa, Saudi Arabia, U.A.E., Israel, Egypt, and rest of Middle East & Africa.

North America is expected to dominate the market due to being home to renowned research institutions, universities, and technology companies that conduct cutting-edge research in photonics and integrated circuit technologies. This strong R&D ecosystem fosters innovation and drives advancements in location-based services (LBS) and real time location systems (RTLS) circuits.

Asia-Pacific is expected to be fastest-growing country in the market due to the Asia-Pacific region has a large and rapidly growing population, along with a significant increase in internet usage and data consumption. This drives the demand for high-speed and efficient communication networks, which can benefit from the use of location-based services (LBS) and real time location systems (RTLS) circuits. PICs are capable of integrating multiple optical components on a single chip, making them well-suited for high-speed data transmission and communication applications.

The region section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, and Porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the region data.   

Competitive Landscape and Global Location-Based Services (LBS) And Real Time Location Systems (RTLS) Market Share Analysis

The location-based services (LBS) and real time location systems (RTLS) market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the location-based services (LBS) and real time location systems (RTLS) market.

Some of the major players operating in the location-based services (LBS) and real time location systems (RTLS) market are:

• Cisco (U.S.)
• Alphabet Inc. (U.S.)
• Microsoft (U.S.)
• IBM Corporation (U.S.)
• TomTom International BV (Netherlands)
• Oracle (U.S.)
• Apple Inc. (U.S.)
• Esri (U.S.)
• Telefonaktiebolaget LM Ericsson (Sweden)
• Qualcomm Technologies Inc. (U.S.)
• Zebra Technologies Corp. (U.S.)
• Ubisense Ltd. (U.K.)
• CenTrak (U.S.)
• Pitney Bowes Inc. (U.S.)
• Ekahau (U.S.)
• Galigeo (France)
• HERE (Netherlands)
• Teldio Corporation (Canada)
• Navigine (U.S.)
• Living Map (U.K.)
• Airista Flow, Inc. (U.S.)
• GeoMoby (Australia)
• Quuppa (Finland)

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