Global LBS and RTLS Market Insights 2020-2025: A $39.19 Billion Opportunity Assessment

The global LBS and RTLS market is expected to grow from USD 17,776 million in 2020 to USD 39,190 million by 2025, at a CAGR of 17.1%.

The increasing awareness among business executives about the benefits of LBS and RTLS analytics has further bolstered the growth of the market. LBS and RTLS platforms assist business executives in processing vast volumes of spatial data and gathering real-time insights into various business functionalities, which, in turn, helps companies to quickly tackle changing business conditions. For example, in the retail industry, spatial data enables retailers to uncover relationships between stores, products, and customer types-across a range of different parameters or metrics-that affects sales performance.

By component, the platform segment is expected to hold the highest market share in 2020, owning to the Growing need of asset tracking. The rising demand for location analytics is encouraging market vendors to enhance the capabilities of their LBS and RTLS platforms in the market. These platforms help to localize, analyze, and act on the changing business conditions and trends. To increase agility, improve overall operations productivity, understand business trends, and reduce operational costs, many companies have started to invest in LBS and RTLS platform.

Among services, the deployment and integration segment is expected to hold the largest market size during the forecast period, compared to the application support and maintenance, and consulting and training segment.