Press release
US$ 24.2 Billion, Real Time Location System Market Size Rise at +28.5% CAGR by 2028
Real Time Location System Market
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A real time location system or real time tracking system is used to automatically identify and track the current geographic position and location of a target. It is usually used in indoor and confined areas, such as buildings, and doesn't provide global coverage like GPS. It is widely used in various logistical or operational areas to generate notifications when an object moves, locate and manage assets within a particular area. It aids in healthcare provision via staff and patient monitoring, provides the right equipment for use in certain situations, helps in acute care capacity management via clinical-care locating, prevents abductions by sounding alarms if an infant leaves the boundary of a hospital, among others.
Global Real Time Location System Market Trends:
The global market is majorly driven by the increasing tendency to introduce real time location systems in multiple government applications. In line with this, the leading market players are focusing on developing more innovative solutions, which is expected to witness substantial growth in the coming years. Furthermore, the rising penetration of ultra-wideband (UWB) technology-based RTLS that provides accurate positioning data and high accuracy and range is significantly contributing to the market.
Apart from this, the growing demand from the healthcare, manufacturing, and logistics industries to enhance efficiency, reduce costs, and shorten lead times is positively influencing the market. Additionally, the increasing demand for RTLS in security and surveillance, and inventory management is providing a boost to the market. Some of the other factors driving the market growth include the rising government expenditure on defense and homeland security, the growing demand for RTLS solutions in smart cities, modernization in production techniques, and rapid technological advancements.
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Key Market Segmentation:
Competitive Landscape:
• AeroScout Inc.
• AiRISTA
• Alien Technology
• Axcess International Inc.
• CenTrak Healthcare Company
• DecaWave Limited
• Ekahau Inc.
• Identech Group AG
• Impinj
• Savi Technology
• Sonitor Technologies
• Stanley Healthcare
• TeleTracking Technologies
• Ubisense Group
• Zebra Technologies
Breakup by Component:
• Hardware
• Software
• Services
Breakup by Technology:
• RFID
• Wi-Fi
• UWB
• BLE
• Infrared (IR)
• Ultrasound
• GPS
• Others
Breakup 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
Breakup by Vertical:
• Healthcare
• Manufacturing & Automotive
• Retail
• Transportation & Logistics
• Government & Defense
• Education
• Oil & Gas, Mining
• Sports & Entertainment
• Others
Breakup by Region:
• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
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About us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organisations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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