The Location-Based Services (LBS) and Real-Time Location Systems (RTLS) market is projected to grow at a Compound Annual Growth Rate (CAGR) of 25.4%
LONDON, August 7, 2018 /PRNewswire/ -- The Location-Based Services (LBS) and Real-Time Location Systems (RTLS) market is projected to grow at a Compound Annual Growth Rate (CAGR) of 25.4% during the forecast period
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The global LBS and RTLS market size is expected to grow from USD 22.18 billion in 2018 to USD 68.85 billion by 2023, at a CAGR of 25.4% during the forecast period. The major factors that are expected to drive the growth of the LBS and RTLS market include the growing demand for mobile and web apps, increasing use of smartphones for advertisement, and implementation of digital transformation strategy. In addition, increasing investment in analytics technology is one of the biggest and most important factors resulting in the market growth. However, lack of skilled professionals and non-uniformity of data hamper the market growth.
Retail and eCommerce vertical is expected to have the largest market share during the forecast period
LBS and RTLS play a vital role in managing retail apps to offer an enhanced user experience.LBS and RTLS in retail improve the traditional way of understanding customer buying behavior and offer a digital platform for customers and sellers to interact and build trustworthy relationship.
For instance, social networking platforms such as Facebook, Instagram, and WhatsApp have changed the shopping experience with the help of LBS and RTLS technologies, which make it easier to understand user interest and offer them the right product, advertisement, or campaign that influences the customer and improves the whole buying-selling experience.
North America is expected to have the largest market size and APAC is projected to grow at the highest rate during the forecast period
The high market share of the North American region is due to the presence of a large number of LBS vendors in the US region.The region has also witnessed the proliferation of startups in LBS and RTLS market.
Out of 340 startups analyzed, 79% startups are from the North American region. Furthermore, due to robust development in infrastructures in terms of smart cities, smart buildings, and smart transportation in the country, the US market for LBS and RTLS is expected to dominate the overall North American market.
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period, which is attributed to the fact that it is witnessing a dynamic change in the adoption of LBS and RTLS across multiple verticals.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 LBS and RTLS market, in this region.
Organizations in the APAC region are focusing on customer interests and their preferences. The mobile and internet are being widely used as major means for connectivity.
In the process of determining and verifying the market size of several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. The break-up of the profiles of the primary participants is as follows:
-- By Company: Tier 1: 30 %, Tier 2: 40%, and Tier 3: 30%
-- By Designation: C Level: 72%, Director Level: 14%, and Others: 14%
-- By Region: North America: 57%, Europe: 14%, and APAC: 29%
The LBS and RTLS market includes various major vendors, such as Cisco (US), Google (US), IBM (US), Microsoft (US), Oracle (US), TomTom (Netherlands), Apple (US), Esri (US), Ericsson (Sweden), Qualcomm (US), Zebra (US), Ubisense (UK), Pitney Bowes (US), Baidu (China), Foursquare (US), Centrak (US), Ekahau (US), Galigeo (France), HERE (Netherlands), Teldio (Canada), Navigine (US), Living Map (UK), infsoft (Germany), AiRISTA (Maryland), and Quuppa (Finland).
Research Coverage
The report includes an in-depth competitive analysis of the key players in the LBS and RTLS market along with their company profiles, recent developments, and key market strategies. The report segments the LBS and RTLS market by component, software, services, location type, vertical, and region.
Reasons to buy the Report:
The LBS and RTLS market is segmented on the basis of location types, components, software, services, verticals, and regions.
The report is expected to help the market leaders/new entrants in the LBS and RTLS market in the following ways:
1. The LBS and RTLS market revenue stream has been estimated based on the revenues generated by vendors (excluding hardware) offering analytics solution and associated services. The report provides the closest approximations of the revenue numbers for the overall market and the subsegments.
2. The report helps the stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.
3. The report is expected to help the stakeholders understand the competitors and gain more insights to improve their market position. The competitive landscape section includes the competitor ecosystem, new product developments, partnerships, and mergers and acquisitions.
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