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Location-based Services (LBS) and Real-Time Location Systems (RTLS) Market Growth, Opportunities Business Scenario, Share, Growth Size, Scope, Key Segments and Forecast to 2028

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Location-based Services (LBS) and Real-Time Location Systems (RTLS) Market Growth, Opportunities Business Scenario, Share, Growth Size, Scope, Key Segments and Forecast to 2028

February 07
16:51 2024
Location-based Services (LBS) and Real-Time Location Systems (RTLS) Market Growth, Opportunities Business Scenario, Share, Growth Size, Scope, Key Segments and Forecast to 2028
Cisco (US), Google (US), IBM (US), Microsoft (US), Oracle (US), Ericsson (Sweden), Qualcomm (US), TomTom (Netherlands), Zebra Technologies (US), ESRI (US), Teldio (Canada), HERE (Netherlands), Ubisense (UK), Apple (US), etc.
Location-based Services (LBS) and Real-Time Location Systems (RTLS) Market by Offering (Platform, Services, Hardware), Location Type, Technology, Application (Tracking & Navigation, Marketing & Advertising), Vertical and Region – Global Forecast to 2028

The Location-based Services (LBS) and Real-Time Location Systems (RTLS) market size is projected to grow from USD 24.7 billion in 2023 to USD 60.4 billion by 2028, at a CAGR of 19.6% during the forecast period. The usage of RTLS increased across several verticals, including healthcare, industrial manufacturing, logistics, process industries (mining, oil and gas), and defense due to all these advancements. More sectors are now recognizing the benefits of tracking, monitoring, and analyzing the precise location and movements of assets. These advantages include improved workflow, simpler processes, and higher production.

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Based on service, the application support and maintenance segment holds the largest market size during the forecast period.

Application-specific support and maintenance services are offered after an organization installs the LB and RTL solutions. These services include assistance during installation and data and platform maintenance activities. The services can be provided onsite or remotely via web conferencing, telephones, and ticketing systems. End-users may require the help of LBS and RTLS vendors for further customization or improvement in the system, for which the vendors provide services for a predetermined duration.

Timely support and maintenance reduce overall performance issues of LBS or RTLS platforms. Vendors offering support and maintenance services focus on improving the performance of the platforms, reducing Capital Expenditure (CAPEX) and Operational Expenditure (OPEX), and ensuring end-to-end LBS and RTLS platform delivery and multi-vendor support. Thus, an increase in the adoption rate of platforms across the globe is expected to lead to an increased demand for support and maintenance services.

Based on application, the Location-based health monitoring segment is expected to grow with the highest CAGR during the forecast period.

Many applications based on Location-Based Services (LBS) are concentrated in the healthcare sector, specifically in areas like exercise and fitness, remote health monitoring, fall detection, and lone worker protection. A recent trend involves the integration of LBS with other wearable sensors, such as those measuring heart rate, blood pressure, and body temperature, to facilitate health monitoring and deliver personalized healthcare information and services. LBS also serves as assistive technology for visually impaired, differently-abled, and elderly individuals, enabling them to independently carry out daily activities and enhance their quality of life. These assistive systems offer features like personalized navigation, obstacle detection, space perception, and independent shopping. The growing awareness of preventive healthcare has significantly influenced the fitness landscape, particularly as sedentary jobs contribute to health issues. This shift is expected to drive the demand for advanced wellness and fitness solutions. Consequently, there is an increased interest in wearable devices and a surge in the demand for location-based health monitoring.

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Unique Features in the Location-based Services (LBS) and Real-Time Location Systems (RTLS) Market

LBS and RTLS solutions enable precise asset tracking, indoor navigation, and proximity-based services by utilising cutting-edge technologies like GPS, Wi-Fi, Bluetooth, RFID, and UWB (Ultra-Wideband) to provide real-time location information with high accuracy.

These solutions improve operational efficiency and safety by giving businesses the ability to track assets, personnel, and guests inside indoor spaces like warehouses, hospitals, airports, and retail stores—places where GPS signals might be erratic or nonexistent.

The scalability and customisation of LBS and RTLS systems enable large-scale deployments across various industries and use cases. They also suit a wide range of business requirements. Businesses may simply expand the deployment as needed and alter the functionality, accuracy, and coverage area of the system to meet unique requirements.

Real-time location-based data collection, monitoring, and analysis are made possible by the integration of LBS and RTLS systems with IoT gadgets, sensors, and analytics platforms. By gaining insightful knowledge about consumer behaviour, personnel processes, and asset movement patterns, organisations can optimise their operations and make data-driven decisions.

By using the geofencing and proximity alert features of these systems, businesses can build up virtual borders and get notifications when people or assets enter or leave designated areas. Geofencing improves operational efficiency and consumer engagement by enabling location-based automation, security, and personalised offerings.

Major Highlights of the Location-based Services (LBS) and Real-Time Location Systems (RTLS) Market

The market is expanding because to the rising demand for indoor positioning solutions, which give businesses the ability to track personnel, assets, and customers inside interior spaces like malls, hospitals, warehouses, and airports where GPS signals could be spotty or nonexistent.

Adoption of LBS and RTLS solutions is accelerating across industries as they enable real-time monitoring, data collection, and analysis of location-based data through integration with IoT devices, sensors, and analytics platforms. This gives organisations valuable insights into asset movement patterns, employee workflows, and customer behaviour.

Since it’s important to increase workplace safety, prepare for emergencies, and reduce security risks—especially in high-risk environments—there is an increasing emphasis on the safety and security applications of LBS and RTLS solutions, such as emergency response, personnel tracking, and asset security.

Organisations must install privacy and security controls to safeguard sensitive location data and guarantee compliance with privacy laws as a result of heightened regulatory scrutiny and privacy concerns about the gathering, use, and storage of location data.

Prominent companies in the LBS and RTLS sectors are collaborating and teaming up with technology suppliers, system integrators, and industry players to broaden their product offerings, improve their market penetration, and adapt to changing customer needs. This approach fosters innovation and propels market expansion.

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Top  Key Companies in the Location-based Services (LBS) and Real-Time Location Systems (RTLS) Market

Various globally established players, such as Cisco (US), Google (US), IBM (US), Microsoft (US), Oracle (US), Ericsson (Sweden), Qualcomm (US), TomTom (Netherlands), Zebra Technologies (US), ESRI (US), Teldio (Canada), HERE (Netherlands), Ubisense (UK), Apple (US), are dominating the LBS and RTLS market. These competitors have used various growth methods to increase their market share in the LBS and RTLS markets, including partnerships, agreements, collaborations, new product releases, product enhancements, and acquisitions.

Google (Alphabet Inc.) is a prominent player in the Location-Based Services (LBS) and Real-Time Location Systems (RTLS) market, leveraging its diverse portfolio to cater to a wide range of stakeholders. At the consumer level, flagship products like Google Maps and Waze empower users with intuitive navigation and traffic insights, enhancing daily mobility. Meanwhile, Google’s Android platform fosters device-to-device connections through Nearby Share, streamlining local data exchange. Beyond consumer solutions, Google actively engages in enterprise-oriented initiatives. The Firebase Realtime Database, a cornerstone of the Google Cloud Platform, provides developers with a robust location-aware data management tool, fueling applications ranging from real-time asset tracking to delivery optimization.

Cisco has strategically positioned itself in the dynamic landscape of LBS and RTLS, reflecting its commitment to comprehensive networking solutions. Leveraging its extensive portfolio of wireless networking infrastructure, Cisco plays a pivotal role in providing the technological foundation for location-based applications. The Cisco Connected Mobile Experiences (CMX) platform is crucial, utilizing Wi-Fi infrastructure for personalized user experiences and insightful analytics. The integration of IoT devices, coupled with Cisco’s networking solutions, facilitates real-time tracking and monitoring in diverse industries. Cisco’s collaboration and communication tools enhance the efficacy of LBS and RTLS applications, ensuring seamless communication in scenarios where precise location information is imperative. Security is a paramount consideration, and Cisco’s robust security solutions contribute to safeguarding the integrity and confidentiality of location data. Through strategic acquisitions, partnerships, and industry-specific applications, Cisco demonstrates a multifaceted approach to addressing the evolving demands of the LBS and RTLS market.

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