The global real-time location systems market size is expected to reach USD 26.97 billion by 2030, according to a new study by Polaris Market Research. The report “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” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The world’s aging population is a major driving force behind real-time location systems in old-aged care facilities. As per the WHO, the proportion of the population aged 60 and up will rise from 1 billion in 2020 to 1.4 billion. By 2050, the number of individuals aged 60 and up will have doubled (2.1 billion). The aged 80 and up is expected to triple between 2020 and 2050, reaching 426 Billion.
Improving aging and other’s patient safety and work conformance in hospitals is another primary driver in the industry. RTLS technology is crucial in keeping patients and providers safe. Wheelchairs and beds are just two instances of hospital equipment that may move around a facility on any given day. RTLS technology assists hospital workers in knowing where the equipment they require is at all times.
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Based on the vertical, the healthcare segment accounted for the leading share in the industry in 2021. The early adoption of RTLS-based alternatives for various applications in healthcare, particularly in the U.S., can be related to the growth of the healthcare vertical. The increasing use of IoT devices in the healthcare sector is also anticipated to support the development of the RTLS industry in this vertical.
Market players such as AiRISTA Flow, AeroScout, Inc., Alien Technology, Awarepoint Corporation (Centrak Inc.), CenTrak Healthcare company, BlueIOT, Decawave, Ekahau, Inc., GE Healthcare, Identec Group AG, Impinj, Aruba Networks, Litum Technologies, OpenRTLS, Redpine Signals, Savi Technology, TeleTracking Technologies, Inc., Sonitor, Ubisense Group PLC, and Zebra Technologies are some key players operating in the global industry.
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Polaris market research has segmented the real-time location systems market report based on offering, technology, application, vertical, and region:
Real-time Location Systems, Offering Outlook (Revenue – USD Billion, 2018 – 2030)
Real-time Location Systems, Technology Outlook (Revenue – USD Billion, 2018 – 2030)
- Bluetooth Low Energy (BLE)
- Infrared (IR)
Real-time Location Systems, Application Outlook (Revenue – USD Billion, 2018 – 2030)
- 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
Real-time Location Systems, Vertical Outlook (Revenue – USD Billion, 2018 – 2030)
- Manufacturing and automotive
- Transportation and logistics
- Government and defense
- Oil & gas, mining
- Sports & Entertainment
Real-time Location Systems, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa