With a CAGR of 22.67%, the real-time location systems market size will reach USD 86.04 billion by 2028, according to Brandessence Market Research

LONDON, February 7, 2022 /PRNewswire/ — According to Brandessence Market Research, Real-Time Location System Market Size Reached $20.58 billion in 2021. The Real-Time Location System Market is growing at a robust CAGR of 22.67% and reaching a size of $86.04 billion by the end of the 2028 forecast.

Rising popularity of RTLS solution based on ultra-wideband technology, increasing need for asset tracking and proliferation of smartphones in the adoption of business analytics solutions are some of the major growth factors of the global real-time location systems industry. “Real-Time Location System Market Size, Share & Trend Analysis Report By Offer (Hardware, Software, Services), By Technology (RFID, WI-FI, Ultra-Wideband (UWD), Bluetooth Low Energy (BLE), Ultrasound, Infrared (SI), General Practitioners, Others), By App (Tracking & Navigation, Marketing & Advertising, Location-Based Social Networks, Location-Based Health Monitoring, Others), by Vertical (Healthcare, Manufacturing & Automotive, Retail, Transportation & Logistics, Government & Defense, Education, Oil, Gas & Mining, Sports & Entertainment) Based on Region and Segment Forecast, 2022 – 2028″

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Scope of the Global Real Time Location System Market:

Real-time location system, also known as real-time tracking system, its function is to automatically track and identify the geographic location of any object or person in real time. The main applications of real-time location systems are in buildings and other confined areas. Some anther applications in sectors include; the healthcare sector, the manufacturing enterprise and personal safety. These systems are helpful in saving time which is wasted due to searching for items, assets, packages, tools and accessories around the user’s facility, which is why they are more useful for users. Tim Harington (Wherenet), Jay Webb (To specify) & Bert Moore (automatic identification manufacturers) introduced the term real-time location system (RTLS) in 1998.

Global Real-Time Location System Market Dynamics:

The growing popularity of the RTLS solution based on ultra-wideband technology, the increase in the need for asset tracking and the proliferation of smartphones in the adoption of business analytics solutions and the increase in the number of offers of products in the market are some of the major market growth factors. In the market, there are different types of technologies available in RTLS, such as; RFID, Wi-Fi, UWD, BLE, IR, GPS. UWD is mainly used in RTLS. In a real-time location system, an application based on ultra-wideband technology offers more advantages than other wireless technologies. some advantages are that they provide high efficiency, higher accuracy and easy operation. Today, using UWD technology, RTLS brings traditionally harsh environments to levels of reliability with 15cm 3D accuracy that could not be achieved by Wi-Fi and RFID technologies. The main function of UWD technology is to store location data in the database by tracking location beacons, more accurately. This leads to increased demand for UWD technology in RTLS. Thus, with the increasing demand for this RTLS UWD technology in the market, the increased focus of many key players on new design and technological development is driving the growth of the market.

Global Real-Time Location System Market Segmentation:

By offering:

  • Equipment
  • Software
  • Services

By technology:

  • RFID
  • WIRELESS
  • Ultra Wideband (UWD)
  • Bluetooth Low Energy (BLE)
  • Ultrasound
  • Infrared (IF)
  • GPS
  • Others

Per application:

  • Tracking and Navigation
  • Marketing and Advertising
  • Location-based social networks
  • Location-Based Health Monitoring
  • Other

By vertical:

  • Health care
  • Manufacturing and Automotive
  • Retail
  • Logistic transport
  • Government & Defense
  • Education
  • Oil, gas and mining
  • Sports and entertainment.

Real Time Location System Market Covid-19 ON

Covid-19 has shown mixed impact on the growth of the global real-time location systems market. A real-time location system is useful for industrial and healthcare systems, stores, personnel security and others. The Covid-19 pandemic has stopped all over the world except hospitals, ambulances, grocery stores which are open under certain conditions. RTLS have proven to be very useful during this crisis for hospitals, ambulances, etc. In this way, there is an increase in the demand for RTLS in hospitals, clinics, ambulances and other places.

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Some of the Major Real Time Location System Market Players Are:

  • Stanley Black & Decker
  • Apple
  • Cisco
  • GE Healthcare
  • Qualcomm Zebra Technologies
  • Aruba Networks
  • Impinj
  • Savi Technology
  • Remote monitoring technologies
  • AirISTA
  • Ubisense Group
  • Decawave
  • Lithium Technologies
  • others

Recent development:

News: Mirion Technologies Launches Orion Real-Time Location System

At September 9, 2021; Mirion Technologies, Inc. has announced the release of the Orion Real-Time Location System (“Orion RTLS”). The Orion RTLS system supports critical work lane efficiency, worker safety, asset location and dose management activities by unifying radiology and location data using devices compatible with the real-time tracking and asset tags. The Orion RTLS system is a key product in Mirion’s growing suite of data-driven radiation measurement and analysis solutions and represents the 4th generation of Mirion’s wireless technology for remote monitoring of radiation measurement data. radiation, seamlessly bringing exact location information into the remote monitoring ecosystem.

Government of Delhi Collaborating with Google to provide real-time bus tracking

At July 15, 2021; The Delhi government has announced its association with Google so that travelers can easily track the location, arrival and departure time of their bus. Delhi Traveling Minister Kailash Gahlot said real-time tracking systems were associated with 3,000 buses, meaning users now track bus location and time information using the Google web browser. In addition, he added that soon this number will grow. Google occasionally updated information about how long users traveled or how late the bus was, Gahlot said.

Regional analysis:

Asia Pacific is expected to show the fastest growth in the global real-time location systems market owing to the rising number of Covid-19 cases and increasing use of RTLS in hospitals, clinics and ambulances in this region. In the Asia Pacific, there is an increased demand for UWD RTLS technology which is more efficient, more accurate, easier to use. Thus, a number of companies are focusing more on launching new products with technological advancements.

The Special Requirement Real-Time Location System Market report is also available for the region below:

North America

Europe

  • Germany, France, United Kingdom, Italy, Spain, Sweden, Netherlands, Turkey, Switzerland, Belgium, Rest of Europe

Asia Pacific

  • South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC

Latin America

  • Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

  • Saudi ArabiaUnited Arab Emirates, Egypt, South Africa, Rest of MEA

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