(EMAILWIRE.COM, October 09, 2018 ) According to new market research report "Location-Based Services (LBS) and Real-Time Location Systems (RTLS) Market by Location Type (Indoor and Outdoor), Software (Geocoding and Reverse Geocoding, Location and Predictive Analytics), Hardware, Service, Vertical, and Region - Global Forecast to 2023", The LBS and RTLS market size is expected to grow from USD 22.18 billion in 2018 to USD 68.85 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 25.4% during the forecast period (2018–2023).

The major factors that are expected to drive the growth of the LBS and RTLS market include the increasing use of smartphones for advertisement and social media advertising. In addition, increasing investment in LBS and RTLS technology is another major driver of the market growth.

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The indoor segment is expected to grow at a high rate in the LBS and RTLS market during the forecast period

The indoor location type is estimated to grow at a high CAGR during the forecast period, as indoor LBS and RTLS provides navigation services inside malls, megastores, manufacturing units, offices, airports, casinos, universities, and hospitals. The methods and techniques used in indoor location applications enable accurate 2D and 3D mapping, and navigation. Increasing focus of organizations on customer centricity and wearable technologies are some of the factors driving the indoor LBS and RTLS market. Additionally, rapidly expanding infrastructural building sizes, such as airports, malls, hospitals, and other indoor public places, necessitate the requirement of RTLS and indoor location services for public safety, emergency services, and other indoor navigational guidance.

The software segment is expected to hold the largest market share in the LBS and RTLS market during the forecast period

LBS and RTLS software helps in providing location-based analysis, visualization, and real-time tracking of equipment, as well as, people in different locations, such as emergency wards, operating rooms, and manufacturing facilities. LBS and RTLS software, are commonly termed as middleware or location engine, acts as an interface between the location-based data and the final analysis of that data into useful insights for enhanced asset management. Location tags and readers based on different technologies require dedicated middleware that can manage the tracking process and capture a large amount of real-time location data. There are many kinds of software applications available in the market, depending on the providers, which can also be customized as per the clients’ requirement.

North America is expected to have the largest market share in the LBS and RTLS market during the forecast period

North America is expected to have the largest market share in the global LBS and RTLS market. The overall LBS and RTLS market in North America can be divided into 2 main regions, namely, the US and Canada. The US holds the maximum share in the LBS and RTLS market. In the US, government, defense, and public sector holds the largest market chunk. The growth in North America is attributed to the continuous technological advancements in this field, increasing standards regarding LBS and RTLS, as well as enhanced financial support from the government. The major share of North America is dedicated to the presence of many LBS vendors in the US region.

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Some of the major vendors in the LBS and RTLS market include Cisco (US), Google (US), IBM (US), Microsoft (US), Oracle (US), TomTom (Netherlands), Apple (US), Esri (US), Ericsson (Sweden), Qualcomm (US), Zebra (US), Ubisense (UK), Pitney Bowes (US), Baidu (China), Foursquare (US), Centrak (US), Ekahau (US), Galigeo (France), HERE (Netherlands), Teldio (Canada), Navigine (US), Living Map (UK), infsoft (Germany), AiRISTA (Maryland), and Quuppa (Finland).