The Global Real-Time Location System Market is valued at USD 20.58 Billion in 2021 and is expected to reach USD 86.04 Billion by 2028 with a CAGR of 22.67% over the forecast period.
Global Real-Time Location System Market Global Size, Trends, Competitive, Historical & Forecast Analysis, 2022-2028- Increasing popularity of ultra-wideband technology-based RTLS solution, rise in need for asset tracking and the proliferation of smartphones surge in adoption of business analytics solutions are some of the major factors driving the growth of the Global Real-Time Location System Market.
The real-time location system also known as a real-time tracking system, its function is to automatically track & identify the geographical location of any object or people in real-time. Major applications of real-time location systems are found in buildings and other contained areas. Some anther applications in the sectors include; the healthcare sector, manufacturing firm, and personal safety. These systems are useful to save time which is wasted due to search for items, assets, parcels, tools & fixtures around the user’s facility that's why they are more useful for users. Tim Harrington (Wherenet), Jay Werb (Pinpoint) & Bert Moore (Automatic identification manufacturers) combined introduced the term real-time location system (RTLS) in 1998.
Covid-19 has shown a mixed impact on the growth of the global real-time location system market. A real-time location system is useful for industrial as well as healthcare systems, shops, personnel safety, and others. The Covid-19 pandemic halted worldwide excluding hospitals, ambulances, grocery shops which are open in certain conditions. RTLS proved that they are very useful during this crisis for hospitals, ambulance, etc. In this way, there is an increase in demand for RTLS in hospitals, clinics, ambulances, and other places.
The Global Real-Time Location System Market is segmented on the basis of offering, technology, application, end-users and region & country level. On the basis of offering, the global real-time location system market is segmented into hardware, software, and service. On the basis of technology, the global real-time location system market is segmented into RFID, Wi-Fi, ultra-wideband (UWB), Bluetooth low energy (BLE), ultrasound, infrared (IF), GPS, and others. On the basis of application, the global real-time location system market is segmented into tracking and navigation, marketing and advertisement, location-based social networks, location-based health monitoring and others. On the basis of end-users, the global real-time location system market is segmented into healthcare, manufacturing & automotive, retail, transportation, logistics, government & defense, education, oil, gas & mining, sports & entertainment.
The regions covered in this global real-time location system market report are North America, Europe, Asia-Pacific, and the rest of the World. Based on a country level, the global real-time location system market is subdivided into the U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, Southeast Asia, and Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
Some of the key players for the global real-time location system market are:
On September 9th, 2021; Mirion Technologies, Inc. announced the release of the Orion Real-Time Location System (“Orion RTLS”). The Orion RTLS System supports critical work path efficiency, worker safety, asset location and dose management activities by unifying radiological and location data using real-time location compatible devices and asset tags. The Orion RTLS System is a key product in Mirion’s growing suite of data-enabled radiation measurement and analysis solutions and represents the 4th generation of Mirion’s wireless technology for remote monitoring of radiation measurement data, seamlessly bringing exact location information into the remote monitoring ecosystem.
On July 15th, 2021; Delhi Government announced their tie-up with Google that travelers were tracked easily their bus location, arrival, and departure time. Delhi Travelling Minister Kailash Gahlot said that Real-Time tracking systems were attached with 3000 buses, which means users now track information about bus location, time by using the Google web browser. Further he added that, soon this number will get momentum. Google was updating time to time information about how long user's trips take the time or if the bus was delayed, Gahlot Said.
On June 25th, 2021; Raymond, introduced the next-generation iWAREHOUSE RTLS, a real-time location system. This operator assist technology is the newest addition to Raymond’s end-to-endless intralogistics solutions. iW.RTLS reinforces facility rules and supports proper lift truck operation by slowing a Raymond lift truck down or bringing it to a controlled stop within a facility’s defined zones. iW.RTLS is a patented technology that uses ultrawideband to determine positions of tags on lift trucks and pedestrian badges and is accurate to within approximately 3 feet, based on the tag’s relative position to the anchors in fixed locations around the warehouse.
On August 4th, 2020; Advantech, announced its real-time location system (RTLS) solution-ready package (SRP) designed for real-time locating and monitoring of medical equipment, staff, and patients. Advantech’s RTLS SRP is a total hardware-software solution that is comprised of an edge server, location sensors, tags, dashboards, medical-grade tablets, and RTLS management software. The integration of Advantech’s multi-mode sensing dynamic fusion (MSDF) technology, which utilizes a software algorithm to reduce interference from obstacles, enhances positioning performance in complex indoor environments, making it ideal for hospitals, nursing homes, and clinics.
Increasing popularity of ultra-wideband technology-based RTLS solution, rise in need for asset tracking and the proliferation of smartphones surge in adoption of business analytics solutions and Increasing number of product offerings in the market are some of the major factors driving the market growth. In the market, there are different types of technologies in RTLS that are available such as; RFID, Wi-Fi, UWD, BLE, IR, GPS. UWD is mostly used in RTLS. In a real-time location system, ultra-wideband technology-based application gives more benefits over other wireless technologies. some advantages are that they give high efficiency, more accuracy, easy to use. Nowadays, by using UWD technology RTLS owns traditionally challenging environments at reliability levels with 15 cm 3D accuracy which could not be happened by Wi-Fi, RFID technologies. The main function of the UWD technology is to store location data in the database by tracking location tags, with more accuracy. This causes an increased demand for UWD technology in RTLS. So, with increasing demand for this UWD technology RTLS in the market, many key players’ increased focus on new design and technological development are driving the market growth.
In addition, the rising need of real-time location systems for asset tracking is also fueling the growth of the market. In this time wave, it is essential to track the location and working conditions of assets to avoid loss. Day-to-day asset tracking is getting a rise in the RTLS market after releasing 2005 clause 49 law about asset tracking. Due to this law, it is essential to track asset that is the reason for increasing demand for real-time location tracking systems from the government sector as well as other large sectors. A real-time location tracking system for asset tracking is used in government agencies, corporations & other large business tracks for cars, chairs, IT equipment & so many types of assets. There are various benefits of asset tracking, improving customer service, increasing productivity, and reduce labor costs, helping users to conduct asset audits, streamlining maintenance schedules. Furthermore, the increasing industrialization & hospitalization is another factor propelling the growth of the global real-time location system market.
However, the high cost of installation & maintenance, lack of awareness about RTLS solutions & expert workforce may hinder the growth of the global real-time location system market. In spite of that, the growing need for a contact-tracing solution due to the Covid-19 pandemic may offer more opportunities for further growth of the global real-time location system market.
Geographically, North America is expected to account for the largest share of the global real-time location system market followed by Asia Pacific, Europe, Latin America, and the Middle East & Africa. This is due to the high demand for RTLS from the healthcare sector in this region. In North America, with growing industrialization, hospitalization, a large number of senior living facilities, there is an increased need for improved real-time locating devices with advanced technology in the countries such as US and Canada, and asset tracking is the leading cause of market growth in the region. Also, high funding for the technical advancements of RTLS technology is also boosting the growth of the global real-time location system market in this region.
Asia Pacific is expected to show the fastest growth in the global real-time location system market due to the growing number of Covid-19 cases and the increasing use of RTLS in hospitals, clinics, ambulances in this region. In the Asia Pacific, there is increased demand for UWD technology RTLS which are more efficient, more accurate, easy to use. So, number of companies are more focusing on launching new products with technological advancements.
|Historical data||2015 - 2020|
|Forecast Period||2021 - 2028|
|Market Size in 2021:||USD 592.4 Million|
|Base year considered||2020|
|Forecast Period CAGR %:||
|Market Size Expected in 2028:||USD 1245.6 Million|
|Tables, Charts & Figures:||175|
|Real-Time Location Systems (RTLS) Companies||Stanley Black & Decker, Apple, Cisco, GE Healthcare, Qualcomm Zebra Technologies, Aruba Networks, Impinj, Savi Technology, Tele Tracking Technologies, AiRISTA, Ubisense Group, Decawave, Lithium Technologies, others|
|Segments Covered||By Offering, By Technology, By Application, By Vertical|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
On Special Requirement Real-Time Location System Market Report is also available for below Regions and Country:
Middle East and Africa