PUNE, India -- According to a new market research report, "Location Based Services (LBS) and Real-Time Location Systems (RTLS) Market by Location (Indoor & Outdoor), Technology (context-aware, UWB, BT/BLE, beacons, & A-GPS, and others), Software, Hardware, Services, and Application Areas - Global Forecast to 2020", published by MarketsandMarkets, the global Location-Based Services (LBS) and Real-Time Location Systems (RTLS) Market is expected to reach USD 54.95 Billion by 2020 at a CAGR of 37.1%.
Due to increased focus on competitive intelligence, and growing amount of spatial data, technological advancements have led to increased applications in numerous sectors and the global deployments of 3G and 4G wireless services have created promising ubiquitous connectivity as well as cost benefits from deploying solutions for asset tracking and management.
Context aware technology has created vibrant prospects for marketers and other stakeholders in the market
The growing surge in the use of smartphones and social networking platforms has opened up new avenues for contextual advertising by marketers to pursue targeted marketing campaigns to enhance revenues. Currently, although context aware computing is seen in a nascent form, through LBS more interesting solutions based on CAC have come up which can be applied across various industries.
Healthcare and life sciences sector projected to showcase robust growth in the LBS and RTLS Market
The healthcare and life science vertical is one of the major application sectors that generate huge data. Customer-focused organizations such as hospitals consider location convenience to deliver their services. Geographic Information System (GIS) technology offers varied solutions including ones that improve field data collection and reporting, and others that support disease surveillance and analysis with online mapping and spatial statistics.
Various key LBS and RTLS vendors and service providers profiled in the report include - Cisco Systems, Google Inc. (Alphabet Inc.), and IBM among many others. Several key innovators have also been showcased in the study including - Pitney Bowes, Inc., Savi Technology, Inc., TomTom International BV., Ubisense, and others.
Growing demand to optimize supply chain and the governments' efforts to standardize the LBS and RTLS technology creates remarkable potential in the Asia-Pacific (APAC) market
The APAC region is expected to experience extensive growth opportunities in the next few years. The existence of a large working population and developing technology hubs, have expanded the competitive environment in the region. Countries such as China, Japan, and India are putting in efforts to deploy various location based technologies. Even the South Korean government, in 2010, announced that around 50% of their pharmaceutical manufacturers will be integrating location tracking technologies by 2015. These developments clubbed with a growing demand from a massive and growing population, certifies a tremendous growth potential for LBS and RTLS Market in the region.
MarketsandMarkets broadly segments the Location Based Services (LBS) and Real-Time Location Systems (RTLS) Market on the basis of location types; -by technologies; by software; and by hardware components. The study covers more than 12 industry verticals including BFSI, defence, government and public utilities, healthcare and life sciences, retail and e-commerce, transportation and logistics, and others.
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