Location-Based Services (LBS) and Real-Time Location Systems (RTLS) Market Growing at a CAGR 17.1% | Key Player Cisco, Google, IBM, Microsoft, Oracle

August 13 14:00 2020
Location-Based Services (LBS) and Real-Time Location Systems (RTLS) Market Growing at a CAGR 17.1% | Key Player Cisco, Google, IBM, Microsoft, Oracle

Aruba Networks (US), Cisco (US), Google (US), Esri (US), IBM (US), Microsoft (US), Oracle (US), TomTom (Netherlands), Teldio (Canada), HERE (Netherlands), Ericsson (Sweden), Foursquare (US), Navigine (US), AiRISTA Flow (US), Quuppa (Finland), Ubisense (UK), Apple (US), Qualcomm (US), STANLEY Healthcare (US), GE Healthcare (US), CenTrak (US),
Location-Based Services (LBS) and Real-Time Location Systems (RTLS) Market by Component (Platform, Services and Hardware), Location Type (Indoor and Outdoor), Application, Vertical, Region – Global Forecast to 2025

MarketsandMarkets projects the Location-Based Services and Real-Time Location Systems Market to grow from USD 17.8 billion in 2020 to USD 39.2 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 17.1% during the forecast period. Major factors expected to drive the growth of the LBS and RTLS market include various applications of geospatial data; growing demand for LBS and RTLS solutions for industry applications; proliferation of social media, smartphones, and location-based apps among consumers; and a growing demand for geomarketing.

Based on component, services segment to record the highest growth rate during the forecast period

By component, the services segment is expected to grow at the highest rate during the forecast period. The services segment has a major influence on the LBS and RTLS market growth. The demand for services is increasing with the growing adoption of LBS and RTLS platforms by enterprises across major application areas. These services are essential for the successful operation of LBS and RTLS platforms. The overall cost of the LBS installation depends on the complexity of the application and the type of technology used.

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Among services, application support and maintenance segment to grow at the highest rate during the forecast period

Among services, the application support and maintenance segment is expected to witness the highest growth rate segment during the forecast period. Application-specific support and maintenance services are offered after the installation of an LBS and RTLS solution in an organization. These services include assistance provided during installation and maintenance activities for data and software/solutions maintenance. The services can be offered from remote places, via web conferencing, telephones, and ticketing systems or via onsite assistance. An end user may require the help of an LBS and RTLS vendor for further customization or improvement in the system, for which the vendor provides services for a predetermined duration.

Key and emerging market players include Aruba Networks (US), Cisco (US), Google (US), Esri (US), IBM (US), Microsoft (US), Oracle (US), TomTom (Netherlands), Teldio (Canada), HERE (Netherlands), Ericsson (Sweden), Foursquare (US), Navigine (US), AiRISTA Flow (US), Quuppa (Finland), Ubisense (UK), Apple (US), Qualcomm (US), STANLEY Healthcare (US), GE Healthcare (US), CenTrak (US), Spime (US), KDDI (Japan), NTT Docomo (Japan), Zebra Technologies (US), and Leantegra (US). These players have adopted various growth strategies as to grow in the LBS and RTLS market.

Location-based technologies support applications that integrate geographic-location information with business processes, thus helping in the analysis of location information. Location-based information is required to relate, compare, and analyze relationships in the obtained data for distinct business data sets. Most structured and unstructured business data is spatially significant. Visualizing and exploring an inter-relation within this data and making use of resulting discoveries will help organizations in strategic decision-making. LBS and RTLS technologies are expected to be the key to hidden or unidentified business patterns. LBS, analytics, and RTLS, when used in conjunction with the Geographic Information System (GIS), provide a platform for interpreting and analyzing information being represented by the data through a more visual representation.

Google is a key player in the LBS and RTLS market. Location-based advertising for enhanced customer experience is expected to be Google’s key focus in the indoor location market. Moreover, several maps with indoor images and street views have been added to Google Maps, using the indoor mapping technology. Google’s product, Latitude, was discontinued in 2013 to introduce a better and more advanced product in the indoor location industry. The consistent introduction of indoor map features in Google Maps shows that the company largely applies organic growth strategies of new product launches and upgradations to become a leader in the market. For instance, in May 2018, Google announced a next-stage development for the Google Maps Platform to offer streamlined APIs for LBS.

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Esri is another key player in the LBS and RTLS market. Esri’s business strategy is to offer innovative products and solutions to its clients for its future growth. Furthermore, the company seeks new growth opportunities through its wide array of product portfolio and offerings in the LBS and RTLS market. It is highly focused on building strategic partnerships and launching new products. For instance, in July 2018, Esri announced the release of an indoor mapping product, ArcGIS Indoors, enabling interactive indoor mapping of corporate facilities, retail and commercial locations, airports, and hospitals.

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