The real time location system market revenue totalled US$ 3.8 Bn in 2021. This market is expected to reach US$ 37.3 Bn by 2032, growing at a CAGR of 23.2% for 2022 – 2032.
Attributes
Details
Estimated year (2022) Market Value
US$ 4.6 Billion
Projected year (2032) Value
US$ 37.3 Billion
CAGR% (2022 to 2032)
23.2%
Top 5 Vendor Market Share
Around 35%
A real-time location system (RTLS) is a piece of technology that can locate any object in real time and determine its geolocation. Typically, a wireless system is used to acquire the intended information. RLTS and RFID (radio frequent frequency identification) are sometimes seen as being similar, however their scopes and technologies are different. Real-time data and automatic target identification are the basis of RLTS.
Based on real-time data acquired by a wireless system, a real-time geolocation system assists in determining the present location of an object. It assists with indoor object tracking as well. The healthcare industry is implementing this system due to the availability for indoor tracking, which is anticipated to add to the expansion of a RTLS market for healthcare vertical.
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2017-2021 Real Time Location System Market Demand Outlook Compared to 2022-2032 Forecast
The real time location system market is estimated to grow at 23.2% CAGR between 2022 and 2032.
Real-time asset tracking systems let industries keep track of where their assets are at all times and when they need maintenance. It is a crucial cost-saving strategy. Customers can avoid buying more equipment than they need as a result. having a high return on investment and avoiding unnecessary spending.
RTLS solutions are increasingly being used in supply chain operations across a variety of industries to reduce error, save time, and increase turnover ratio.
Increasing UWB(Ultra-Wideband) for Indoor Proximity Market Service
With UWB (ultra-wideband) spectrum, data gathering and precise position monitoring is improved. The distance that signals travel from transmitter to receiver is measured in centimetres. This approach provides substantially more accurate data. The tag has a UWB transmitter and can feed data to off-phone devices.
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Regional Analysis
In North America, where a number of players are supplying their services, the real-time location system market is expanding steadily. Europe, the United Kingdom, and France are among the other key nations for real-time location systems outside of North America.
South Asia and the Pacific are also projected to be the primary markets for real-time location systems due to the shift in technological strength to East Asia, as well as traditional giants like the Middle East and Africa.
Country-wise Insights
Why the Adoption of Real Time Location System is Rising in the U.S?
The real time location system market demand in the U.S. is expected to account for nearly 17.8% of U.S market share in 2022.
The United States accounted for the largest market share of the RTLS market, with the highest demand from the health care sector; this is one of the RTLS market's driving factors. Many hospitals are going to use RTLS solutions for various applications. Various companies offer these services, like Stanley Black & Decker (US), Aeuba Networks (US), Zebra Technologies (US), and Impinj (US). These are the key providers in the RTLS market.
Industries that are technologically advanced use real-time asset tracking and monitoring applications. A country's market growth can be attributed to a well-stabilized economy that allows for the adoption of new technologies.
Why the Demand for Real Time Location Solution is Increasing in the Germany?
The real time location system in the Germany is expected to account for nearly 15.3% of Europe market share in 2022.
The country has a large manufacturing and automobile as well as numerous other industries that deal with development of technologies, due to this large industrialization present in the country, market demand for RTLS expands, factors such as being the largest economy in Europe and having a large population further improve the market for real time location systems.
How Big is the Opportunity for Adoption of Real Time Location System Market in the China?
According to this study, the market for real time location system market in China is estimated to grow at highest CAGR of 5.6% during the forecast period.
The introduction of RTLS systems has been accelerated by the region's expanding industrial IoT use in manufacturing. The application of radio technology-based RTLS in the transportation, healthcare, and logistics, government, industrial production, and defence sectors are the numerous factors influencing the growth of real tile location systems in China.
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Category-wise Insights
Why the Demand RFID technology is growing in the Market?
The RFID technology segment is expected to showcase highest CAGR in the coming years. This segment is forecasted to grow by absolute opportunity of US$ 17.2 Bn by the end of 2032.
Hospitals are using RFID technology to more effectively monitor patients and staff during the pandemic as a result of the COVID-19 epidemic. Healthcare has seen a significant uptake of RFID solutions, which employ wireless technology to recognize and track resources and equipment. RFID improves the effectiveness and accountability of care teams as public health situations continue.
Why Smartphones Adoption Influences the Hardware Segment for Real Time Location System Market?
By product type, hardware segment was estimated to have held the highest market share of 45.6% during 2021.
The hardware segment of the market is estimated to have been highly influenced in a positive way because of the wide spread availability of smartphones. Real-time effective location (RTLS) technology, which is used to instantly spot and follow the destination of items or people in real-time, has made smartphones useful for incident handling and emergency management.
How Healthcare Sector Industry Contributes to the Growth of the Market?
Healthcare industry is estimated to grow at a CAGR of 16.5% during the forecast period.
The healthcare vertical will continue to represent the biggest market share. The mass adoption of RTLS-based systems for a variety of healthcare applications, particularly in the US, is responsible for the expansion of the healthcare vertical. The real-time location system market expansion in the health vertical is anticipated to be aided by the expanding use of IoT devices in the industry.
The use of RTLS systems in healthcare has also been driven by worries about patient safety, the privacy of electronic health information, and the protection of priceless assets. The applications for operational automation, visibility, and supply chain management are expected to have the highest CAGR in the real-time location display market over the course of the research period.
Competitive Landscape
The market for real-time location systems is incredibly fragmented. The key players include, among others, Savi Technology, AeroScout Inc. (Stanley Healthcare), Ubisense Group PLC, Zebra Technologies Corporation, and TeleTracking Technologies, Inc. Companies are planning their operations accordingly through mergers or product innovations since they see the enormous prospects in expanding regions. Key market developments include the following:
February 2022, One of the leading global producers of location solutions, Zebra Technology Corporation offers everything from straightforward passive RAIN RFID tags on parcels to the most intricate real-time active tracking of athletes. A new portfolio of integrated RFID portals that are easy to deploy was launched by Zebra Technologies. The unified RFID portals will enhance performance across multiple commercial and industrial contexts by increasing operational effectiveness, workflow accuracy, and
March 2022, One of the top suppliers of real-time location & tracking systems (RTLS), WISER Systems, has introduced ATLAS, its newest offering. With the help of this ground-breaking application, users can wirelessly and precisely locate and track tagged objects in tightly packed metallic environments in real time, all while maintaining the accuracy, minimal infrastructure requirements, and ease of installation and use that are provided by WISER's lower-density Locator.
Scope of Report
Attribute
Details
Market Value in 2022
US$ 4.6 Billion
Market CAGR 2022 to 2032
23.2%
Share of top 5 players
Around 35%
Forecast Period
2022 to 2032
Historical Data Available for
2017 to 2021
Market Analysis
USD Billion for Value
Key Regions Covered
North America, Latin America, Europe, East Asia, South Asia &Pacific, and the Middle East &Africa
