Real-time Location Systems Market: Overview
The global real-time location systems market size was worth USD 3.95 billion in 2022 and is estimated to grow to USD 22.80 billion by 2030, with a CAGR of approximately 24.5 % over the forecast from 2022 to 2030.
A real-time tracking system is another name for a real-time location system (RTLS). It is utilized to instantly recognize and monitor the location of an object or person. Supply chain management (SCM), healthcare, the military, retail, postal, and courier services are just a few industries that employ robust real-time location system technologies. Usually, it is included in items like cell phones and navigational devices. Finding the items is crucial, and creating a successful supply chain is simple. The RTLS market has grown significantly during the past several years. Numerous large and small IT firms are creating their own RTLS system. The major market players work tirelessly to provide more cutting-edge solutions so the industry can soon experience exponential expansion.
Real-time Location Systems Market Drivers:
The market is expanding due to the rising demand for real-time positioning system solutions for smart cities and developed infrastructures for tracking and monitoring on-road cars. The Real-Time Location System (RTLS) Market Size delivers smooth communication due to the growing IT industries and their need for RTLS solutions. Additionally, RTLS adoption by businesses, people, and IT developers is having a favorable influence on the industry. The real-time location system market is promising and offers great room for expansion.
Real-time Location Systems Market: Restraints
During the forecast period, concerns about privacy and practical difficulties are anticipated to impede the growth of the worldwide real-time location systems (RTLS) market. Hospital lead-shielded rooms, hallways, and adjacent rooms provide significant operational issues for RTLS. Since RTLS installations mostly rely on receivers that interpret signals generated by tags, having access to connections and an electrical supply could cause issues. While older hospital buildings can be difficult and expensive to modify, new hospital buildings do include places above the ceiling that might be accessed for cable and power drops.
Real-time Location Systems Market: Segmentation
The global real-time location systems market has been segmented into offerings, technology, applications, and verticals.
The real-time location systems market is divided into three categories based on offerings: hardware, software, and services. The market’s highest share in 2021 belonged to the hardware sector. Hardware like tags, badges, and readers are essential parts of an RTLS and account for a significant portion of the cost of the solution, which is why this market category has the greatest share.
Based on technology, ultra-wideband (UWB) segment accounted for the largest share of the market. Real-time location systems market growth is driven by growing ultra-wideband (UWB). Monitoring and locating the objects and interactions in real-time is made possible by a real-time positioning system. The system establishes connectivity via a variety of technologies, including Wi-Fi, Bluetooth, infrared, and RFID. However, end customers from various sectors, including logistics, manufacturing, healthcare, automotive, and entertainment, are moving more and more toward using real-time location systems based on ultra-wideband (UWB).
Real-time Location Systems Market: Regional Landscape
In 2021, North America dominated the market. One of the factors driving the RTLS market is the strong demand from the healthcare industry, which accounted for the greatest market share of the market in the United States. For many different applications, hospitals will deploy RTLS solutions. Applications for real-time asset tracking and monitoring are used in high-tech industries. An economy that is well-stabilized and promotes the adoption of new technology is a key factor in a nation’s market expansion.
Real-time Location Systems Market: Competitive Landscape
Some of the main competitors dominating the global Real-time Location Systems Market include- TeleTracking Technologies (US), Ubisense (UK), Stanley Black & Decker (US), Zebra Technologies (US), Aruba Networks (US), Impinj (US), Savi Technology (US), AiRISTA Flow (US), Alien Technology (US), Decawave (Ireland), Redpine Signals (US), CenTrack (US), OpenRTLS (US), Litum Technologies (US), GE Healthcare (US), and BlueIOT (US)
- August 2021: To provide first-rate fan and event experiences at its brand-new 40,518-seat Globe Life Field stadium, Texas Rangers Baseball Club chose an Aruba ESP-based network. Aruba Wi-Fi 6 Indoor Access Points (APs), Outdoor Access Points (APS), and Mobility Controllers make up the wireless network that Rangers deployed.
- August 2021: AiRISTA Flow, Inc. expanded its selection of location-based services by including Bluetooth Low Energy (BLE) 5.1. This new technique improves overall performance by increasing location precision and enabling tracking in the vertical dimension.
COVID-19 Impact on Real-time Location Systems Market:
The lockdown caused by COVID-19 decreased demand for RLTS devices from various industries, including transportation, supply chain, and the automotive industry. Only one business, healthcare, was expanding despite the complete closure of several supply chains, logistics companies, and the auto and transportation industries. For the data to be shown on a live monitor or saved on a database log for subsequent analysis, the healthcare business needs a variety of mechanical equipment and monitoring devices.
Global Real-time Location Systems Market is segmented as follows:
Real-time Location Systems Market by Offering Outlook (Revenue, USD Million, 2017 – 2030)
Real-time Location Systems Market by Technology Outlook (Revenue, USD Million, 2017 – 2030)
- Bluetooth Low Energy (BLE)
- Infrared (IR)
Real-time Location Systems Market by Application Outlook (Revenue, USD Million, 2017 – 2030)
- Inventory/asset tracking & management
- Personal/staff locating & monitoring (includes patient tracking)
- Access control/security
- Environmental monitoring
- Yard, dock, fleet & warehouse management & monitoring
- Supply chain management & operational automation/visibility (includes container tracking and work-in-progress tracking)
Real-time Location Systems Market by Vertical Outlook (Revenue, USD Million, 2017 – 2030)
- Manufacturing and Automotive
- Transportation and Logistics
- Government and defense
- Oil & gas, mining
- Sports & Entertainment
Real-time Location Systems Market by Region Outlook (Revenue, USD Million, 2017 – 2030)
- North America
- The UK
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
|Real-time Location Systems Market Report Scope
|Market Size Value in 2022
||USD 3.95 billion
|Revenue Forecast in 2030
||USD 22.80 billion
||CAGR of 24.5 % from 2023 to 2030
|Base Year for Estimation
||2017 – 2022
||2023 – 2030
||Revenue in USD million and CAGR from 2023 to 2030
||Revenue forecast, company ranking, Trends
competitive landscape, and growth factors
||Offering, Technology, Application, Vertical, and Region
||North America; Europe; Asia Pacific; Latin America; Middle East & Africa
||U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico and Others
|Key Companies Profiled
||TeleTracking Technologies (US), Ubisense (UK), Stanley Black & Decker (US), Zebra Technologies (US), Aruba Networks (US), Impinj (US), Savi Technology (US), AiRISTA Flow (US), Alien Technology (US), Decawave (Ireland), Redpine Signals (US), CenTrack (US), OpenRTLS (US), Litum Technologies (US), GE Healthcare (US), and BlueIOT (US)