Location-Based Services (LBS) and Real-Time Location Systems (RTLS) Market by Component (Platform, Services, and Hardware), Location Type (Indoor and Outdoor), Application, Vertical and Region - Global Forecast to 2026
Northbrook, IL 60062 -- (SBWIRE) -- 09/29/2022 -- Location-Based Services (LBS) and Real-Time Location Systems (RTLS) Market size expected to grow USD 20.0 billion in 2021 to USD 48.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 19.4% during the forecast period.
The Location-Based Service (LBS) and Real-Time Location Systems (RTLS) market is growing due to Proliferation of social media, smartphones, and location-based applications among consumers.
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Key and innovative vendors in Location-Based Service (LBS) and Real-Time Location Systems (RTLS) market are AiRISTA Flow (US), Apple (US), Aruba Networks (US), CenTrak (US), Cisco (US), Ericsson (US), ESRI (US), GE Healthcare (US), Google (US), HERE (Netherlands), IBM (US), KDDI (Japan), Leantegra (US), Microsoft (US), Navigine (US), NTT Docomo (Japan), Oracle (US), Qualcomm (US), Quuppa (Finland), Sewio Republic (Czech Republic), Spime (US), Stanley Healthcare (US), Teldio (Canada), TomTom (Netherlands), Ubisense (UK), Zebra Technologies (UK).
Indoor segment to grow at the highest CAGR during the forecast period
Indoor positioning tracks all the data, objects, or people within an enclosed area using magnetic fields, acoustic signals, radio waves, or other sensory information collected by connected devices. The technology helps in recording real-time monitoring of data to visualize a visitors' behavior and preferences. Earlier, GPS was used for the same purpose. However, due to signal interference from hard walls, indoor location positioning technologies were introduced. Unlike GPS, there is no single standard method for indoor navigation. For instance, Google uses Wi-Fi technology to track a location while Broadcom chip supports indoor location systems through Wi-Fi, Bluetooth, and NFC. Apple released iBeacon, a BLE-based technology, to provide location-based information and services to iPhones and other iOS devices. Navigation systems for indoor locations were built to acquire highly accurate localization and address the inefficiencies of GPS in such locations.
Location-based health monitoring segment is expected to grow at a higher CAGR during the forecast period
An increasing number of LBS-based applications focus on healthcare, particularly on exercise and fitness monitoring, remote health monitoring, fall detection, and lone worker protection among others. In recent years, there has been a trend in integrating LBS with other wearable sensors (to sense heart rate, blood pressure, and body temperature) for health monitoring and providing personalized healthcare information and services. LBS is also being used as assistive technology to enable visually impaired people and differently-abled and elderly people to perform their daily living activities independently and experience an improved quality of life. These assistive systems provide assisted-living functions, such as personalized navigation, obstacle detection, space perception, and independent shopping. The increasing awareness relate to preventive healthcare also significantly affected the fitness trend in recent years. Several desk job workers are facing health problems due to reduced physical activity. This, in turn, is expected to lead to an increased number of advanced wellness and fitness solutions. The increasing demand for wellness and fitness solutions as well as wearable devices is expected to boost the demand for location-based health monitoring.
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Asia Pacific (APAC) region to record the highest growing region in the Location-Based Service (LBS) and Real-Time Location Systems (RTLS) market
The APAC LBS and RTLS market is projected to witness significant growth opportunities in the next five years. The existence of a large population, developing technologies, and high economic growth in countries, such as China, India, Australia, Japan, Singapore, and Hong Kong are the major contributing factors for the growth of the LBS and RTLS market in the region.
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