Global Location Based Services (LBS) & Real – Time Location System (RTLS) Market to reach USD 111 billion by 2025.
Global Location Based Services (LBS) & Real – Time Location System (RTLS) Market valued approximately USD 13.95 billion in 2016 is anticipated to grow with a healthy growth rate of more than 25.92% over the forecast period 2018-2025. Growing use of mobile phones for advertisement and implementation of location-based services and real – time location system in several industrial applications are the major factors which are driving the growth in the Global Location Based Services (LBS) & Real – Time Location System (RTLS) Market.
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However, presence of non-uniform data, risk associated with privacy and legal restrictions are the main reasons that hamper the market growth. Location-based services (LBS) is a software based on location which requires the real location of the device to provide information about different locations as per user interest. Real time location systems (RTLS) detect the current geographical location of an object or person. Location-based services provide a platform for various users to use the location details for different purposes, while Real-time location systems use the digital mapping features of smartphones to provide accurate location tracking. LBS and RTLS help in managing retail apps to enhance user experience. LBS and RTLS help in understanding customer behavior & interests and offer a digital platform for venders and customers to improve interaction among them. For instance, with the use of LBS and RTLS technologies, social networking platforms have changed the shopping experience, by making it easy to understand user interest and offer them the appropriate product or advertisement that affects the customer and improves the whole trading experience.
The regional analysis of Global Location Based Services (LBS) & Real – Time Location System (RTLS) Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share. Whereas, owing to the countries such as China, Japan, and India, Asia Pacific region is anticipated to exhibit higher growth rate / CAGR over the forecast period 2018-2025.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
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? Government, Defense, and Public Sector
? Retail and E-Commerce
? Banking, Financial Services, and Insurance
? Automotive, Transportation, and Logistics
? Industrial Manufacturing
? Healthcare and Life Sciences
? Media and Entertainment
? North America
? Asia Pacific
? Latin America
? Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2015, 2016
Base year – 2017
Forecast period – 2018 to 2025
The industry is seeming to be fairly competitive. Some of the leading market players include Cisco Systems, Google Inc., IBM, Microsoft Corporation, Oracle Corporation, ESRI, Ericsson, Teldio, Zebra Technologies Corporation, Qualcomm, Apple, Pitney Bowes, Galigeo, Foursquare, Teldio, Living Map, Navigine, Infsoft, Airista, Geomoby and so on. Acquisitions and effective mergers are some of the strategies adopted by the key manufacturers. New product launches and continuous technological innovations are the key strategies adopted by the major players.
Target Audience of the Global Location Based Services (LBS) & Real – Time Location System (RTLS) Market in Market Study:
? Key Consulting Companies & Advisors
? Large, medium-sized, and small enterprises
? Venture capitalists
? Value-Added Resellers (VARs)
? Third-party knowledge providers
? Investment bankers
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