Northbrook, IL -- (SBWIRE) -- 09/13/2019 -- According to a research report "Location-Based Services (LBS) and Real-Time Location Systems (RTLS) Market by Component (Hardware, Software and Services), Location Type (Indoor and Outdoor), Vertical, Region - Global Forecast to 2024", published by MarketsandMarkets, expects the Location-Based Services (LBS) and Real-Time Location Systems (RTLS) market to grow from USD 16.0 billion in 2019 to USD 40.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 20.1% 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 for industry applications; proliferation of social media, smartphones, and location-based apps among consumers; and growing demand for geomarketing.
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Based on component, services segment to record a higher growth rate than the hardware and software segment during the forecast period
By component, the services segment is expected to grow at a higher rate than the hardware and software segment 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 solutions by enterprises across major application areas. These services are essential for the successful operation of LBS and RTLS solutions. The overall cost of the LBS installation depends on the complexity of the application and the type of technology used.
Among services, application support and maintenance segment to grow at a higher rate than the deployment and integration, and consulting and advisory services segment during the forecast period
Among services, the application support and maintenance segment is expected to witness a higher growth rate than the deployment and integration, and consulting and advisory services 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.
North America to account for the largest market size during the forecast period
North America is expected to hold the largest market size during the forecast period. The US has emerged as the largest market for LBS and RTLS owing to the large-scale implementation of LBS and RTLS solutions by organizations and enterprises in the country. The high pace of development of infrastructure in the US, along with the high growth of Internet of Things (IoT), Artificial Intelligence (AI), and cloud computing has attributed to the fast growth of the LBS and RTLS market in the US.
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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), and Zebra Technologies (US). These players have adopted various strategies to grow in the LBS and RTLS market.
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