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2022

Real-time Location Systems Market

Real-time location systems Market Size, Share, Competitive Landscape and Trend Analysis Report by Component (Hardware, Software, and Services), Technology, (Ultra-wideband, WIFI, RFID, ZigBee, Infrared, and Others), Industry Vertical (Retail, Healthcare, Manufacturing & Processing, Transportation & Logistics, and Others), and Region: Global Opportunity Analysis and Industry Forecast, 2021-2030

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Author's: Rachita Rake and Kashinath Ghatke | Vineet Kumar
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Real-time Location Systems Market Statistics: 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 market is influenced by several factors such as rise in need for assets tracking, proliferation of smartphones, increase in adoption of business analytics, and diverse utility across applications.

On the basis of component, the hardware segment dominated the 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.

	Real-Time-Location-System-Market,-2021-2030

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 (UWB) 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 surge 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 real-time location systems industry.

North America dominates the real-time location systems market. Growth of the market in this region is attributed to several factors such as advancement in technologies and adoption of real-time location systems in sectors such as healthcare and hospitality. Moreover, the penetration of smartphones and 5G evolution contributes to the growth of real-time location systems (RTLS) market. However, Asia-Pacific is expected to witness highest growth rate during the forecast period owing to rise in popularity of fast internet connectivity including 4G&5G connections, ever growing smartphone penetration, and strong & growing competition among telecom service providers in Asia-Pacific.

The report focuses on the growth prospects, restraints, and global Real-time location systems market share. The study provides Porter’s five forces analysis of the global market forecast to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, the threat of new entrants, threat of substitutes, and bargaining power of buyers on the global real-time location systems market trends.

Segment Review

The real-time location systems market is segmented on the basis of component, technology, industry vertical, and region. On the basis of component, the market is segmented into hardware, software, and services. According to the technology, the market is fragmented into Ultra-Wideband, WIFI, RFID, ZigBee, Infrared, and others. Depending on industry vertical, it is segregated into Retail, Healthcare, Manufacturing and Processing, Transportation & Logistics, and Others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Covid-19 Impact Analysis

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. During the COVID-19 pandemic; real-time location systems played a vital role in conveying the patients and data about the infection across the globe. RTLS is a life-saving technology for the medical care industry due to different IoT medical applications. 

Real-time location systems Market
By Component
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Hardware segment is projected as one of the most significant segments.

The advantages of RTLS have become more obvious during the COVID-19 pandemic. The overall lockdown has constrained organizations to move toward digitalization for the arrangement of work from home officers to their employee. The effect of the COVID-19 pandemic altogether drives the interest for RTLS as the main technology companies have integrated RTLS into their organizations.

Top Impacting Factors

The global market is influenced by several factors such as rise in need for assets tracking, proliferation of smartphones, increase in adoption of business analytics, and diverse utility across applications. However, need for high investment and operational challenges are projected to hamper 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 real-time location systems market growth.

Real-time location systems Market
By Technology
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Ultra-Wideband segment is projected as one of the most lucrative segments.

Rise In Need For Asset Tracking

Asset tracking has gained increase in traction among various industry verticals including healthcare, defense, and manufacturing for tracking assets. These assets include tools, medical equipment, trailers, and containers. Further, according to the Stockholm International Peace Research Institute (SIPRI), total military expenditure across the world increased to a staggering number. The top five spending countries in 2021 were the U.S., China, Saudi Arabia, India, and France, which collectively accounted for 60% of global military spending. Thus, increase in military expenditure is also anticipated to further boost the growth of the global real-time location systems market.

Proliferation Of Smartphones 

The increase in the use of smartphones across the globe has fueled the adoption of RTLS. Mobile applications, such as gaming apps, business & communication apps, health &wellness apps, and personal convenience apps use real-time positioning information. Further, the use of smartphones for incident response & emergency management is based on real-time location system (RTLS) technology, which can be used to recognize and track the location of people in real time. Thus, the increase in trend of using navigation and other location-based applications on smart phones is projected to drive the growth of the RTLS market.

Real-time location systems Market
By Industry Vertical
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Healthcare segment is projected as one of the most significant segments.

Diverse utility across applications

The RTLS market is driven by the diversified scope of its applications across various sectors. RTLS is well suited in healthcare, retail, supply chain management, military, manufacturing & processing, and education sectors. In terms of security, RTLS has a significant and emerging place in the market. It is used across the oil & gas industry for energy and resource management agencies. In addition, education, insurance, and tourism sectors offer a wide scope of applications for RTLS. Further, increase in need for location accuracy across various verticals drives the demand for RTLS.

Increase In Adoption Of Business Analytics Solutions

An increase in the concerns of security issues and terrorist attacks in the recent years have encouraged enterprises and government organizations to adopt intelligent security strategies. For instance, the use of a real-time location system (RTLS) discovered productivity obstructions that needed to be resolved by clinic administrators for Altru Advanced Orthopedics Clinic, which is a part of the Altru Health System, North Dakota. In addition, business intelligence is used in marketing strategies to analyze customers on the basis of age, gender, and, other facial attributes. These factors are expected to fuel the demand for RTLS solutions in the coming years.

Real-time location systems Market
By Region
2030
Asia-pacific 
North America
Europe
LAMEA

Asia-Pacific is projected as one of the most lucrative region.

Key Benefits For Stakeholders

  • This study includes the Global Real-time location systems market analysis, trends, and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and Global Real-time location systems market opportunity.
  • The Global Real-time location systems market size is quantitatively analyzed from 2020 to 2030to highlight the financial competency of the industry.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in Global Real-time location systems industry.

Real-time location systems Market Report Highlights

Aspects Details
Real-time location systems Market By Product
By Product
  • Hardware
  • Software
  • Services
Real-time location systems Market By Technology
By Technology
  • Ultra-Wideband
  • WIFI
  • RFID
  • ZigBee
  • Infrared
  • Others
Real-time location systems Market By Industry Vertical
By Industry Vertical
  • Retail
  • Healthcare
  • Manufacturing and Processing
  • Transportation & Logistics
  • Others
Real-time location systems Market By Region
By Region
  • North America  (U.S., Canada)
  • Europe   (UK, Germany, France, Italy, Spain, Rest of Europe)
  • Asia-Pacific   (China, India, Japan, South-Korea, Australia, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)

Analyst Review

In accordance with the insights by the CXOs of leading companies, the global real time location system (RTLS) market is projected to witness prominent growth, especially in North America and Europe. This growth is attributed to the advancement in technologies and adoption of real time location systems in sectors such as healthcare and hospitality. Moreover, the penetration of smart phones and 5G evolution contributes to the growth of real time location system (RTLS) market.

RTLS is not a specific type of system or technology; however, it is a goal that can be accomplished with a variety of systems for locating and managing assets. An important aspect of RTLS is the time at which assets are tracked, and this data can be used in different ways depending on the application. RTLS is used across many industries with specific applications such as employee tracking and high-value asset tracking. These applications can be found in manufacturing and mining industries however are the most prominent in the healthcare industry. These benefits of the RTLS systems drive the growth of the market. Furthermore, the global real time location system market is expected to experience growth due to development across commercial building types, education sector, and for safety of workforce purposes. In addition, emerging technologies such as auto-commissioning, the latest BLE version, and 5G are expected to have significant influence on the RTLS market.

The global real time location system market is dominated by key players such as Zebra Technologies, Lockheed Martin Corporation, TeleTracking Technologies, Inc., Ubisense, Midmark Rtls Solutions, Inc. and others. The key players have adopted various growth strategies to enhance and develop their product portfolio, strengthen their market share, and to increase their market penetration. For instance, in June 2021, Midmark RTLS, a leading real-time locating system (RTLS) technology provider focused on clinical workflow solutions and data insights that improve the delivery of care, and announced a cloud-based, Bluetooth Low Energy (BLE) asset tracking solution—a combination that can be rapidly deployed across health systems, in both new and existing facilities without time-consuming, resource-intensive projects.

Author Name(s) : Rachita Rake and Kashinath Ghatke | Vineet Kumar

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Real-time Location Systems Market

Global Opportunity Analysis and Industry Forecast, 2021-2030