DUBLIN--(BUSINESS WIRE)--The "Location-Based Services (LBS) and Real-Time Location Systems (RTLS) Market by Component (Hardware, Software and Services), Location Type (Indoor and Outdoor), Vertical, Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Location-Based Services (LBS) and Real-Time Location Systems (RTLS) Market to Grow from USD 16.0 Billion in 2019 to USD 40.0 Billion by 2024, at a CAGR of 20.1%
Various applications of geospatial data to drive the LBS and RTLS market growth
Generally, spatial data represents the location, size, and shape of objects present on Earth, such as 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 solutions 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, services segment to account for a higher market share during the forecast period
By component, the services segment is expected to hold a higher market share than the hardware and software segment during the forecast period. The services play a tricky part in the overall LBS and RTLS implementation process, especially for RTLS. Knowing the installation and maintenance details before deploying RTLS solutions plays a crucial role in determining the exact time and cost investment required to install the solution.
For instance, some RTLS installations may take months and can affect staff productivity in environments, such as hospitals by creating interference and obstruction in the workplace. On the other hand, some solutions such as Wireless Fidelity (Wi-Fi)-based RTLS solutions can be integrated with the existing wireless network infrastructure of the facility and therefore, require a shorter installation time. Other than installation and maintenance services, professional services, such as consulting, Return on Investment (RoI) analysis, and site inspection are also included in the services segment.
By service, deployment, and integration segment to hold a larger market size during the forecast period
Among services, the deployment and integration segment is expected to hold a larger market size than the application support and maintenance, and consulting and advisory services segment during the forecast period. 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 the 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 and public utilities, 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 smartphones and internet is widely used as a major means of connectivity.
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)
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
6 Location Based Services Market, By Component
7 Location Based Services Market Size, By Location Type
8 Location Based Services Market, By Vertical
9 Location Based Services Market, By Region
10 Competitive Landscape
11 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/34rspu