Location-Based Services (LBS) and Real-Time Location Systems (RTLS) Market to Grow to USD 50.2 Billion by 2027

Strategic Insights -

The Location-Based Service (LBS) and Real-Time Location Systems (RTLS) market is expected to grow significantly, driven by advancements in indoor positioning technology, growing adoption of LBS-based applications in healthcare, and increasing demand for location-based services in various industries. The market is expected to reach USD 50.2 billion by 2027, growing at a Compound Annual Growth Rate (CAGR) of 17.6% during the forecast period.

Key Takeaways:

  • The indoor segment is expected to grow at the highest CAGR during the forecast period, driven by the increasing demand for indoor positioning solutions.
  • Location-based health monitoring is expected to grow at a higher CAGR during the forecast period, driven by the growing adoption of LBS-based applications in healthcare, such as fall detection, exercise and fitness monitoring, and remote health monitoring.
  • 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), and Google (US), among others.
  • 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.
  • Cisco offers services and goods for telecommunications equipment, software, and hardware, including the Cisco Unified Wireless LBS, which makes use of enterprise WLANs along with location tracking.
  • Google provides a wide range of products, including Ads, Google Cloud, the Android operating system, Google Play, Chrome, and YouTube, with geo offerings including Google Maps and Google Earth.

Statistics:

  • The global Location-Based Service Market size is expected to grow from 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.
  • The indoor segment is expected to grow at the highest CAGR during the forecast period, with a projected market size of USD 15.6 billion by 2027.
  • Location-based health monitoring is expected to grow at a higher CAGR during the forecast period, with a projected market size of USD 12.3 billion by 2027.
  • 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), and Google (US), among others.

Sources:

  • MarketsandMarketsäó Research Private Ltd. (https://www.marketsandmarkets.com/Market-Reports/location-based-service-market-96994431.html)
  • Broadcom (https://www.broadcom.com/)
  • Google (https://www.google.com/)
  • Cisco (https://www.cisco.com/)
  • AB Digital, Inc. (https://www.syndigate.info/)