MarketsandMarkets forecasts the global Location-Based Service (LBS) and Real-Time Location Systems (RTLS) Market size is expected to grow USD 22.3 billion in 2022 to USD 50.2 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 17.6% during the forecast period.
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Indoor segment to grow at the highest CAGR during the forecast period
Indoor positioning uses magnetic fields, acoustic signals, radio waves, or other sensory data acquired by linked devices to monitor all the data, objects, or people inside an enclosed space. The technology aids in real-time monitoring of data recording to visualise visitors’ preferences and activity. Prior until now, GPS served the same function. However, indoor location positioning solutions were established as a result of signal interference from hard walls. For interior navigation, there isn’t a single accepted technique like there is with GPS. For instance, although Broadcom’s chip supports indoor location systems via Wi-Fi, Bluetooth, and NFC, Google tracks a user’s whereabouts using Wi-Fi technology. In order to give location-based information and services to iPhones and other iOS devices, Apple released iBeacon, a BLE-based technology.
Location-based health monitoring segment is expected to grow at a higher CAGR during the forecast period
A growing number of LBS-based applications are focused on healthcare, including, among others, fall detection, exercise and fitness monitoring, remote health monitoring, and lone worker protection. In recent years, it has been popular to combine LBS with various wearable sensors (that can measure body temperature, blood pressure, and heart rate) in order to monitor health and deliver individualized healthcare services and information. LBS is also utilised as assistive technology to help the elderly, those with disabilities, and those who are visually impaired carry out their everyday tasks independently and enjoy a higher quality of life. These assistive devices offer assisted-living features including independent shopping, customised navigation, obstacle detection, and spatial perception. The recent fitness movement was substantially impacted by the rising knowledge of preventive healthcare.
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The major vendors covered in the Location-Based Service (LBS) and Real-Time Location Systems (RTLS) market are AiRISTA Flow (US), Apple (US), Aruba Networks (US), CenTrak (US), Cisco (US), Ericsson (US), ESRI (US), GE Healthcare (US), Google (US), HERE (Netherlands), IBM (US), KDDI (Japan), Leantegra (US), Microsoft (US), Navigine (US), NTT Docomo (Japan), Oracle (US), Qualcomm (US), Quuppa (Finland), Sewio Republic (Czech Republic), Spime (US), Identec Group (Liechtenstein), Infor (US), TeleTracking Technologies (US), MYSPHERA (Spain), Stanley Healthcare (US), Teldio (Canada), TomTom (Netherlands), Ubisense (UK), Zebra Technologies (UK). These players have implemented various growth strategies, such as partnerships, business expansions, mergers and acquisitions, agreements, and collaborations, new product launches to develop their presence in the Location-Based Service (LBS) and Real-Time Location Systems (RTLS) market. The most widely used strategies by businesses have been partnerships and new product launches which helped them transform their offerings and widen their customer base.
Cisco offers services and goods for telecommunications equipment, software, and hardware. The business produces, develops, and markets networking products based on the Internet Protocol (IP). For enterprise customers, public institutions, telecommunications firms, commercial businesses, and private residences, the company provides a broad range of LBS products and services. In the LBS and RTLS sector, Cisco offers the Cisco Unified Wireless LBS, which makes use of enterprise WLANs along with location tracking. Network administrators and network security professionals who support the safety and effectiveness of company networks frequently employ Cisco’s products and services.
Google specializes in web-based services, such as cloud computing and search engines. It provides a wide range of products, including Ads, Google Cloud, the Android operating system, Google Play, Chrome, and YouTube. The corporation divides its offerings into nine categories: web, mobile, business, media, geo, specialized search, home and office, social networking, and innovation. Earth and Maps are two of the company’s geo offerings. A desktop web mapping tool called Google Maps provides real-time traffic information, street maps, 360-degree panoramic views of streets, satellite imagery, and route planning for commuters using cars, bicycles, and public transportation as well as for walkers. A virtual globe that shows geographic data is called Google Earth.
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