Reliable Data You Can Trust
Reliable Data You Can Trust
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.
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.
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.
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..
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.
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