MarketsandMarkets forecasts the global Location-Based Service (LBS) and Real-Time Location Systems (RTLS) market size is expected to grow USD 20.0 billion in 2021 to USD 48.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 19.4% during the forecast period. The Location-Based Service (LBS) and Real-Time Location Systems (RTLS) market is gaining traction due to increasing competitiveness in the RTLS market and growing demand for geomarketing.
Indoor segment to grow at the highest CAGR during the forecast period
Indoor positioning tracks all the data, objects, or people within an enclosed area using magnetic fields, acoustic signals, radio waves, or other sensory information collected by connected devices. The technology helps in recording real-time monitoring of data to visualize a visitors’ behavior and preferences. Earlier, GPS was used for the same purpose. However, due to signal interference from hard walls, indoor location positioning technologies were introduced. Unlike GPS, there is no single standard method for indoor navigation. For instance, Google uses Wi-Fi technology to track a location while Broadcom chip supports indoor location systems through Wi-Fi, Bluetooth, and NFC. Apple released iBeacon, a BLE-based technology, to provide location-based information and services to iPhones and other iOS devices. Navigation systems for indoor locations were built to acquire highly accurate localization and address the inefficiencies of GPS in such locations.
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Location-based health monitoring segment is expected to grow at a higher CAGR during the forecast period
An increasing number of LBS-based applications focus on healthcare, particularly on exercise and fitness monitoring, remote health monitoring, fall detection, and lone worker protection among others. In recent years, there has been a trend in integrating LBS with other wearable sensors (to sense heart rate, blood pressure, and body temperature) for health monitoring and providing personalized healthcare information and services. LBS is also being used as assistive technology to enable visually impaired people and differently-abled and elderly people to perform their daily living activities independently and experience an improved quality of life. These assistive systems provide assisted-living functions, such as personalized navigation, obstacle detection, space perception, and independent shopping. The increasing awareness relate to preventive healthcare also significantly affected the fitness trend in recent years. Several desk job workers are facing health problems due to reduced physical activity. This, in turn, is expected to lead to an increased number of advanced wellness and fitness solutions. The increasing demand for wellness and fitness solutions as well as wearable devices is expected to boost the demand for location-based health monitoring.
The major vendors covered in the Location-Based Service (LBS) and Real-Time Location Systems (RTLS) market include 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), Stanley Healthcare (US), Teldio (Canada), TomTom (Netherlands), Ubisense (UK), Zebra Technologies (UK). These players have adopted various growth strategies, such as partnerships, business expansions, mergers and acquisitions, agreements, and collaborations, new product launches to expand their presence in the digital banking platforms market. Partnerships and new product launches have been the most adopted strategies by major players from 2018 to 2021, which helped them innovate their offerings and broaden their customer base.
Cisco provides hardware, software, and telecommunication equipment related products and services. The company manufactures, designs, and sells Internet Protocol (IP)-based networking products. The company offers a wide range of LBS products and services for enterprise customers, public institutions, telecommunication companies, commercial businesses, and personal residences. Cisco offers the Cisco Unified Wireless LBS, which uses enterprise WLANs integrated with location tracking, in the LBS and RTLS market. The products and services offered by Cisco are majorly used by network administrators and network security personnel who support the protection and performance of enterprise networks.
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Google specializes in internet-based services, including search engine and cloud computing. It offers a wide range of products, such as Ads, Google Cloud, Android operating system, Google Play, Chrome, and YouTube. The company categorizes its products into nine categories namely, web, mobile, business, media, geo, specialized search, home and office, social networking, and innovation. The company’s geo products include Maps and Earth. Google Maps is a desktop web mapping service that offers satellite imagery, street maps, 360° panoramic views of streets, real-time traffic conditions, and route planning for pedestrians as well as commuters traveling by car, bicycle, or public transportation. Google Earth is a virtual representation of the globe that provides geographical information.
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