Real-time Location Systems Market Share, Size, Trends, Industry Analysis Report, By Offering (Hardware, Software, Services); By Technology; By Application; By Vertical; By Region; Segment Forecast, 2022 - 2030
- Published Date:May-2022
- Pages: 120
- Format: PDF
- Report ID: PM2388
- Base Year: 2021
- Historical Data: 2018 - 2020
Report Outlook
The global real-time location systems market was valued at USD 3.81 billion in 2021 and is expected to grow at a CAGR of 26.1% during the forecast period. The advancement of Wi-Fi, the Internet of Things, and RFID, among others, is also a significant driver for real-time location systems in the healthcare market. Precision-based real-time location systems are implemented using either Wi-Fi or ultra-wideband technologies. These real-time location systems will allow for asset tracking to an exact location.
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At the same time, proximity-based RTLS solutions such as AirFinder can accurately point out areas within a 100 square foot area, making them suitable for use in cases where exact locations are not required. And Precision-based RTLS enabled it to be used for application areas such as inventory management. The price of tags for Precision-based RTLS may vary depending on the systems used, whereas for Proximity-Based RTLS, minimal infrastructure is required, so tags are much less expensive.
Further, the increasing trend of hybrid real-time location systems solutions will create opportunities for the industry. Various hybrid solutions are commercially available, each designed to address some of the issues associated with this technology-based real-time location systems. Localized RFID/RTLS could offer an alternative in areas where GPS has visibility issues without incurring the infrastructure costs associated with full-scale RTLS. The final result is a strong, simple-to-implement, and adaptable solution that provides unrivaled reliability.
Product innovations, technological advancements, and the introduction of regulatory policies have been detailed in the report to enable businesses to make more informed decisions. Furthermore, the impact of the COVID-19 pandemic on the Real-time Location Systems Market demand has been examined in the study. The report is a must-read for anyone looking to develop effective strategies and stay ahead of the curve.
However, the high cost of installation and maintenance inhibits the growth of the RTLS industry. At the time of installation, the price of real-time location systems can be very high, ranging between USD 2 and 5 million. This varies by industry and is dependent on the installation area. The cost of RTLS systems is high due to hardware, software, infrastructure, wiring, and power.
Industry Dynamics
Growth Drivers
Key companies primarily focus on the healthcare, retail, and manufacturing industries and have developed industry-specific solutions. Thus, due to the more competition in the real-time location systems market, RTLS companies are compelled to offer application-specific customized products at reasonable prices. Market participants constantly strive for innovative solutions to stay competitive. Further, asset tracking has gained traction in various industry verticals, including healthcare, defense, and manufacturing, for asset tracking. Tools, medical equipment, trailers, and containers are among the assets. As a result, a rise in military spending is anticipated to propel the growth of the global real-time location systems market.
Furthermore, the increased use of smartphones worldwide has fueled the implementation of RTLS. Real-time positioning information is used by smartphone platforms such as gaming apps, business & communication apps, health & wellness apps, and personal convenience apps. The mobile phone used for incident response and emergency management is based on RTLS technology, recognizing and tracking people's places in real-time. As a result, the rising popularity of navigation and other location-based applications on smartphones, increasing asset tracking, and the rise in the adoption of cost-effective solutions are expected to fuel the growth of the real-time location systems market.
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Report Segmentation
The market is primarily segmented based on offering, technology, application, vertical, and region.
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By Offering |
By Technology |
By Application |
By Vertical |
By Region |
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Insight by Application
Supply chain management & operational automation/visibility segment is expected to be the most significant revenue contributor in the global market. RTLS solutions are famous for finding inventory in warehouses and supply chains. Supply chain dynamics are made possible by RTLS technologies. Greater visibility for faster decision-making as they move toward Industry 4.0. Real-time data from supply chain operations enables more rapid response times to any changes in everyday operations.
Geographic Overview
In terms of geography, North America had the largest regional share. North American electronics behemoths are adopting RTLS technologies. Impinj introduced three next-generation RAIN RFID reader chips to help IoT device makers meet the growing demand for item connectivity in the retail, distribution network, and logistics. The solution facilitates increasing staff accountability across organizations, lowering operating costs, and improving overall system performance. Other strategies used by companies to strengthen their market position included product development, advancement, and R&D investments.
Moreover, Asia Pacific is expected to witness a high CAGR in the global market. This is rising due to the growing working population and the thriving healthcare industry in the world's emerging markets, such as India and China. Furthermore, Japan will host the Summer Olympics in 2021 to necessitate real-time tracking of goods and services to ensure the safe functioning of the events. This is expected to drive the real-time location systems market's growth during the study period.
Competitive Insight
Some of the major players operating in the global market include AeroScout, Inc., AiRISTA Flow, Alien Technology, Aruba Networks, Awarepoint Corporation (Centrak Inc.), BlueIOT, CenTrak Healthcare company, Decawave, Ekahau, Inc., GE Healthcare, Identec Group AG, Impinj, Litum Technologies, OpenRTLS, Redpine Signals, Savi Technology, Sonitor, TeleTracking Technologies, Inc., Ubisense Group PLC, and Zebra Technologies.
Real-time Location Systems Market Report Scope
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Report Attributes |
Details |
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Market size value in 2021 |
USD 3.81 Billion |
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Revenue forecast in 2030 |
USD 26.97 Billion |
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CAGR |
26.1% from 2022 - 2030 |
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Base year |
2021 |
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Historical data |
2018 - 2020 |
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Forecast period |
2022 - 2030 |
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Quantitative units |
Revenue in USD billion and CAGR from 2022 to 2030 |
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Segments covered |
By Offering, By Technology, By Application, By Vertical, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key Companies |
AeroScout, Inc., AiRISTA Flow, Alien Technology, Aruba Networks, Awarepoint Corporation (Centrak Inc.), BlueIOT, CenTrak Healthcare company, Decawave, Ekahau, Inc., GE Healthcare, Identec Group AG, Impinj, Litum Technologies, OpenRTLS, Redpine Signals, Savi Technology, Sonitor, TeleTracking Technologies, Inc., Ubisense Group PLC, and Zebra Technologies. |
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