Location-based services market categorizes the LBS global market by location as indoor and outdoor, by technology as context aware, UWB, BT/BLE, beacons, A-GPS, by software, by hardware, by service, by application area, & by region.
Seattle, United States -- (SBWIRE) -- 03/16/2017 -- According to a new market research report "Location-Based Services (LBS) and Real Time Location Systems (RTLS) Market by Location (Indoor and Outdoor), Technology (Context Aware, UWB, BT/BLE, Beacons, A-GPS), Software, Hardware, Service and Application Area - Global Forecast to 2021", published by MarketsandMarkets, the global Location-Based Services (LBS) and Real-Time Location Systems (RTLS) market is expected to grow from USD 15.04 Billion in 2016 to USD 77.84 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 38.9%.
Moreover, technological advancements have led to increased applications in numerous sectors and global deployments of 3G & 4G wireless services have created promising ubiquitous connectivity, as well as, cost benefits from deploying solutions for asset tracking and management.
Context aware technology has created vibrant prospects for marketers and other stakeholders in the market
The increasing surge in the use of smartphones and social networking platforms has opened up new avenues for contextual advertising by marketers, to pursue targeted marketing campaigns and enhance their revenues. Currently, although context aware computing is seen in a nascent form through LBS, more interesting solutions based on ontext Aware Campaigns have come up, which can be applied across various industries.
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The healthcare and life sciences vertical projected to showcase robust growth in the LBS and RTLS market
The healthcare and life sciences vertical is one of the major application sectors that generates huge amounts of data. Customer-focused organizations, such as hospitals look at location convenience to deliver their services. Geographic Information System (GIS) technology offers varied solutions, including ones that improve field data collection & reporting and others that support disease surveillance & analysis with online mapping and spatial statistics.
Growing demand to optimize supply chain and the governments' efforts to standardize the LBS and RTLS technologies create remarkable potential in the Asia-Pacific market
The Asia-Pacific (APAC) region is expected to experience extensive growth opportunities in the next few years. The existence of a large working population and developing technology hubs have expanded the competitive environment in the region. Not only are the countries, such as China, Japan, and India putting in efforts to deploy various location-based technologies, but even the South Korean government, in 2010, announced that around 50% of their pharmaceutical manufacturers will be integrating location tracking technologies, by 2015. These developments clubbed with a growing demand from a massive and growing population, certifies a tremendous growth potential for LBS and RTLS market in the region.
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The various key LBS and RTLS vendors and service providers profiled in the report include - Cisco Systems, Google Inc. (Alphabet Inc.), and IBM. Several key innovators have also been showcased in the study, including Pitney Bowes, Inc., Tomtom International BV, and Ubisense.
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