Request Discount

Location Based Service and Real-Time Location Systems Market (Component - Hardware, Software, and Services; Location Type - Outdoor, and Indoor; Application - Tracking and Navigation, Marketing and Advertisement, Location-based Social Networks, Location-based Health Monitoring, and Others; End User - Transportation, Retail, Tourism and Hospitality, Government, Media and Entertainment, Manufacturing, Healthcare, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2027

  • Published : November, 2021

  • Rep Id : ICT003031

  • Category : Electronics, ICT and Semiconductors

  • Status : Published

A recent report published by Infinium Global Research on location based service and real-time location systems market provides in-depth analysis of segments and sub-segments in the global as well as regional location based service and real-time location systems market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional location based service and real-time location systems market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global location based service and real-time location systems market. According to the report, the global location based service and real-time location systems market is projected to grow at a CAGR of 12.20% over the forecast period of 2021-2027, growing from over USD 6.41 billion in 2020 to more than USD 14.16 billion in 2027.

 

Market Insight

Location-based service (LBS) and real-time location systems (RTLS) provide important insight into the location or geographic aspect of the business. Organizations can improve their business activities by integrating geographic location into the business and tracking the operations. Maps and spatial data provide better tracking and management solutions. It can also be applied to scientific and research activities. This can help visualize the areas under inspection and analyze them remotely. LBS and RTLS provide geolocation information for interesting objects or persons. LBS and RTLS is been extensively used for applications such as marketing, logistics, and supply chains to enable tracking and monitoring of the operations. With the help of LBS and RTLS, organizations can leverage geographic data to improve their operations and provide a better customer experience.

 

The LBS and RTLS market observed significant growth during the pandemic, as the government officials increased their surveillance operations to control the spread of the disease. Health surveillance in the wake of the COVID-19 pandemic played an important role. Moreover, the reliance on digital tracking and monitoring increased in several countries to support surveillance authority. However, lockdown measures and decreased production in several small and medium scale industries led to a fall in their profitability, resulting in low demand for LBS and RTLS. In addition, severe supply disruptions were witnessed in the market as the majority of these service providers procure a large amount of location equipment from China. As a result, companies increasingly modified their growth trajectories and projections owing to the spread of the COVID-19 disease. Nevertheless, over the long term, the market is expected to gain stability due to the growing demand for public safety increase, and technology costs drop.

 

The increasing demand for location tracking and monitoring across various industries is majorly driving the growth of the LBS and RTLS market. Many organizations such as governments, businesses, utility companies, colleges, and universities track and monitor their premises. Moreover, the growing use of location-based applications among consumers is augmenting the adoption of LBS and RTLS. Some of the most widely used mobile applications used for geosocial networking, navigation, traveling, searching for retail and real estate, and mobile marketing and advertising use location tracking to improve the mobile experience. However, concerns regarding data privacy issues pose a major threat to the growth of the LBS and RTLS market. Nonetheless, advancements in the Global Navigation Satellite System (GNSS) are expected to offer growth opportunities to the market players.

 

In terms of region, North America holds the largest market share in the LBS and RTLS market. The U.S. is the major driver for the North American LBS and RTLS market. The LBS and RTLS players focus on the U.S. as an important market owing to the significant market potential offered by the U.S. The US government and the defense, telecommunication, and IT companies in the U.S. are the major users of LBS and RTLS. Moreover, the major LBS and RTLS suppliers such as CISCO, Google, and Maxar are located in the North American region. This, in turn, is augmenting the growth of the market in North America. On the other hand, Asia-Pacific is estimated to grow at the fastest rate in the global LBS and RTLS market. The LBS and RTLS market in Asia-Pacific is largely driven by technological advancements and internet penetration rates in developing economies, such as China and India.

 

Segment Covered

The report on global location based service and real-time location systems market covers segments such as component, location type, application, and end user. On the basis of component, the sub-markets include hardware, software, and services. On the basis of location type, the sub-markets include outdoor and indoor. On the basis of application, the sub-markets include tracking and navigation, marketing and advertisement, location-based social networks, location-based health monitoring, and others. On the basis of end user, the sub-markets include transportation, retail, tourism and hospitality, government, media and entertainment, manufacturing, healthcare, and others.

 

Location Based Service and Real-Time Location Systems Market


Companies Profiled:

The report provides profiles of the companies in the market such as Alphabet Inc., Telefonaktiebolaget LM Ericsson, CenTrak, Inc., Teldio Corporation, Maxar Technologies Inc., Navigine Corporation, IndoorAtlas Ltd., Cisco Systems Inc., HERE Global BV, and Ubiquicom S.r.l..

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of location based service and real-time location systems market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


Other Reports in This Category
24 hour delivery through email
9923950043 Monday to Frieday 9am-7pm
looking for discount