Location Based Services (LBS) and Real-Time Location Systems (RTLS) Market is expected to grow to USD 54.95 billion by 2020
The global Location-Based Services (LBS) and Real-Time Location Systems (RTLS) market is expected to grow from USD 11.36 billion in 2015 to USD 54.95 billion by 2020, at a CAGR of 37.1%.
Location based service Market, LBS market
The global Location-Based Services (LBS) and Real-Time Location Systems (RTLS) market is expected to grow from USD 11.36 billion in 2015 to USD 54.95 billion by 2020, at a CAGR of 37.1%. Several factors such as increasing availability of spatial data and analytical tools, growing focus on business intelligence (BI), increasing market competitiveness, and decreasing cost of solutions are expected to bolster the growth of this market.
The emergence of RTLS has further augmented the opportunity areas for LBS. Additionally, technologies enabling LBS such as Internet of Things (IoT) and smart wearable devices have played a significant role in enhancing the adoption of leading technologies in this market. The major factors responsible for the upsurge of RTLS include optimum resource utilization through efficient asset tracking and management with the help of RTLS; increasing standardization; declining cost of RTLS hardware and software; technological advancements; and escalating applications in numerous industry sectors ranging from healthcare to defense; and government support and funding.
Context aware technology has emerged as a pioneering tool to drive new opportunities in the market. These technologies are supported by advanced software and hardware location-based solutions. Some of the leading software-based solutions include geocoding and reverse geocoding, and location analytics. While top hardware-based solutions include sensors, readers, tags and transponders, and others.