Availability of indoor tracking, healthcare sector is adopting this system, which contribute to the growth of the RTLS market for the healthcare vertical.
PORTLAND, PORTLAND, OR, UNITED STATE, November 17, 2023 /EINPresswire.com/ — Allied Market Research published a new report, titled, ” The USD 23.13 Billion Real-time location System Market Reach by 2030, Registering a CAGR of 25.7%.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The real-time location systems market size was valued at $3.93 billion in 2020, and is projected to reach $39.12 billion by 2030, registering a CAGR of 25.7%.
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Rise in need for asset tracking, increase in use of smartphones, diverse utility across applications, and surge in adoption of business analytics solutions drive the growth of the global real-time location system market. On the other hand, high initial costs and several operational challenges impede the growth to some extent. However, technological advancements and blend of technologies by key vendors to offer effective RTLS applications are anticipated to usher several opportunities, soon.
The real-time location systems market is segmented on the basis of component, technology, industry vertical, and region. On the basis of component, the market is segmented into hardware, software, and services. According to the technology, the market is fragmented into Ultra-Wideband, WIFI, RFID, ZigBee, Infrared, and others. Depending on industry vertical, it is segregated into Retail, Healthcare, Manufacturing and Processing, Transportation & Logistics, and Others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Based on component, the hardware segment contributed to around two-fifths of the global real-time location system market share in 2018, and is expected to rule the roost by the end of 2026. Abundant availability of affordably priced sensors, growth in awareness regarding benefits of RTLS technology, increase in adoption of Wi-Fi across various end user industries, deployment of existing RTLS across a number of industries are expected to boost the growth of this segment. The service segment, on the other hand, would grow at the fastest CAGR of 31.3% throughout the forecast period. Increase in adoption of RTLS hardware and platforms is expected to boost the demand for these services.
Based on technology, the RFID segment accounted for nearly one-third of the real-time location system market revenue in 2018, and is anticipated to lead the trail till 2026. RFIDs include enhanced features such as low maintenance cost, high accuracy, and long battery life as compared to other wireless communication technologies such as Wi-Fi. This factor has driven the segment growth. Simultaneously, the ultra-wideband segment would register the fastest CAGR of 31.9% during the study period. High precision, low interference with other signals, usability in both outdoor and indoor environments, and acceptable operating range fuel the growth of the segment.
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Based on geography, North America held the largest share in 2018, generating nearly one-third of the global real-time location system market. Accessibility of RTLS solution on mobile devices such as smartphones and tablets drives the growth of the market in North America. At the same time, Asia-Pacific would grow at the fastest CAGR of 31.6% by 2026. This is attributed to increase in demand for fast-internet connectivity in this region.
Some of the key Real-time location systems industry players profiled in the report include CenTrak, Decawave (Quorvo, Inc.), Lockheed Martin Corporation, Silicon Laboratories, Sonitor Technologies, Stanley Black & Decker, Inc., TeleTracking Technologies, Inc., Ubisense, Midmark RTLS Solutions, Inc., and Zebra Technologies Corp.
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COVID-19 Scenario:
➢ Real-time location setup, through its integrated framework, facilitates business ventures with immediate geographical position of people and objects. And, with most of the organizations embracing work-from-home practice during the lockdown, the demand for real-time location technology has increased to a significant extent.
➢ Also, the fact that it offers flawless and coherent communication through the web at lower costs and absolute benefits such as easy deployment of the system across various operating networks through different types of devices has given the market a strong boost.
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