Various applications of geospatial data to drivethe LBS and RTLS market growth
MarketsandMarkets projects the Location-Based Services (LBS) and Real-Time Location Systems (RTLS) market to grow from USD 17.8 billion in 2020 to USD 39.2 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 17.1% from 2020 to 2025.Generally, spatial data represents the location, size and shape of objects present on Earth, such as a buildings, lakes, mountains, or townships. It is considered that spatial data and analysis is extremely essential for companies to understand changing business trends and challenges across regions, which significantly drives market growth. The processing time in decision-making is often long, leading to flawed assumptions, which limits the applicability of information. The increasing awareness among business executives about the benefits of LBS and RTLS analytics has further bolstered the growth of the market. LBS and RTLS platforms assist business executives in processing vast volumes of spatial data and gathering real-time insights into various business functionalities, which, in turn, helps companies to quickly tackle changing business conditions. For example, in the retail industry, spatial data enables retailers to uncover relationships between stores, products, and customer types—across a range of different parameters or metrics—that affects sales performance.
By component, platform segment to account for the higest market share in 2020
By component, the platform segment is expected to hold the highest market share in 2020, owning to the Growing need of asset tracking. The rising demand for location analytics is encouraging market vendors to enhance capabilities of their LBS and RTLS platforms in the market. These platforms help to localize, analyze, and act on the changing business conditions and trends. To increase agility, improve overall operations productivity, understand business trends, and reduce operational costs, many companies have started to invest in LBS and RTLS platform.
By service, deployment and integration segment to holdthe largest market sizeduring the forecast period
Among services, the deployment and integration segment is expected to hold the largest market size during the forecast period, compared to the application support and maintenance, and consulting and training segment. Deployment and integration services take care of seamless integration of each location-based software and system, regardless of its technology. System integration provides facilities and frameworks for the integration of various platforms with third-party environments. This integration allows applications to run on other platforms and make indoor location-based solutions efficient and quick.
Among regions, Asia Pacific to grow at the highest CAGR during the forecast period
The market in Asia Pacific (APAC)is projected to grow at the highest CAGR during the forecast period, owing to the massive potential for the applications of LBS and RTLS solutions in sectors, such as government, manufacturing, transportation and logistics, and retail. The existence of a large population, developing technology, and high growth in countries, such as China, India, Australia, Japan, Singapore, and Hong Kong are the major contributing factors for the growth of the LBS and RTLS market in the APAC region. Organizations in APAC are focusing on customer interests and preferences. The usage of smart phones and internet is widely used as a major means of connectivity.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the LBS and RTLS market.
The breakup of the profiles of the primary participants is given below:
- By Company Type: Tier 1 – 45%, Tier 2 – 25%, and Tier 3 – 30%
- By Designation: C-Level Executives – 40%, Directors – 35%, and Managers–25%
- By Region: North America – 45%, Europe – 25%, APAC– 20%, and RoW– 10%
The following key LBS and RTLS vendors are profiled in the report:
- 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)
- Zebra Technologies (US)
- Leantegra (US)
Research Coverage
The LBS and RTLS market is segmented by component, location type, application, vertical, and region. A detailed analysis of the key industry players has been undertaken to provide insights into their business overviews; services; key strategies; new product launches and product enhancements; partnerships, agreements, and collaborations; expansions; acquisitions; and competitive landscape associated with the LBS and RTLS market.
Reasons to Buy the Report
The report would help the market leaders and new entrants in the following ways:
- It comprehensively segments the LBS and RTLS market and provides the closest approximations of the revenue numbers for the overall market and its sub segments across different regions.
- It would help stakeholders understand the pulse of the market and provide information on the key market drivers, restraints, challenges, and opportunities in the market.
- It would help stakeholders understand their competitors better and gain more insights to enhance their positions in the market. The competitive landscape section includes competitor ecosystem, new product launches, partnerships, and acquisitions.
