Real-time Location Systems Market Report Size, Trends & Growth Opportunity, By Component, By Application, By Technology, By Vertical, By Region: Forecast till 2027

Real-time Location Systems Market (RTLS) Report Size, Trends & Growth Opportunity, By Component, By Application, By Technology, By Vertical, By Region and forecast till 2027

Global Real-time Location Systems Market (RTLS)

The RTLS market is estimated to be valued at USD 3.9 billion in 2020 and reach USD 12.7 billion by 2027, at a CAGR of 26.5%.

The system which allows locating people or any kind of assets in real time is called as Real-time location system (RTLS). RTLS discovers application in assorted industries from manufacturing to supply chain, hospitality, healthcare, and construction. To increase efficiency and safety along with reducing costs, location information provided by RTLS is used. Precision-based RTLS and proximity-based RTLS are two main types of RTLS.

Market Drivers

Rise in market competitiveness leading to availability of cost-effective RTLS solutions is the main driving factor for the growth of the market. The market is driven by the growing usage of smartphones and mobile, gaming, communication and health and wellness applications which require constant access to user information. Moreover, speedy urbanization and rising necessity for advanced security systems are further driving the product demand.

Market Restraints

The cost of RTLS system at the time of installation is very high, hence High cost of installation and maintenance is the main restraining factor for the growth of the market.

Also, the limited security regarding information is a restraining factor of market growth, because several smart devices having interconnected network system to each other is responsible for user data transmit.

Market Segmentation

Real-time Location Systems Market (RTLS) sis segmented into major 4 categories. Based on Component, the market is segmented into Hardware, Software & Services. Based on Technology, the market is segmented into RFID, Wi-Fi, UWB, BLE, Infrared (IR), Ultrasound, GPS and Others. Based on Application, the market is segmented into Inventory/Asset-Tracking & Management, Personnel/Staff-Locating & Monitoring, Access Control/Security, Environmental Monitoring, Yard, Dock, Fleet Warehouse-Management & Monitoring and Supply Chain Management & Operational Automation/Visibility. Based on Vertical, the market is segmented into Healthcare, Manufacturing & Automotive, Retail, Transportation & Logistics, Government & Defence, Education, Oil & Gas, Mining, and Sports & Entertainment. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East.

Regional Analysis

North America has always been the foremost region. Also, it is anticipated that North America will maintain its place in the market because of the rapid development of IT services and small and medium-sized enterprises (SMEs) in North America.

Because of the rising demand for manufacturing sectors and the healthcare industry, Europe holds second place in the real-time location system market.

Market Key Players

Some of the key players operating in Global Real-time Location Systems Market (RTLS) are Hewlett Packard Enterprise Development LP, Ubisense Group, Savi Technology, DecaWave, GE Healthcare, Cisco Systems, STANLEY Healthcare, TeleTracking Technologies, Zebra Technologies, and Awarepoint.

Industry development

In October 2021, Zebra Technologies announced its partnership with Fetch robotics. This acquisition happened to accelerate the enterprise asset intelligence and growth in intelligent industrial automation by embracing new modes of empowering workflows.

In November 2020, Datamars Textile ID and Impinj officially sealed their strategic partnership in the RAIN RFID laundry market. This was done to bring the laundry market continuous progress and innovations.

In August 2020 A RTLS tracking start-up, Quuppa, announced a raising fund of euro 20 million for their real-time Bluetooth location tracking. Its location tracking system has become a great help in improving the operational and production efficiency in warehouse and factory manufacturing, smart buildings, healthcare and sports industry.