According to the research report titled ‘Global Location Based Services (LBS) & Real Time Location System (RTLS) Market Size study, by Component (Software, Services, Hardware) by Location (Outdoor, Indoor) by Vertical (BFSI, Defense, Government, Medical, Transport, Others) and Regional Forecasts 2020-2026’, available with Market Study Report, global location based services (LBS) & real time location system (RTLS) market was worth USD 16 billion in 2019 and is expected to grow with a CAGR of 19.46% during 2020-2026.
 

Growing use of smartphones has impelled the utilization of real time location system and location based services. Further, increasing accuracy with which a smartphone user’s location can be traced along with growing importance of the geo-data collected from smartphones usage are propelling the growth of LBS and RTLS market. These technologies are used by social media platforms to track the market trends based on region. Hence, growing popularity of social media among marketeers is driving the market outlook.
 

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Notably, location-based advertising through mobile phones makes use of real time location systems, which display adverts based on regionals trends. Extensive preference for these technologies across a plethora of industries, in consort with incorporation of Spatial BI solutions are augmenting the growth of global location based services and real time location system market. However, concerns regarding legal and privacy issues along with high cost associated with LBS and RTLS are expected to restrain the market growth during 2020-2026.
 

With respect to component terrain, global location based services (LBS) & real time location system (RTLS) market is divided into software, hardware, and services. Based on vertical, the industry is segmented into defense, transport, BFSI, government, medical, and others. With regards to the location, the market is segmented into indoor and outdoor.
 

Geographically, North America held substantial market share in the recent past and is poised to growth modestly in the coming years.  Rapid infrastructural development in the US, along with incorporation of technologies like Internet of Things (IoT), Artificial Intelligence (AI), and cloud computing are contributing to the market growth in North America.
 

Meanwhile, Asia-Pacific market is expected to witness high growth rate during 2020-2026, owing to rising disposable income, increasing smart phone penetration and surging investments in the geomarketing.
 

Leading companies in global location based services (LBS) & real time location system (RTLS) market include Ericsson, Google LLC, Microsoft Corporation, Esri, IBM Corporation, Oracle Corporation, Cisco Systems Inc., Qualcomm, TomTom N.V., and Aruba Networks among others.