According to the latest report by IMARC Group, titled "Real Time Location System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global real time location system market is expected to exhibit a CAGR of 29.16% during 2022-2027. The Real Time Location System (RTLS) is widely used for accurately identifying and tracking the location of an item or person within a building or other contained area in real time. The system employs chips attached to or embedded in the assets that aid in communicating with the location sensors placed throughout the confined space. Some of the other components used in the system include readers, battery-powered tags, network infrastructure and application software. These systems are extensively utilized for numerous applications, including navigation, and vehicle, inventory and personnel tracking, across the healthcare, hospitality, and automobile industries for improving efficiency and safety while reducing overall costs.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Real Time Location System Market Trends:
The global market is primarily driven by the increasing utilization of RTLS in the healthcare sector. These systems are widely used for tracking patients, healthcare professionals, medical equipment and hospital staff efficiently. They also play an instrumental role across multiple hospitals and other healthcare establishments during an emergency evacuation procedure. Along with this, the increasing use of gaming and communication applications require continual access to user information, which is acting as a major growth-inducing factor. The market is further driven by the growing utilization of RTLS in warehouses, retail stores and correctional facilities to determine the live location of the assets and locating misplaced items. These systems are further employed in the automobile industry for navigational purposes and optimizing routes, which is expected to create a positive outlook for the market. Numerous technological advancements and an extensive focus on research and development (R&D) activities conducted by manufacturers are some of the other factors contributing to the market growth.
- On the basis of the component, the market has been classified as hardware, software and services.
- Based on the technology, the market has been divided into RFID, Wi-Fi, UWB, BLE, infrared (IR), ultrasound, GPS and others.
- On the basis of the application, the market has been categorized into inventory/asset-tracking and management, personnel/staff-locating and monitoring, access control/security, environmental monitoring, yard, dock, fleet warehouse-management and monitoring, supply chain management and operational automation/visibility, and others.
- Based on the vertical, the market has been segmented into healthcare, manufacturing and automotive, retail, transportation and logistics, government and defense, education, oil and gas, mining, sports and entertainment, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru and others), and Middle East and Africa (Turkey, Saudi Arabia, Iran, the United Arab Emirates and others).
- The competitive landscape of the market has been examined in the report with the detailed profiles of the key players. Some of these 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.
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