According to a recent report published by Allied Market Research, titled, “Real-time location systems Market by Component, Technology, and Industry Vertical, and Region: Global Opportunity Analysis and Industry Forecast, 2021-2030,”
The real-time location systems market size was valued at $3.93 billion in 2020, and is projected to reach $39.12 billion by 2030, registering a CAGR of 25.7%. The global real-time location systems market is influenced by several factors such as rise in need for assets tracking, proliferation of smart phones, increase in adoption of business analytics, and diverse utility across applications. However, need for high investment and operational challenges are projected to hamper the growth of the market. On the other hand, technology advancements such as cloud computing, artificial intelligence (AI), and blending of various new technologies of real-time location systems are estimated to be opportunistic for the growth of the market.
On the basis of component, the hardware segment dominated the real-time location systems market in 2020, and is expected to maintain its dominance in the upcoming years. This is due to availability of affordably priced sensors, growth in awareness about benefits of RTLS technology, and increase in adoption of Wi-Fi across various end user industries. In addition, proliferation of smart phones drives the growth of the hardware segment. However, the services segment is expected to witness highest growth rate during the forecast period.
By technology, the RFID segment dominated the growth in the real-time location systems market in 2020, and is expected to maintain its dominance in the upcoming years. This is due to RFIDs are widely accepted and used as they include enhanced features such as low maintenance cost, high accuracy, and long battery life as compared to other wireless communication technologies such as Wi-Fi. However, Ultra-Wideband segment is expected to witness highest growth rate during the forecast period. The major factor that contributes to the growth of the UWB technology is the increase in technological advancement and rise in market competitiveness. Moreover, the high precision location identification, low interference with other signals, usability in both outdoor &indoor environments, and an acceptable operating range make UWB a significant technology in the market.
The Real-time location systems market was valued at $4.98 billion in 2020, and is projected to reach $39.12 billion by 2030, registering a CAGR of 25.7%. The current estimation of 2030 is projected to be higher than pre-COVID-19 estimates. The outbreak of COVID-19 has caused a great deal of difficulties across the world. During the COVID-19 pandemic, real-time location systems played a vital role in conveying the data of infected across the globe. RTLS is a life-saving technology for the medical care industry due to different IoT medical applications.
Although the COVID-19 does not have major negative impact on the growth of the market, the outbreak of COVID-19 is anticipated to provide numerous opportunities for the market to grow during the forecasted period. These opportunities include a surge in demand for real-time location systems in enterprises due to remote work initiatives, increase in healthcare applications, and introduction of innovative real-time location systems solutions.
Key Findings Of The Study
- By component, in 2020 the hardware segment dominated the Real-time location systems market size. However, the services segment is expected to exhibit significant growth during Real-time location systems market forecast period.
- Depending on Technology, the RFID generated the highest revenue in 2020 of Real-time location systems market share. However, the ultra-wideband segment is expected to exhibit significant growth during the forecast period.
- Region wise, the Real-time location systems industry was dominated by North America region. However, Asia-Pacific is expected to witness significant growth in the upcoming years.
Some of the key Real-time location systems industry players profiled in the report include CenTrak, Decawave (Quorvo, Inc.), Lockheed Martin Corporation, Silicon Laboratories, Sonitor Technologies, Stanley Black & Decker, Inc., TeleTracking Technologies, Inc., Ubisense, Midmark RTLS Solutions, Inc., and Zebra Technologies Corp. This study includes market trends, Real-time location systems market analysis, and future estimations to determine the imminent investment pockets.