The Real Time Location System (RTLS) are also known as real time tracking systems. These systems or technologies are widely used to accurately determine any item, and to track the location of objects or people based on the automatically identifying technique in real time. The tracking data can be recorded and can be used in different ways depending on the applications.
The Global Real Time Location System (RTLS) Market size was valued at $3.4 billion in 2020 and is expected to register by 2027 with a magnificent CAGR of 24.8% during the forecast period 2024-2031. The RTLS market has registered a sequential growth, owing to the adoption of RTLS systems in various sectors such as- healthcare sector, retail, manufacturing and automotive, transportation & logistics verticals sector. Whereas the high cost of installation, maintenance and lack of awareness about RTLS are the restraining factors that restrict the growth of the global Real Time Location System (RTLS) Market.
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The factor which is accounted as the major market driver includes increasing application of ultra-wideband technology based RTLS solution. In healthcare, manufacturing and logistics ultra-wideband (UWB) technologies play a significant role, due to their higher accuracy and low power consumption ability. Along with this, in the entertainment, sports and automotive sectors, the UWB based RTLS solutions have started to gain popularity and have witnessed improved efficiency, shortening lead times and reduced costs. This factor may lead the market growth of the Global Real Time Location System (RTLS) market at a higher pace during the forecast period. Additionally, rise in need for asset tracking, surge in adoption of business analytics and proliferation of smartphones are some major market driving factors responsible for the growth of RTLS market.
Based on the industry vertical, the global Real Time Location System (RTLS) Market is led by the healthcare sector and is projected to sequentially trend during the forecast period. Whereas, based on the region, North-America leads the global Real Time Location System (RTLS) Market by increasing the application of RTLS in manufacturing, processing and healthcare sectors. The gradual increase in the RTLS market vendors and adoption of the mobility solutions are driving the growth of the Real Time Location System (RTLS) market globally.
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Market Coverage
- Segment Covered-
o By type
o By Application
- Competitive Landscape- Stanley Black & decker, zebra technologies, Aruba Networks, Impinj and others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o 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?
Global Real Time Location System RTLS Market Report Segment
By Offering
- Hardware
- Software
- Services
By Technology
- RFID
- Wi-Fi
- Ultra wide band
- Bluetooth Low energy
- Ultrasound
- Infrared
- GPS
- Others
By Application
- Inventory/ Asset Tracking & Management
- Personnel/Staff Locating & Monitoring
- Access Control & security
- Environmental Monitoring
- Yard, Dock, Fleet & warehouse Management & Monitoring
- Supply Chain Management & Operational Automation/ Visibility
- Others
By Vertical
- Healthcare
- Manufacturing & Automotive
- Retail
- Transportation & Logistics
- Government & Defence
- Education
- Oil & Gas Mining
- Sports & Entertainment
- Others
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