Real-Time Location System Market Projected to Hit USD 61.72
New York, US, Feb. 08, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Global Real-Time Location System Market, By Type, By Application, By Technology, By Sales - Forecast 2030”, the market is predicted to thrive substantially during the assessment era from 2020 to 2030 at a healthy CAGR of approximately 27.19% to attain a valuation of around USD 61.72 Billion by the end of 2030.
Real-Time Locating Systems Market Overview
The global real-time location system market is likely to witness significant revenue gain in the current decade. Growing indoor RTLS applications in logistics, healthcare, and retail industries would drive market growth.
RTLS Market Competitive Analysis
Eminent industry players profiled in the global real-time location system market report include:
- Zebra Technologies Corp. (US)
- BeSpoon SAS (France)
- Stanley Healthcare (US)
- Savi Technology (US)
- Ubisense Group PLC. (UK)
- IMPINJ, Inc. (US)
- Versus Technology, Inc. (US)
- AiRISTA, LLC (US)
- CenTrak, Inc. (US)
- Decawave Ltd. (Ireland)
- Identec Group AG (Liechtenstein)
- Redpine Signals, Inc. (US)
- Awarepoint Corp. (US)
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|RTLS Market Size by 2030||USD 61.72 Billion|
|RTLS Market CAGR||27.19%|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Opportunities||Regional assessment explained in this report unlocks a plethora of untapped opportunities in regional and domestic market places.|
Besides, the increasing use of ultrasound-based RTL systems for installation, testing, certification, and maintenance applications provides tremendous market growth opportunities. The massive coronavirus vaccine transport encourages freight-tech companies to develop innovative RTL solutions to respond to the pandemic, shaping the goods movement markets.
Innovative industry players are actively building on emerging cold chain solutions and burgeoning interest in pharmaceutical logistics, ramping up GPS and temperature-tracking technologies to deploy in vaccine transport and beyond. The vaccine has hastened innovation in many freight tech companies that already provide temperature monitoring, now figuring out how to do it on a much larger scale.
Browse In-depth Market Research Report (158 Pages) on Real-Time Location System Market:
The real-time location system market outlook appears promising, demonstrating tremendous opportunities. Rising numbers of well-established infrastructures and smart cities create the demand for RTLS solutions to monitor and track vehicle activities on the road. Besides, the high adoption of industry 4.0 and IoT in manufacturing sectors worldwide drive the real-time location system market growth.
The well-established IT sector globally increases the real-time location system market share, offering seamless connectivity. The early adoption of RTLS solutions in enterprises and individuals, alongside the presence of technology developers positively impacts real-time location system market statistics.
Additionally, the rapid uptake of RFID technology in various industries for real-time asset tracking and supply chain management influence market growth. Rising development in IoT & IIoT technology, the proliferation of industry 4.0, and the advent of 5.0 are major real-time location system market trends that foster growth.
The advent of industry 5.0 will present robust opportunities, especially in emerging nations. Industrial automation substantiates the integration of machine-to-machine communication (M2M) and the internet of things (IoT) to allow improved communication between self-monitoring devices and production machines. Emerging markets present untapped opportunities for RTL technology.
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The adoption of automation in manufacturing sectors across developing regions is expected to propel market growth, witnessing strong demand from several industries like healthcare and automotive. The significant demand from manufacturing industries in emerging countries would offer a host of opportunities to global firms in the future.
However, data privacy and security concerns restrain real-time location system market growth. Nowadays, various smart devices and electronics products have network-embedded systems interconnected to devices to transmit useful measurement information and control instructions via distributed real-time location system networks. The limited data security offered by RTLS solutions restrains the market growth, presenting data privacy and security concerns.
Unprecedented levels of uncertainty, complexity, and ambiguity characterize the industrial landscape. Resultantly, the operational effectiveness, lower cost, and enhanced security of RTL systems have become important for machinery and personal devices. RTL technology and its advancements play a major role in maintaining competitive and efficient industrial operations. The RTLS market is expected to witness exponential growth over the next few years.
The RTLS market is segmented into components, technologies, applications, end-use industries, and regions. The component segment is bifurcated into hardware, software, and services. The technology segment is bifurcated into RFID, Wi-Fi, ultrasound, infrared, ZigBee, and others. The application segment is bifurcated into asset tracking modern tracking, personal tracking system, inventory allocation tracking, and others.
The end-user segment is bifurcated into healthcare, transportation & logistics, industrial & manufacturing, government & defense, retail, aerospace & defense, automotive, oil & gas, and others. Further, the region segment is bifurcated into Europe, the Americas, Asia-Pacific, and the Rest-of-the-World.
North America has always been the market leader and could maintain its winning streak throughout the assessment period. The growing industrial sector and the increasing numbers of small and medium-sized enterprises (SMEs) in the region drive real-time location system market growth.
Europe holds the second-leading share in the global real-time location system market. Factors such as the rising demand from the healthcare industry and manufacturing sector in the region push the market demand. Moreover, strict regulations and considerable healthcare spending boost the real-time location system market size in the region. The strong presence of medical device manufacturers in the region induces market expansion.
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The highly competitive real-time location system market appears fragmented, with a number of well-established players forming a competitive landscape. Innovation, mergers & acquisitions, partnerships, and collaborations are key trends for market players to remain competitive in the RTLS market. Further, the market would witness relentless innovations that would intensify the market competition during the forecast period.
For instance, on Jan.12, 2023, Datalogic announced a partnership with Quuppa, a leading provider of real-time locating systems & location-based services (LBS), to launch Joya Touch 22, a self-shopping device that will ultimately become a shopping companion. The Joya Touch 22 is certified with Quuppa Intelligent Locating System. The device is ruggedly designed and fully customizable externally in terms of color and branding, whether in PDA or pistol-grip form factor.
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