Increasing Demand for UWB-Based Real-Time Location Systems Boosts Growth
By Application, the tracking and navigation segment to grow at the higher market size during the forecast period
The tracking and navigation application uses LBS and RTLS technologies for driver assistance, passenger information, and vehicle management. LBS is frequently included into auto navigation systems to help drivers and offer real-time traffic data. In order to give drivers real-time navigation support, Waze, a GPS navigation software app (owned by Google), crowdsources traffic and road information.
LBS and tracking methods are currently widely employed in logistic tracking and vehicle management. Applications that go beyond auto navigation and vehicle management have started to appear recently. For instance, applications to locate open on-street parking spaces, safety alerts, and multimodal have all been implemented.
In order to manage retail apps and provide a better customer experience, LBS and RTLS are crucial. The adoption of LBS and RTLS platforms in the retail industry eliminates the need of conventional methods to analyse consumer purchasing patterns and provides a secure digital environment for interactions between buyers and sellers. The retail industry is able to study client behaviour throughout the world and target the correct customers with the use of information produced by such apps.
For instance, the use of LBS and RTUS technology has altered the way that customers shop thanks to social networking sites like Facebook, Instagram, and WhatsApp. These technologies make it simpler to identify user interest and extend the right products through advertisements or campaigns that motivate customers and enhance their buying-selling experience.
LBS and RTLS help the retail vertical in numerous ways, including inventory, fraud detection, and pricing management. The growing adoption of eCommerce has driven the growth of LBS and RTLS platforms in this vertical.
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