DUBLIN, December 8, 2015 /PRNewswire/ --
Research and Markets (http://www.researchandmarkets.com/research/tjz3q9/location_based) has announced the addition of the "Location Based Services (LBS) and Real-Time Location Systems (RTLS) Market by Location (Indoor & Outdoor), Technology, Software, Hardware, Services, and Application Areas - Global Forecast to 2020" report to their offering.
The overall 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 Location Based Services 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.
The government, public utilities, and defense sector accounts for the largest market share in the overall market. Increasing cyber-attack on government institutions mainly targeted toward compromising critical data and financial information is one of the major factors resulting in high government spending in Location Based Services market. Other high growth sectors include consumer goods and e-commerce, transportation and logistics, and healthcare and life sciences.
Among regions, North America is projected to have the largest market share and is expected to dominate the LBS and RTLS market from 2015 to 2020. Correspondingly during the same period, APAC is expected to showcase a significant growth potential and is projected to grow at a CAGR of 43.3% and 42.5% in LBS and RTLS market respectively. This is backed by the existence of a large population, increasing customer awareness, developing technology hubs, and affluent countries such as South Korea, Singapore, and Hong Kong.
However, due to lack of awareness, expertise, and other operational challenges, most of the organizations struggle to optimally utilize the full potential of LBS and RTLS technologies. This has been significantly hindering the growth of the Location Based Services market. The technological giants such as Google, IBM, and Cisco Systems, along with some of the key innovators such as Pitney Bowes, Inc., Savi Technology, Inc., Tomtom International BV., Ubisense, and others, have created leading location based systems and platforms.
These players have adopted various growth strategies such as new product launches, partnerships, contracts, collaborations, acquisitions, and expansions to expand their global presence and increase their market shares in the global market.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 LBS And RTLS Market Analysis, By Location Type
8 LBS And RTLS Market Analysis, By Technology
9 LBS And RTLS Market Analysis, By Hardware
10 LBS And RTLS Market Analysis, By Software
11 LBS And RTLS Market Analysis, By Service
12 LBS And RTLS Market Analysis, By Application Area
13 Geographic Analysis
14 Competitive Landscape
15 Company Profiles
16 Key Innovators
- Apple, Inc.
- Awarepoint Corporation
- Centrak, Inc.
- Cisco Systems, Inc.
- Ekahau, Inc
- Foursquare Labs, Inc.
- Google, Inc. (Alphabet, Inc.)
- Here (Nokia)
- International Business Machines Corporation (Ibm)
- Masternaut Ltd.
- Microsoft Corporation
- Oracle Corporation
- Pitney Bowes, Inc.
- Savi Technology, Inc.
- Tomtom International Bv.
- Zebra Technologies Corporation
For more information visit http://www.researchandmarkets.com/research/tjz3q9/location_based
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