At 22.67% CAGR, Real-Time Location System Market Size to hit USD 86.04 Billion to 2028, says Brandessence Market Research

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Brandessence Market Research And Consulting Private Limited

Feb 07, 2022, 07:30 ET

LONDON, Feb. 7, 2022 /PRNewswire/ -- According to Brandessence Market Research, The Real-Time Location System Market size reached USD 20.58 Billion in 2021. The Real-Time Location System Market is growing at robust CAGR of 22.67%, and reach size of USD 86.04 Billion by end of Forecast 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 Industry. "Real-Time Location System Market Size, Share & Trends Analysis Report By Offering (Hardware, Software, Services), By Technology (RFID, WI-FI, Ultra-Wideband (UWD), Bluetooth Low Energy (BLE), Ultrasound, Infrared (IF), GPs, Others), By Application (Tracking And Navigation, Marketing And Advertisement, Location-Based Social Networks, Location-Based Health Monitoring, Others), By Vertical (Healthcare, Manufacturing & Automotive, Retail, Transportation & Logistics, Government & Defense, Education, Oil, Gas & Mining, Sports & Entertainment) Based On Region, And Segment Forecasts, 2022 – 2028"

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Scope of 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.

Global Real-Time Location System Market Dynamics:

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.

Global Real-Time Location System Market Segmentation:

By Offering:

Hardware
Software
Services

By Technology:

RFID
WI-FI
Ultra-wideband (UWD)
Bluetooth Low Energy (BLE)
Ultrasound
Infrared (IF)
GPs
Others

By Application:

Tracking and Navigation
Marketing and Advertisement
Location-based Social Networks
Location-based Health Monitoring
Other

By Vertical:

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

Covid-19 ON Real-Time Location System Market

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.

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Some of the key players for the Real-Time Location System market are:

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

Recent Development:

News: Mirion Technologies Launches Orion Real-Time Location System

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.

Delhi Govt. Collaborated with Google to Provide Real-Time Bus Tracking

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.

Reginal Analysis:

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.

On Special Requirement Real-Time Location System Market Report is also available for below region:

North America

U.S, Canada

Europe

Germany, France,U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

South_Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

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