Real-Time Location Systems Market Growth Analysis | 2023-2028

Real-Time Location Systems Market Growth Analysis | 2023-2028

Real-Time Location Systems Market Growth Analysis | 2023-2028
Report code - SRCG335 Delivery - 2 Weeks
Real-Time Location Systems Market Size, Share, Trends, Dynamics, Forecast, & Growth An See more...

Market Insights

The real-time location systems market was estimated at USD 3.53 billion in 2022 and is likely to grow at a CAGR of 26.6% during 2023-2028 to reach USD 14.62 billion in 2028.

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Market Dynamics

Introduction

Real-Time Location Systems (RTLS) are technology solutions that enable the precise and continuous tracking of the location and movement of assets, people, or objects in real time. These systems utilize a combination of technologies such as RFID (Radio-Frequency Identification), GPS (Global Positioning System), Bluetooth, Wi-Fi, and sensors to gather location data and transmit it to a central system for processing.

RTLS finds applications in various industries, including healthcare, manufacturing, logistics, and retail, where accurate location information is crucial for improving operational efficiency, safety, security, and asset management. By providing instant visibility into the whereabouts of items or personnel, RTLS enhances decision-making, resource utilization, and overall process optimization.

Market Drivers

The real-time location system market's growth is driven by several key factors-

  • This technology allows for the real-time tracking of assets, people, and inventory, which significantly improves operational processes and visibility.
  • Operational efficiency, technological advancements, safety requirements, and regulatory compliance are among the primary drivers.
  • The integration of IoT and wireless communication plays a pivotal role in enabling seamless data integration and analysis within these systems.
  • The real-time location system offers ample opportunities for the development of advanced tracking and monitoring solutions.

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Key Players

The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc.  

The following are the key players in the real-time location system market (arranged alphabetically).

  • AiRISTA
  • Alien Technology Chemical Co., Ltd.
  • Aruba Networks
  • Identech Group AG
  • Impinj
  • Savi Technology
  • Sonitor Technologies
  • Stanley Healthcare
  • TeleTracking Technologies
  • Ubisense Group
  • Zebra Technologies

Note: The above list does not necessarily include all the top players in the market.

Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

Segments Analysis

Segmentations

List of Sub-Segments

Dominant and Fastest-Growing Segments

Offering Type

Hardware [Tags/Badges, Readers/Trackers/Access Points, and Others], Software [Application, Middleware, and Location Analytics Engine], and Services [Consulting, Support and Maintenance, and Deployment and Integration]

The Hardware segment held the largest share of the market and is expected to remain dominant during the forecast period.

Technology Type

RFID [Active RFID and Passive RFID], Wi-Fi, UWB, BLE, Infrared, Ultrasound, GPS, and Others [ZigBee and RuBee]

The RFID segment accounted for the largest share and is expected to lead the market during the forecast period.

Application Type

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, and Others

The Inventory/Asset-Tracking and management segment held the largest share of the market and is expected to remain dominant over the forecast period.

Vertical Type

Healthcare, Manufacturing & Automotive, Retail, Transportation & Logistics, Government & Defense, Education, Oil & Gas, Mining, Sports & Entertainment, and Others

The Healthcare segment accounted for a significant share, owing to its utility in medical device tracking and growing IoT applications.

Regional Basis

North America, Europe, Asia-Pacific, and the Rest of the World.

Asia-Pacific is estimated to grow with the highest CAGR over the forecast period.

By Offering Type

The hardware segment dominates the market during the forecast period.”

The market is segmented into hardware, software, and services. The hardware segment held the largest share of the market and is expected to remain dominant during the forecast period. The significant share of the hardware segment is due to the high cost of equipment.

On the other hand, the services segment is projected to expand with the highest CAGR over the forecast period owing to the growing demand for support and maintenance services.

By Technology Type

The RFID segment dominates the market during the forecast period.”

The real-time location systems market is segmented into RFID, Wi-Fi, UWB, BLE, infrared, ultrasound, GPS, and others. The RFID segment accounted for the largest share and is expected to lead the market during the forecast period. The growth of the segment is owing to lower prices of radio-frequency identification (RFID) tags coupled with high demand from various verticals.

By Application Type

The Inventory/Asset-Tracking & Management segment dominates the market during the forecast period.”

The market is segmented into inventory/asset-tracking & management, personnel/staff-locating & monitoring, access control/security, and environmental monitoring, yard, dock, fleet, & warehouse management & monitoring, supply chain management & operational automation/visibility, and others. The Inventory/Asset-Tracking & Management segment held the largest share of the market and is expected to remain dominant over the forecast period. The dominance of the Inventory/Asset-Tracking & Management segment is due to efficient warehouse management offered by technology.

By Vertical Type

The healthcare segment dominates the market during the forecast period.”

The real-time location systems market is segmented as healthcare, manufacturing & automotive, transportation & logistics, retail, government & defense, education, oil & gas, mining, sports & entertainment, and others. The healthcare segment accounted for a significant share owing to its utility in medical device tracking and growing IoT applications.

Regional Insights

Asia-Pacific is estimated to grow with the highest CAGR over the forecast period.”

Owing to the rising demand from Japan, South Korea, China, and Australia the market in the Asia-Pacific region accounts for the highest growth. North America and Europe are also expected to offer significant growth opportunities over the forecast period.

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Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s real-time location systems market realities and future market possibilities for the forecast period of 2023 to 2028. After a continuous interest in our real-time location systems market report from the industry stakeholders, we have tried to further accentuate our research scope to the real-time location systems market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

  • Market structure: Overview, industry life cycle analysis, supply chain analysis.
  • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
  • Market trend and forecast analysis.
  • Market segment trend and forecast.
  • Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
  • COVID-19 impact and its recovery curve
  • Attractive market segments and associated growth opportunities.
  • Emerging trends.
  • Strategic growth opportunities for the existing and new players.
  • Key success factors.

Market Segmentation

This report studies the market, covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The real-time location systems market is segmented into the following categories:

By Component Type

  • Hardware [Tags/Badges, Readers/Trackers/Access Points, and Others]
  • Software [Application, Middleware, and Location Analytics Engine]
  • Services [Consulting, Support and Maintenance, and Deployment and Integration]

By Technology Type

  • RFID [Active RFID and Passive RFID]
  • Wi-Fi
  • UWB
  • BLE
  • Infrared
  • Ultrasound
  • GPS
  • Others [ZigBee and RuBee]

By Application Type

  • 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
  • Others

By Vertical Type

  • Healthcare
  • Manufacturing & Automotive
  • Retail
  • Transportation & Logistics
  • Government & Defense
  • Education
  • Oil & Gas
  • Mining
  • Sports & Entertainment
  • Others

By Region

  • North America (Country Analysis: the USA, Canada, and Mexico)
  • Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
  • Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
  • Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Real-Time-Location-Systems-Market-Segmentation

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

  • Detailed profiling of additional market players (up to three players).
  • SWOT analysis of key players (up to three players).

Competitive Benchmarking

  • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

Frequently Asked Questions (FAQs)

Real-time location systems (RTLS) are technology solutions that enable the precise and continuous tracking of the location and movement of assets, people, or objects in real time. These systems utilize a combination of technologies such as RFID (Radio-Frequency Identification), GPS (Global Positioning System), Bluetooth, Wi-Fi, and sensors to gather location data and transmit it to a central system for processing. RTLS finds applications in various industries, including healthcare, manufacturing, logistics, and retail, where accurate location information is crucial for improving operational efficiency, safety, security, and asset management. By providing instant visibility into the whereabouts of items or personnel, RTLS enhances decision-making, resource utilization, and overall process optimization.

The real-time location systems market was estimated at USD 3.53 billion in 2022.

The real-time location systems market is likely to reach USD 14.62 billion in 2028.

The real-time location systems market is likely to grow at a CAGR of 26.6% during 2023-2028.

Stanley Healthcare, Zebra Technologies, Aruba Networks, Impinj, Savi Technology, TeleTracking Technologies, Ubisense Group, AiRISTA, Sonitor Technologies, Identech Group AG, Alien Technology Chemical Co., Ltd are among the key players in the market.

Asia-Pacific is expected to grow with the highest CAGR in the market during the forecast period.

The hardware segment is expected to remain dominant in the market during the next five years.