Redding, California, Sept. 05, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Real Time Location Systems Market by Offering (Hardware, Software, Services), Technology (RFID, BLE, UWB, NB-IoT), Deployment, Location, Application (Asset Tracking, Sensing & Monitoring, Vehicle, Security), Sector, and Geography - Global Forecast to 2030,’ the real time location systems market is projected to reach $36.6 billion by 2030, at a CAGR of 24.7% during the forecast period.
Real time location system (RTLS) is a technology that allows tracking and locating objects or people in real time within a designated area or space, using a combination of hardware and software components. It provides accurate and real-time information about the location and movement of tracked items. Several companies are integrating RTLS to track inventory movement, enable efficient inventory management, and identify potential bottlenecks and poor resource utilization. RTLS help improves compliance efforts and power use cases, including collision avoidance, evacuations, worker search and rescue, and contact tracing.
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The growth of the real time location systems market is driven by advancements in connectivity technologies and the rising demand for asset visibility and operational efficiency. Furthermore, the growing adoption of cloud-based platforms for smart container management and increasing concerns over cargo security and counterfeiting are expected to offer significant growth opportunities for the real time location systems market.
Dynamic regulations and compliance requirements may restrain the growth of this market. Additionally, privacy, security, accuracy issues, and complex implementation and deployment processes are major challenges for players in this market.
Integration of artificial intelligence (AI) and analytics in RTLS and 5G deployment are prominent trends in the real time location systems market.
The real time location systems market is segmented by offering (hardware [tags & badges, anchors, other hardware], software/platform, services [data analytic and reporting services, implementation & integration, consulting and advisory services]); technology (radio frequency identification [active RFID, passive RFID], infrared [IR], bluetooth low energy [BLE], ultra-wideband [UWB], wireless fidelity [Wi-Fi], ultrasound, narrowband-internet of things [NB-IoT], global positioning system [GPS]/assisted GPS [A-GPS], other technologies); deployment mode (on-premise deployment, cloud deployment); location type (outdoors, indoors); application (asset tracking, sensing & monitoring, security & surveillance, inventory management & warehouse management, supply chain management & automation, human resource management, vehicle tracking & fleet management, other applications); sector (transportation & logistics, government & public sector, retail and consumer goods, manufacturing, healthcare & life sciences, media & entertainment, aerospace & defense, agriculture, hospitality & tourism, BFSI, IT & telecom, other sectors), and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.
Based on offering, the real time location systems market is segmented into hardware, software/platform, and services. In 2023, the hardware segment is expected to account for the largest share of the real time location systems market. This segment’s large market share is attributed to the increasing adoption of Internet of Things (IoT) technologies, the integration of RTLS systems with IoT platforms, advancements in hardware technologies, including miniaturization, and the growing adoption of RTLS across various sectors, including healthcare, manufacturing, logistics, and retail. However, the services segment is projected to register the highest CAGR during the forecast period.
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Based on technology, the real time location systems market is segmented into radio frequency identification (RFID), infrared (IR), bluetooth low energy (BLE), ultra-wideband (UWB), wireless fidelity (Wi-Fi), ultrasound, narrowband-internet of things (NB-IoT), global positioning system (GPS)/assisted GPS (A-GPS), and other technologies. In 2023, the RFID segment is expected to account for the largest share of the real time location systems market. However, the UWB segment is projected to register the highest CAGR during the forecast period due to its anti-jamming capability making UWB reliable in environments with high-density wireless deployments, such as airports, warehouses, and smart factories. Moreover, UWB enables real-time tracking with centimeter-level accuracy and performs well in both indoor and outdoor environments. Additionally, the increasing need for more precise location tracking with low latency, precise distance measurements, and fine-grained positioning capabilities is driving the demand for UWB technology.
Based on deployment mode, the real time location systems market is segmented into on-premise deployment and cloud-based deployment. In 2023, the on-premise deployment segment is expected to account for the largest share of the real time location systems market. This segment’s large market share is attributed to the growing need for organizations to have complete ownership and control over their data, ensuring compliance with data privacy regulations, the lower latency offered by on-premise deployment compared to cloud-based solutions, and the increasing need for fast response times and minimize dependence on external networks or internet connectivity. However, the cloud-based deployment segment is projected to register the highest CAGR during the forecast period.
Based on location type, the real time location systems market is segmented outdoors and indoors. In 2023, the outdoors segment is expected to account for the largest share of the real time location systems market. This segment’s large market share is attributed to the increasing need for efficient route planning, optimized fleet management, and improved operational visibility; the growing demand for geofencing and boundary monitoring; and the increasing demand for outdoor RTLS solutions for managing outdoor storage yards, construction sites, or large inventory areas. Moreover, the outdoors segment is also projected to register the highest CAGR during the forecast period.
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Based on application, the real time location systems market is segmented into asset tracking, sensing & monitoring, security & surveillance, inventory management & warehouse management, supply chain management & automation, human resource management, vehicle tracking & fleet management, and other applications. In 2023, the asset tracking segment is expected to account for the largest share of the real time location systems market. The large market share of this segment is attributed to the growing need for improved asset utilization, enhanced demand forecasting, optimized stock levels, and reduced stockouts or overstocking. Additionally, the increasing need to enhance security and safeguard valuable assets to enable cost savings and mitigate financial risks further drives the adoption of real time location systems for asset-tracking applications. However, the vehicle tracking & fleet management segment is projected to register the highest CAGR during the forecast period.
Based on sector, the real time location systems market is segmented into transportation & logistics, government & public sector, retail and consumer goods, manufacturing, healthcare & life sciences, media & entertainment, aerospace & defense, agriculture, hospitality & tourism, BFSI, IT & telecom, and other sectors. In 2023, the transportation & logistics segment is expected to account for the largest share of the real time location systems market. The large market share of this segment is attributed to the growing need for precise and real-time tracking of assets, such as containers, pallets, and equipment, within transportation and logistics facilities and the increasing demand for real-time tracking and monitoring of goods, assets, and vehicles throughout the supply chain. However, the healthcare & life sciences segment is projected to register the highest CAGR during the forecast period.
Based on geography, the real time location systems market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the market. Asia-Pacific’s significant market share is mainly attributed to the increasing awareness of IoT and Industry 4.0, advancements in manufacturing and industrial sectors, growing demand for real-time tracking and management of assets, equipment, and inventory, the rising focus on workplace safety, and the increasing integration of advanced technologies for automation, data exchange, and real-time decision-making.
The report also includes an extensive assessment of the key growth strategies adopted by the leading market participants in the last three to four years. The key players operating in the real time location systems market are Sewio Networks s.r.o. (Czech Republic), HID Global Corporation (U.S.), Siemens AG (Germany), Zebra Technologies Corporation (U.S.), Securitas Healthcare, LLC (U.S.) (a subsidiary of Stanley Black & Decker, Inc. (U.S.)), Honeywell International Inc. (U.S.), Impinj, Inc. (U.S.), Aruba Networks (U.S.) (a subsidiary of Hewlett Packard Enterprise Company (U.S.)), Ubisense Ltd. (U.K.), Decawave Ltd. (a subsidiary of Qorvo Inc.) (Ireland), Savi Technology (U.S.) (a subsidiary of Lockheed Martin Corporation (U.S.)), Sonitor Technologies (U.S.), Inpixon (U.S.), KATHREIN Solutions GmbH (Germany), Extronics Ltd (U.K.), Securitas AB (Sweden), Advantech Co., Ltd. (Taiwan), TeleTracking Technologies, Inc. (U.S.), and CenTrak, Inc. (U.S.) (a subsidiary of Halma plc (U.K.)).
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Scope of the report:
Real Time Location Systems Market Assessment - by Offering
- Hardware
- Tags & Badges
- Anchors
- Other Hardware
- Software/Platform
- Services
- Data Analytic and Reporting Services
- Implementation & Integration
- Consulting and Advisory Services
Real Time Location Systems Market Assessment - by Technology
- Radio Frequency Identification (RFID)
- Active RFID
- Passive RFID
- Infrared (IR)
- Bluetooth Low Energy (BLE)
- Ultra-wideband (UWB)
- Wireless Fidelity (Wi-Fi)
- Ultrasound
- Narrowband-Internet of Things (NB-IoT)
- Global Positioning System (GPS)/Assisted GPS (A-GPS)
- Other Technologies
Real Time Location Systems Market Assessment - by Deployment Mode
- Cloud-based Deployment
- On-premise Deployment
Real Time Location Systems Market Assessment - by Location Type
- Indoors
- Outdoors
Real Time Location Systems Market Assessment - by Application
- Asset Tracking
- Sensing & Monitoring
- Security & Surveillance
- Inventory Management & Warehouse Management
- Supply Chain Management & Automation
- Human Resource Management
- Vehicle Tracking & Fleet Management
- Other Applications
Real Time Location Systems Market Assessment - by Sector
- Transportation & Logistics
- Government & Public Sector
- Retail and Consumer Goods
- Manufacturing
- Healthcare & Life Sciences
- Media & Entertainment
- Aerospace & Defense
- Agriculture
- Hospitality & Tourism
- BFSI
- IT & Telecom
- Other Sectors
Real Time Location Systems Market Assessment - by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Netherlands
- Denmark
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Singapore
- Australia & New Zealand
- Indonesia
- Rest of Asia-Pacific
- Latin America
- Mexico
- Brazil
- Rest of Latin America
- Middle East & Africa
- Israel
- Saudi Arabia
- UAE
- Rest of Middle East & Africa
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