Location-based Services (LBS) and Real-Time Location Systems (RTLS) Market

The study involved four major activities in estimating the current size of the Location-Based Service (LBS) and Real-Time Location Systems (RTLS) market. Exhaustive secondary research was done to collect information on the industry. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain using primary research. Both top-down and bottom-up approaches were employed to estimate the total market size. After that, the market breakup and data triangulation procedures were used to estimate the market size of the segments and sub segments of the Location-Based Service (LBS) and Real-Time Location Systems (RTLS) market.

Secondary Research

In the secondary research process, various secondary sources were referred to, for identifying and collecting information for this study. Secondary sources include annual reports; press releases and investor presentations of companies; and white papers, certified publications, and articles from recognized associations and government publishing sources. Moreover, journals such as the International Journal of Computer Science, Information Technology, and Security (IJCSITS); Journal of Location Based Services; and associations, such as The International RFID Business Association (RFIDba), Location Based Marketing Association (LBMA), and The International Map Industry Association (IMIA), have also been referred to for consolidating this report.

Secondary research was mainly used to obtain key information about the industry insights, the market’s monetary chain, the overall pool of key players, market classification and segmentation according to industry trends to the bottom-most level, regional markets, and key developments from both market- and technology-oriented perspectives.

Primary Research

In the primary research process, various primary sources from both demand and supply sides were interviewed to obtain qualitative and quantitative information for the global LBS and RTLS report. The primary sources from the supply side included industry experts, such as Chief Executive Officers (CEOs), VPs, marketing directors, technology and innovation directors, and related key executives from various key companies and organizations, operating in the global LBS and RTLS market. After the complete market engineering (which included calculations for market statistics, market breakdown, market size estimation, market forecasting, and data triangulation), extensive primary research was conducted to gather information and verify and validate the numbers arrived at, through our estimation process. Primary research was also conducted to identify the segmentation types, industry trends, key players, competitive landscape of the global LBS and RTLS market, and key market dynamics, such as drivers, restraints, opportunities, industry trends, and key player strategies.

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Market Size Estimation

For the estimation and forecasting of the Location-Based Service (LBS) and Real-Time Location Systems (RTLS) market, many methodologies were used. The first method entails calculating the market's size by adding up the profits that businesses make from the sales of products and services. For crucial insights, this complete process has examined the annual and financial reports of leading market participants and has conducted in-depth interviews with prominent industry figures, including CEOs, VPs, directors, and marketing executives of top businesses. Secondary sources were used to calculate all percentage splits and breakdowns, and primary sources were used to confirm the results. All possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to arrive at the final quantitative and qualitative data. This data has been consolidated and enhanced with detailed inputs and analysis from MarketsandMarkets.

Data Triangulation

After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and subsegments. In order to complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation and market breakdown procedures were employed, wherever applicable.

Report Objectives

• To determine and forecast the global Location-Based Service (LBS) and Real-Time Location Systems (RTLS) market by component, (platforms, services, and hardware), location type, by application, by vertical, and region from 2021 to 2026, and analyze various macroeconomic and microeconomic factors that affect the market growth
• To forecast the size of the market’s segments with respect to five main regions: North America, Europe, Asia Pacific (APAC), and the RoW (Rest of the world).
• To analyze each submarket with respect to individual growth trends, prospects, and contributions to the overall digital payment market
• To provide detailed information regarding major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the Location-Based Service (LBS) and Real-Time Location Systems (RTLS) market
• To profile key market players and provide a comparative analysis based on their business overviews, service offerings, regional presence, business strategies, and key financials
• To track and analyze competitive developments, such as mergers and acquisitions, product developments, partnerships and collaborations, and Research and Development (R&D) activities, in the market

Available Customizations

Along with the market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

Product Analysis

• Product Matrix which gives a detailed comparison of the product portfolio of each company

Company Information

• Detailed analysis and profiling of additional market players (up to 5)

Top Players in LBS and RTLS Market

Some of the top players in the LBS and RTLS Market are listed below:

1. Cisco Systems, Inc.
2. Google LLC
3. IBM Corporation
4. Microsoft Corporation
5. Qualcomm Technologies, Inc.
6. Zebra Technologies Corporation
7. Hewlett Packard Enterprise Company
8. HERE Technologies
9. Navisite, LLC
10. Apple Inc.

It is important to note that the LBS and RTLS market is constantly evolving, and the ranking of players may change based on the emergence of new technologies, acquisitions, and partnerships.

Industries Getting Impacted in the future by LBS and RTLS Market

1. Healthcare: LBS and RTLS can improve patient care, tracking, and management in healthcare facilities. RTLS can help healthcare professionals locate medical equipment, patients, and staff in real time. In addition, LBS can be used to send patients reminders to take their medication or to provide personalized health-related information based on their location. For example, the University of California, San Francisco uses LBS to track equipment and manage inventory.
2. Retail: LBS can help retailers track customers' in-store behavior and send personalized offers and promotions. By analyzing customer behavior, retailers can improve their marketing and inventory management strategies. For example, Walmart uses LBS to provide real-time inventory tracking for products and Amazon uses LBS to provide location-based offers and promotions to customers.
3. Logistics and Transportation: RTLS can be used to track shipments in real-time and optimize transportation routes. By tracking the location of shipments, logistics, and transportation companies can improve their delivery times and reduce costs. For example, DHL uses RTLS to track packages and monitor their delivery routes.
4. Hospitality: LBS can be used to improve customer experiences in the hospitality industry. Hotels and resorts can use LBS to send personalized offers and promotions to guests based on their location. For example, Marriott International uses LBS to offer mobile check-in and check-out, room service, and other personalized services to their guests.
5. Manufacturing: RTLS can help manufacturers track the location of goods and equipment in real time. This can help them improve their inventory management, reduce downtime, and increase productivity. For example, General Electric uses RTLS to track the location of tools and equipment in their factories.

New Business Opportunities in LBS and RTLS Market

1. Asset Tracking: Asset tracking is a growing application of RTLS technology, and it involves the real-time tracking of valuable assets such as equipment, vehicles, and inventory. Companies can use RTLS to monitor the location of their assets and optimize their utilization and maintenance. This presents a significant business opportunity for companies that specialize in RTLS technology and can provide asset-tracking solutions to a wide range of industries.
2. Indoor Navigation: Indoor navigation is another emerging application of LBS technology, and it involves the use of location-based information to navigate indoor spaces. This technology can be used in various industries, such as shopping malls, airports, and hospitals. This presents an opportunity for businesses to create indoor navigation solutions that provide accurate location information to users in complex indoor spaces.
3. Geofencing: Geofencing is a location-based technology that allows businesses to create virtual boundaries around physical locations. Companies can use geofencing to send targeted messages, promotions, and other location-based information to customers when they enter or exit a predefined area. This presents a significant business opportunity for companies that can create geofencing solutions that are accurate, reliable, and user-friendly.
4. Smart Cities: Smart cities are cities that use advanced technologies to improve the quality of life of their residents. LBS and RTLS technology can play a critical role in creating smart city solutions. For example, RTLS technology can be used to monitor traffic and optimize transportation routes, while LBS technology can be used to provide location-based information to city residents. This presents an opportunity for companies to develop smart city solutions that integrate LBS and RTLS technology.
5. Personalized Marketing: LBS technology can be used to provide personalized marketing messages to customers based on their location. Companies can use this technology to send targeted promotions and advertisements to customers when they are in a specific location. This presents a significant business opportunity for companies that can create LBS solutions that are accurate and reliable, while also respecting customer privacy.

Key Challenges for Growing LBS and RTLS Business in the Future Market

1. Privacy Concerns: As LBS and RTLS technology rely on collecting and processing location data, there are concerns around privacy and data protection. Businesses must ensure that they comply with applicable laws and regulations and implement robust security measures to protect user data.
2. Accuracy and Reliability: LBS and RTLS technology must be accurate and reliable in order to provide value to users. This requires advanced technology and infrastructure, which can be costly to develop and maintain.
3. Integration with Existing Systems: LBS and RTLS technology must integrate with existing systems and processes in order to be useful. This can be a complex and time-consuming process, and businesses must be prepared to invest in integration and interoperability solutions.
4. Technical Complexity: LBS and RTLS technology are complex and require specialized technical expertise to develop and maintain. Businesses must have access to skilled professionals who can design, develop, and support these solutions.
5. Adoption and User Acceptance: LBS and RTLS technology may require changes in user behavior, which can be a barrier to adoption. Businesses must ensure that their solutions are user-friendly and that they provide clear benefits to users in order to drive adoption and acceptance.
6. Cost: Implementing LBS and RTLS technology can be costly, and businesses must ensure that their solutions provide a positive return on investment. This requires careful planning and analysis to ensure that the benefits outweigh the costs.

Growth Drivers for LBS and RTLS Business from Macro to Micro

LBS and RTLS Market - Macro-Level Growth Drivers:

1. Increasing adoption of IoT (Internet of Things) devices: As more and more devices become connected to the internet, the demand for location-based and real-time location services is likely to increase.
2. Growing demand for mobile applications: Mobile applications that leverage location data are becoming increasingly popular, providing opportunities for LBS and RTLS businesses to develop and provide innovative solutions.
3. Increasing demand for automation and optimization: As businesses seek to automate and optimize their operations, LBS and RTLS technology can play a critical role in providing real-time insights and data.
4. Advancements in technology: Advancements in technology, such as 5G networks and artificial intelligence, are likely to enhance the capabilities of LBS and RTLS solutions and drive growth in the market.

LBS and RTLS Market - Micro-Level Growth Drivers:

1. Improved user experience: LBS and RTLS technology can enhance the user experience by providing personalized and relevant information to users, such as location-based promotions and wayfinding services.
2. Increased efficiency and productivity: LBS and RTLS technology can improve the efficiency and productivity of businesses by providing real-time insights and data that can be used to optimize operations.
3. Better resource management: LBS and RTLS technology can be used to track and manage resources, such as equipment and inventory, reducing waste and improving resource utilization.
4. Enhanced safety and security: LBS and RTLS technology can improve safety and security by providing real-time tracking and monitoring of assets, people, and equipment.

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