The global real time location system market size reached US$ 5.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 24.2 Billion by 2028, exhibiting a growth rate (CAGR) of 28.5% during 2023-2028.
The Real Time Location System (RTLS) assists in identifying and tracking the geographical location of objects and people in real time. It is primarily used in navigation, and vehicle, inventory and personnel tracking and consists of location sensors, readers, battery-powered tags, network infrastructure and application software. It operates by attaching tags and badges to objects or people through which the signals are transmitted and received by a fixed reference point. This system is extensively used to boost productivity, accuracy and operational excellence. It also enhances staff safety and provides effective logistics and supply chain operations, owing to which it is deemed beneficial for evacuation procedures and accounting for all the resources present inside a closed space.
The market is significantly driven by the increasing usage of smartphones and mobile, gaming, communication and health and wellness applications that require constant access to user information. Additionally, rapid urbanization and increasing requirement for advanced security systems are further driving the product demand. Moreover, increased application in various end use industries such as transportation, inventory and warehouse management, along with inbound and outbound logistics management, is also expected to propel the growth of the market. RTLS is also finding wide applicability in warehouses, correctional facilities, and retail stores, where it assists in monitoring the location of a target and tracking any misplaced items. Along with this, the implementation of favorable government policies that promote the use of advanced monitoring systems along with various technological advancements and increasing focus on research and development (R&D) is also catalyzing the growth of the market globally.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global real time location system market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, technology, application and vertical.
The competitive landscape of the industry has also been examined with some of the key players being 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, Zebra Technologies, etc.
IMARC Group’s latest report provides a deep insight into the global real time location system market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for industry players, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the real time location system market in any manner.
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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Key Questions Answered in This Report
The global real time location system market was valued at US$ 5.8 Billion in 2022.
We expect the global real time location system market to exhibit a CAGR of 28.5% during 2023-2028.
The increasing adoption of real-time location system across several industries to aid in identifying and
tracking the geographical location of objects and people in real-time is primarily driving the global real
time location system market.
The sudden outbreak of the COVID-19 pandemic has led to the rising demand for real time location
system across several end-use industries, specifically in the healthcare sector, owing to the increasing
patient influx and rising need for real-time tracking of several medical equipment.
Based on the component, the global real time location system market has been segmented into
hardware, software, and services. Currently, hardware holds the majority of the total market share.
Based on the technology, the global real time location system market can be divided into RFID, Wi-Fi,
UWB, BLE, Infrared (IR), ultrasound, GPS, and others. Among these, RFID currently exhibits a clear
dominance in the market.
Based on the application, the global real time location system market has been categorized 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. Currently, inventory/asset-tracking &
management accounts for the majority of the global market share.
Based on the vertical, the global real time location system market can be segregated into healthcare,
manufacturing & automotive, retail, transportation & logistics, government & defense, education, oil &
gas, mining, sports & entertainment, and others. Among these, the healthcare industry currently holds
the largest market share.
On a regional level, the market has been classified into North America, Europe, Asia Pacific, Latin
America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global real time location system market 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, Zebra Technologies, etc.
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