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 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 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 system are estimated to be opportunistic for the growth of the market.
The Real time location system 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.
The global Real Time Location System market is dominated by key players such 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.
The global Real Time Location System 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 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 system are estimated to be opportunistic for the growth of the market.
The Real time location system 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.
The global Real Time Location System market is dominated by key players such 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.
KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the real time location system market along with current trends and future estimations to elucidate imminent investment pockets
- Information about key drivers, restrains, and opportunities and their impact analysis on the market size is provided in the report
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry
- The quantitative analysis of real time location system market for the period 2020–2030 is provided to determine the market potential
MARKET SEGMENTS
By Product
- Hardware
- Software
- Services
By Technology
- Ultra-Wideband
- WIFI
- RFID
- ZigBee
- Infrared
- Others
By Industry Vertical
- Retail
- Healthcare
- Manufacturing and Processing
- Transportation & Logistics
- Others
By Region
- North America
- US
- 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
Key Market Players profiled in the report of Global real time location system Market
- CenTrak
- Decawave (Quorvo, Inc)
- Lockheed Martin Corporation
- Silicon Laboratories
- Sonitor Technologies
- Stanley Black & Decker, Inc
- TeleTracking Technologies, Inc
- Ubisense
- Midmark RTLS Solutions, Inc
- Zebra Technologies Corp
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Table of Contents
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Overview
Chapter 4: Real Time Location System Market, by Component
Chapter 5: Real Time Location System Market, by Technology
Chapter 6: Real Time Location System Market, by Industry Vertical
Chapter 7: Real Time Location System Market, by Region
Chapter 8: Competitive Landscape
Chapter 9: Company Profiles
List of Tables
List of Figures
Executive Summary
According to a recent report 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
Companies Mentioned
- CenTrak
- Decawave (Quorvo, Inc.)
- Lockheed Martin Corporation
- Silicon Laboratories
- Sonitor Technologies
- Stanley Black & Decker, Inc.
- TeleTracking Technologies, Inc.
- Ubisense
- Midmark RTLS Solutions, Inc.
- Zebra Technologies Corp.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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