The global real-time location systems market is anticipated to grow at a considerable CAGR of 16.8% during the forecast period (2022-2028). Real-time location systems are one type of system that can be used for the tracing geolocation of certain items in manufacturing, vehicles in logistics, or people in healthcare. The major factor attributing to the growth of the global real-time location systems market includes the increasing manufacturing of automobiles, including passenger cars and commercial vehicles across the globe. According to the report published by the Association des Constructeurs d’Automobiles (ACEA) in February 2021, around 77.9 million motor vehicles including passenger cars and commercial vehicles & trucks were manufactured across the globe in 2020. Among these, the top two regions recorded the highest number of motor vehicle productions, including the Asia Pacific and European regions.
The use of real-time location systems in hospitals is also increasing due to several benefits offered by these systems that help hospitals to increase efficiency and cut operation-related costs. The benefits include visibility to real-time patient location, automated admissions and discharge, staff assistance, patients in isolated areas, the interaction between the tagged entities, and many others. Furthermore, the other factor propelling the growth of the market includes the application of real-time location systems in other fields, such as e-commerce, retail, tourism, and logistics due to various advantages of using these systems, including the possibility of continuous monitoring, excellent precise locations & automation, workflow optimization, and others. Thus, increasing the demand for real-time location systems for various industries.
The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in March 2022, BlueIOT Technology Co. Ltd. announced the deployment of an advanced Real-Time Location System (RTLS) in an Indonesian hospital. This system is based on Bluetooth Angle-of-Arrival (AoA) technology and will cover an area of around 8,000 square meters. This system is set to be deployed by August 2022.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Technology
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Stanley Black & Decker Inc., Zebra Technologies Corp., Hewlett Packard Enterprise Co., Impinj Inc., and Savi Technology, among others.
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Global Real-time Location Systems Market Report by Segment
By Technology
- Bluetooth
- RFID
- Wi-Fi
- UWB
By Application
- Healthcare
- Education
- Manufacturing
- Sports
- Transportation & Logistics
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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