New York, March 21, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Real-Time Location Systems (RTLS) Global Market Report 2022" - https://www.reportlinker.com/p06246511/?utm_source=GNW
, AiRISTA Flow, Inc., Savi Technology, Lockheed Martin Corporation, GE Healthcare, Impinj, Identec Group AG and Ekahau.
The global real-time location systems market is expected to grow from $5.37 billion in 2021 to $7.11 billion in 2022 at a compound annual growth rate (CAGR) of 32.6%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2021. The market is expected to reach $19.20 billion in 2026 at a CAGR of 28.6%.
The real-time location systems (RTLS) market consists of sales of real-time location systems by entities (organizations, sole traders, and partnerships) that are used to automatically recognize and track the location in real-time.A real-time location system (RTLS) is one of several systems that recognizes a target’s present geolocation, which can range from a vehicle to a manufacturing plant product to a human.
The RTLS is used for fleet tracking, navigation, inventory and asset tracking, personnel tracking, and network security.
The main types of components in real-time location systems (RTLS) are hardware, software, and service.In RTLS hardware, a transmitter is attached to an individual or property and uses a wireless signal to provide identification and location data to receivers.
Signals from tagged assets are received by RTLS receivers placed across the facility, which identify the location.They can detect location either by the tag’s proximity to receivers or by a mathematical technique called trilateration, based on the wireless technology employed.
The different technologies include RFID, Wi-Fi, ultra-wideband (UWB), bluetooth low energy (BLE), ultrasound, infrared (IR), GPS and others and is used in inventory or asset tracking and management, personnel or staff locating and monitoring, access control and security, environmental monitoring, supply chain management, and operational automation or visibility and others. It is implemented in various verticals such as transportation and logistics, healthcare, retail, manufacturing and processing, and others.
North America was the largest region in the real-time location systems (RTLS) in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The increasing demand for smartphones is expected to propel the growth of the real-time location system (RTLS) market in the coming years.A smartphone is a portable electronic device that connects to a cellular network.
Smartphones enable users to make phone calls, deliver text messages and connect to the internet.The growing population across the globe has led to an increase in the demand for the smartphone.
Smartphones are used for incident response and emergency management because of real-time location system (RTLS) innovation, which is used to automatically spot and track the destination of objects or people in real-time. For instance, according to the Mobile User Statistics report, in 2021, there was 3.8 billion smartphone users worldwide, accounting for 48.33% of the global population. Therefore, the increasing demand for smartphones drives the growth of the real-time location system (RTLS) market.
The growing technological advancements are shaping the real-time location system (RTLS) market.Major firms operating in the real-time location system (RTLS) sector are focused on developing technological solutions for real-time locating and monitoring of assets and employees.
For instance, in July 2020, Advantech, a China-based provider of industrial computing platform solutions launched a real-time location system (RTLS) solution-ready package (SRP) based on multi-mode sensing dynamic fusion (MSDF) technology. The MSDF technology, which uses a software algorithm to decrease interference from barriers, improves positioning effectiveness in challenging indoor environments, making it perfect for hospitals, nursing homes, and clinics.
In February 2020, Qorvo, a US-based company that designs, develops, manufactures and markets a variety of high-performance analog and mixed-signal integrated circuits acquired Decawave for an undisclosed amount.With this acquisition, the Decawave team has become the Ultra-Wideband Business Unit (UWBU) within Qorvo Mobile Products.
Decawave is a Europe-based company that provides real-time location tracking services.
The countries covered in the real-time location systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06246511/?utm_source=GNW
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