Location-Based Service (LBS) and Real-Time Location Systems (RTLS) Market worth $60.4 billion by 2028

 
Location-Based Service (LBS) and Real-Time Location Systems (RTLS) Market worth $60.4 billion by 2028

The LBS and RTLS Market size is projected to grow from USD 24.7 billion in 2023 to USD 60.4 billion by 2028, at a CAGR of 19.6% during the forecast period, according to a new report by MarketsandMarkets.

The emergence of 5G and low-cost connectivity technologies have also helped create ubiquitous connectivity. Enhancement in connectivity technologies, supplemented by growing interest in personalizing services based on users' location information, has boosted the LBS and RTLS Market.

Application-specific support and maintenance services are offered after an organization installs the LB and RTL solutions. These services include assistance during installation and data and platform maintenance activities. The services can be provided onsite or remotely via web conferencing, telephones, and ticketing systems. End-users may require the help of LBS and RTLS vendors for further customization or improvement in the system, for which the vendors provide services for a predetermined duration.

Timely support and maintenance reduce overall performance issues of LBS or RTLS platforms. Vendors offering support and maintenance services focus on improving the performance of the platforms, reducing Capital Expenditure (CAPEX) and Operational Expenditure (OPEX), and ensuring end-to-end LBS and RTLS platform delivery and multi-vendor support. Thus, an increase in the adoption rate of platforms across the globe is expected to lead to an increased demand for support and maintenance services.