According to the latest report by IMARC Group, titled "Real Time Location System Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028," the global real time location system market reached a value of US$ 5.8 Billion in 2022. A real time location system or real time tracking system is used to automatically identify and track the current geographic position and location of a target. It is usually used in indoor and confined areas, such as buildings, and doesn't provide global coverage like GPS. It is widely used in various logistical or operational areas to generate notifications when an object moves, locate and manage assets within a particular area. It aids in healthcare provision via staff and patient monitoring, provides the right equipment for use in certain situations, helps in acute care capacity management via clinical-care locating, prevents abductions by sounding alarms if an infant leaves the boundary of a hospital, among others.
Global Real Time Location System Market Trends:
The global market is majorly driven by the increasing tendency to introduce real time location systems in multiple government applications. In line with this, the leading market players are focusing on developing more innovative solutions, which is expected to witness substantial growth in the coming years. Furthermore, the rising penetration of ultra-wideband (UWB) technology-based RTLS that provides accurate positioning data and high accuracy and range is significantly contributing to the market. Apart from this, the growing demand from the healthcare, manufacturing, and logistics industries to enhance efficiency, reduce costs, and shorten lead times is positively influencing the market. Additionally, the increasing demand for RTLS in security and surveillance, and inventory management is providing a boost to the market. Some of the other factors driving the market growth include the rising government expenditure on defense and homeland security, the growing demand for RTLS solutions in smart cities, modernization in production techniques, and rapid technological advancements. On account of the factors above, the market is anticipated to reach a value of US$ 24.2 Billion by 2028, exhibiting a CAGR of 28.5% during 2023-2028.
- On the basis of the component, the market has been categorized into hardware, software, and services.
- Based on the technology, the market has been classified into RFID, Wi-Fi, UWB, BLE, infrared (IR), ultrasound, GPS, and others.
- Based on the application, the market has been segmented into Inventory/Asset-Tracking & Management, Personnel/Staff-Locating & Monitoring, Access Control/Security, Environmental Monitoring, Yard, Dock, Fleet Warehouse-Management & Monitoring, Supply Chain Management & Operational Automation/Visibility, and Others.
- Based on the vertical, the market has been categorized into healthcare, manufacturing & automotive, retail, transportation & logistics, government & defense, education, oil & gas, mining, sports & entertainment, and others.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru, and others) and the Middle East and Africa (Turkey, Saudi Arabia, Iran, United Arab Emirates, and others).
- The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market. Some of the key players include AeroScout Inc., AiRISTA, Alien Technology, Axcess International Inc., CenTrak Healthcare Company, DecaWave Limited, Ekahau Inc., Identech Group AG, Impinj, Savi Technology, Sonitor Technologies, Stanley Healthcare, TeleTracking Technologies, Ubisense Group, and Zebra Technologies.
|Base Year of the Analysis
||Component, Technology, Application, Vertical, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico, Argentina, Colombia, Chile, Peru, Turkey, Saudi Arabia, Iran, United Arab Emirates
||AeroScout Inc., AiRISTA, Alien Technology, Axcess International Inc., CenTrak Healthcare Company, DecaWave Limited, Ekahau Inc., Identech Group AG, Impinj, Savi Technology, Sonitor Technologies, Stanley Healthcare, TeleTracking Technologies, Ubisense Group and Zebra Technologies
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