The global real time location system market exhibited strong growth during 2015-2020. 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. Looking forward, the global real time location system market is expected to grow at a CAGR of around 26% during the forecast period (2021-2026).
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.
Breakup by Component:
Breakup by Technology:
Breakup by Application:
Breakup by Vertical:
Breakup by Region
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.
Key Questions Answered in This Report:
The global real time location system market was worth around US$ 3.9 Billion in 2019.
The sudden outbreak of the COVID-19 pandemic, in the early 2020, has propelled the demand for RTLS in the healthcare industry due to the increasing patient influx and rising need for real time tracking of several medical equipment.
According to the estimates by IMARC Group, the global real time location system market will exhibit moderate growth during the next five years.
Rapid urbanization, coupled with the high utilization of RTLS for boosting productivity, enhancing staff safety, and providing effective logistics and supply chain management across several industries, are some of the key factors driving the market growth.
The increasing popularity of RTLS in the healthcare sector for tracking patients, healthcare professionals, and medical equipment, is one of the key trends in the real time location systems market.
On the basis of the component, the market has been bifurcated into hardware, software, and services, where software accounts for the largest market share.
Based on the technology, the market has been segmented into RFID, Wi-Fi, UWB, BLE, Infrared (IR), Ultrasound, GPS, and others. In this segment, UWB dominates the global market.
Based on the application, the market has been segmented 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 & gas and mining, sports and entertainment, and others. In this segment, the healthcare sector holds for the largest market share.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America dominates the global market.
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