Location-based Services Market Trends

Growth Drivers

• Increased Integration of Emerging Technologies to Improve Location Experience- Because of the widespread use of mobile phones and other IoT devices, a vast amount of data is accessible to improve the relevance and accuracy of maps and location services. Location-based service providers can leverage data from the Internet of Things (IoT) in several ways, such as increasing customer satisfaction and accuracy. These services are utilized by organizations to increase the effectiveness of their public services, optimize routes, cut fuel consumption, and obtain insight into consumer behavior. Organizations have also observed the emergence of AR/VR technology, where location technologies like mapping may help build immersive virtual experiences. Thus, the use of location-based services is growing due to the growing need for IoT devices and augmented reality (AR) and virtual reality (VR) technologies. There will be 1.4 billion active AR user devices by 2023. And in 2024, that amount is projected to rise to 17.3 billion.
• Location-based Services' Growing Importance in Crime Analysis and Strategic Planning- GPS technology has been used by several police departments to combat criminal activity. Numerous police departments have embraced GPS-based solutions because of their increased effectiveness, lower operating costs, and utilization of real-time information transmission for efficient crime investigation. Police can accurately comprehend community issues and respond with accurate intelligence with the aid of location-based services. GIS-based tools also assist in the analysis of crime trends, the identification of hotspots, and the linking of crimes, offenders, cars, and associates. Furthermore, the location-based services market is expanding as a result of the police department's growing adoption of mapping and navigation systems.
• Demand for Real-Time Locating Systems Based on UWB Is Rising- The main driver of the UWB technology-based RTLS market in the healthcare industry is the technology's ability to provide extremely precise positioning data for an individual or object. Its exorbitant cost has previously been the primary deterrent to its adoption in several industries, including healthcare. On the other hand, costs have been declining over time, which is expected to boost demand for UWB-based RTLS systems. In recent years, several RTLS technology end customers have migrated from other technology-based RTLS solutions, like RFID and Wi-Fi, to UWB technology-based RTLS solutions due to cheaper costs, shorter lead times, and better productivity.

Challenges

• Strict Guidelines and Rules to Prevent Market Expansion- The need for more precision and dependability in LBS performance has decreased due to the ongoing emphasis on these qualities. This emphasizes even more the data security policies that are in place to protect sensitive and valuable user information. As a result, as the usage of location-based services grows globally, numerous restrictions are put in place to safeguard and promote user privacy. Users and service providers must abide by these strict rules and regulations. This has an additional effect on the uptake of these services, which is anticipated to impede the expansion of the worldwide location-based services industry throughout the anticipated timeframe. 
• The market's growth is being impeded by considerable expenses related to installation, deployment, and privacy concerns.
• Lack of qualified workers on the installation site when RTLSs are installed.