Real Time Location System (RTLS) Market By Solution (hardware, software, and services); By Technology (Wi-Fi, Bluetooth Low Energy (BLE), RFID, ultrasound and others); By End Use Industry (Transportation & Logistics, Healthcare, Retails, Manufacturing & Processing, Construction and Others); By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Market Analysis, Trends, Opportunity and Forecast, 2022-2032
Real Time Location System (RTLS) Market Overview and Definition
Real time location system (RTLS) market revenue will reach approximately USD 3.8 billion in 2022. Further, our real time location system (RTLS) market insights show that the market is expected to grow at a CAGR of approximately 26.6% during the forecast period and reach a value of approximately USD 40.2 billion by 2032.
Real-time location system (RTLS) is a technology used for tracking and monitoring the real-time location of assets or people in indoor and outdoor environments. RTLS uses wireless communication technologies such as Wi-Fi, RFID, GPS, and Bluetooth to provide accurate and reliable location information.
The system typically consists of tags or sensors attached to assets or people, a network of fixed or mobile receivers, and software for processing and analyzing location data. RTLS can be used in a wide range of industries, including healthcare, manufacturing, logistics, retail, and security.
The global RTLS market is driven by the increasing demand for asset and people tracking solutions in various industries, as well as the growing need for operational efficiency and safety. RTLS is commonly used in healthcare for tracking medical equipment, patients, and staff, as well as in manufacturing and logistics for tracking inventory and optimizing supply chain operations.
In addition, the development of new technologies, such as ultra-wideband (UWB) and sensor fusion, is expanding the capabilities of RTLS and driving the growth of the market. These new technologies offer higher accuracy and faster location updates, enabling new applications and use cases for RTLS.
However, the high cost of RTLS systems and the complexity of implementation and integration may limit the growth of the market in some regions. In addition, concerns about data privacy and security may also impact the demand for RTLS in some applications.
Overall, the global RTLS market is expected to continue to grow in the coming years, driven by the increasing demand for location tracking solutions in various industries and the development of new technologies.
The Global Real Time Location System Market accounted for USD 3.7 Billion in 2019. Further, the market is expected to reach to a valuation of USD 16.7 Billion by the end of 2032. Moreover, it is anticipated to flourish at a CAGR of 32.7% during the forecast period i.e. 2022-2032.
Real Time Location System (RTLS) Market Growth Drivers
Increase in Use of Smartphones
Rising use of real time location system in smartphones for mobile applications such as gaming apps, business and communication apps, health & wellness apps, among others is driving the growth of real time location system market. Addition to this, rising trend of using navigation and RTLS across various business sectors is also aiding to the growth of the real time location system market. Various businesses are adopting RTLS to lower the risk of workplace accidents as RTLS helps to locate exact position of vehicles, equipment and operators in real time.
Mining industry is offering significant revenue generation opportunities for real time location system players. According to US Bureau of Labor Statistics, fatal occupational injuries has decreased by more than 25% in past 10 years on the account of growing use of technologies in workplace. Furthermore, on the account of rising mining activities and focus of mining companies to provide safer workplace for its workers, RLTS market is poised to witness robust growth in years ahead.
Continuous innovation and rising technological advancements are resulting in lower prices and improved efficiencies. Addition to this, drop in prices have led to spurred adoption of real time location systems in price sensitive regions and countries. Further, wide range of applications of RTLS in various industries such as livestock management, agriculture, sports and others are also envisioned to spur the growth of global real time location system market.
Real Time Location System (RTLS) Market Segmentation
The research offers a comprehensive analysis of real time location system market with respect to following sub-markets:
By solution, the real time location system market has been segmented into hardware, software and services. Hardware segment accounted for highest market share in real time location system market. Services segment is anticipated to propel at highest growth rate during the forecast period.
On the basis of technology, the real time location system market has been segmented into Wi-Fi, Bluetooth Low Energy (BLE), RFID, ultrasound and others.
By End Use Industry
Based on end use industry, the report analyzes transportation & logistics, healthcare, retail, manufacturing & processing, construction and others. Healthcare accounted for significant share of market in RTLS solutions in 2019.
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Argentina and Rest of Latin America)
- Middle East & Africa (GCC, North Africa, South Africa and Rest of Middle East & Africa)
Real Time Location System (RTLS) Market Key Players
The report profiles various major market players such as
- CenTrak, Inc.,
- STANLEY Healthcare
- Versus Technology, Inc.
- Sonitor Technologies
- TeleTracking Technologies, Inc.
- Airista Flow
- Decawave Ltd.
- General Electric Healthcare
- Other Prominent Players
Competitive landscape analysis provides detailed strategic analysis of the company’s business and performance such as financial information, revenue breakup by segment and by geography, SWOT Analysis, risk analysis, key facts, company overview, business strategy, key product offerings, marketing and distribution strategies, new product development, recent news (acquisition, expansion, technology development, research & development expansion and other market activities.
The study also provides company’s positioning and market share in Real Time Location System market.
Timeline Considered for Analysis:
- 2021- Base Year
- 2022 – Estimated Year
- 2022 to 2032 – Forecasted Year
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global Real Time Location System market by the following segments:
- End Use Industry
Geographic Market Analysis:
The report offers separate analysis of North America, Europe, Asia Pacific, Latin America and Middle East & Africa. In addition, further breakdown of market data and analysis of region into countries is covered in the report.
Customization: We also offers customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Real Time Location System Industry Report
- What is the overall market size in 2021? What will be the market growth during the forecast period i.e. 2022-2032?
- Which region would have high demand for product in the upcoming years?
- What are the factors driving the growth of the market?
- Which sub-market will make the most significant contribution to the market?
- What are the market opportunities for existing and entry-level players?
- What are various long-term and short-term strategies adopted by the market players?