Real-time Location Systems Market by Hardware (Tags/Badges, Readers/Trackers), Technology (RFID, Wi-Fi, UWB, BLE, Infrared, Ultrasound, GPS, Zigbee), Application (Inventory/Asset Tracking, Personnel Monitoring), Vertical, Region - Global Forecast to 2028

Real-time Location Systems Market by Hardware (Tags/Badges, Readers/Trackers), Technology (RFID, Wi-Fi, UWB, BLE, Infrared, Ultrasound, GPS, Zigbee), Application (Inventory/Asset Tracking, Personnel Monitoring), Vertical, Region - Global Forecast to 2028

The global real-time location systems market size is expected to grow from USD 5.2 billion in 2023 to USD 16.2 billion by 2028, at a CAGR of 25.5% from 2023 to 2028. The increasing demand for RTLS is attributed to the growing need for real-time visibility and tracking of assets and people in various industries. Also, the increased need for safety and security in industries contributes to the increasing deployment of RTLS in multiple verticals such as healthcare, education, defense, oil & gas, manufacturing, and others.

"" Software segment is projected to grow at significant CAGR during the forecast period""

Technological advancements in information technology have increased the demand for customized software platforms based on clients' requirements. Moreover, the penetration of enterprise resource planning (ERP) software for data processing applications in RTLS helps build a robust platform. The factors mentioned above are expected to drive the growth of the market for software during the forecast period. RTLS software can be customized according to different applications and requirements of end-user industries. These software or software suites can use various technologies such as Bluetooth, UWB, and Wi-Fi, among others. These software suites also allow easy configuration and scaling of the RTLS network.

""Healthcare vertical is expected to hold the largest share during the forecast period""

A Real-Time Location System (RTLS) is used in the healthcare industry to track and manage patients, employees, and medical equipment in all kinds of healthcare infrastructure, such as hospitals and nursing homes, immediately or in real time. The major factors driving the growth of the RTLS market in the healthcare industry are the need for inventory tracking and management, staff locating and monitoring, patient tracking, access control, and security. RTLS solutions are widely used in this vertical for various applications, such as tracking and monitoring assets, personnel, and patients, hand hygiene compliance, and environmental monitoring. Hospital operations have a continuous flow (in and out) of people and equipment as a part of the workflow process. Several hospitals worldwide spend vast amounts on buying lost equipment and looking after medical equipment and people (staff and patients). These factors create the need for the adoption of RTLS solutions for tracking and monitoring people to increase the efficient workflow and enhance patient throughput.

""The market in North America is expected to grow at a significant CAGR during the forecast period""

North America is a leading market for cutting-edge technologies used in real-time applications of tracking and monitoring industry assets. Data centers, communications, education, sports, and emerging industries are expected to adopt Wi-Fi-based RTLS solutions; however, established industries, such as healthcare and manufacturing, are expected to focus on RTLS solutions based on relatively advanced technologies such as UWB and BLE. Additionally, declining ASPs of UWB tags and long-term high return on investment (RoI) are expected to be the prominent reasons for the growing adoption of UWB technology-based RTLS solutions in various verticals.

Breakdown of the profiles of primary participants:

By Company Type: Tier 1 - 45%, Tier 2 - 20%, and Tier 3 - 35%

By Designation: C-level Executives - 35%, Directors - 25%, and Others - 40%

By Region: North America - 40%, Europe - 25%, Asia Pacific - 30%, and RoW – 5%

Major players profiled in this report are as follows: Securitas AB (Sweden), Zebra Technologies Corporation (US), Aruba Networks (US), Impinj, Inc. (US), Savi Technology (US), TeleTracking Technologies, Inc. (US), CenTrak, Inc. (US), GE HealthCare Technologies Inc. (US), Ubisense Ltd. (UK), Alien Technology, LLC (US), AiRISTA Flow, Inc. (US), Sonitor Technologies (US), Midmark Corporation (US), and others.

Research Coverage

This report has segmented the real-time location systems market based on offering, technology, application, vertical, and region. The real-time location systems market based on offerings has been segmented into hardware, software, and services. Based on technology, the market has been segmented into RFID, Wi-Fi, UWB, BLE, ultrasound, infrared, GPS, and other technologies. Based on application, the market has been segmented into inventory/asset tracking & management, personnel locating & monitoring, access control & security, environmental monitoring, yard, dock, fleet, & warehouse management & monitoring, supply chain management & automation, and others. Based on vertical, the market has been segmented into healthcare, manufacturing & automotive, retail, transportation & logistics, government & defense, education, oil & gas, mining, sports & entertainment, and other verticals. The study also forecasts the market size in four key regions—North America, Europe, Asia Pacific, and RoW.

Key Benefits of Buying the Report:

The report provides insights on the following pointers:

Analysis of key drivers ( Rising demand for cost-effective RTLS solutions, Increasing need to ensure safety and security compliance in various industries, Advantages of UWB over conventional technologies), restraints (Data security and privacy concerns, High maintenance and installation costs), opportunities (Development of advance new technologies such as BLE and UWB, Evolution of new Hybrid RTLS solutions), and challenges (Developing ideal RTLS with high range and accuracy with lower energy consumption, Lack of uniform standards) influencing the growth of the real-time location systems market

Product Development/Innovation: Detailed insights on upcoming products, technologies, research & development activities, funding activities, industry partnerships, and new product launches in the RTLS market

Market Development: Comprehensive information about lucrative markets – the report analyses the real-time location systems market across regions such as North America, Europe, Asia Pacific, Middle East & Africa, and South America.

Market Diversification: Exhaustive information about new products & technologies, untapped geographies, recent developments, and investments in the RTLS market

Competitive Assessment: In-depth assessment of market ranks, growth strategies, and product offerings of leading players like Securitas AB (Sweden), Zebra Technologies Corporation (US), and Aruba Networks (US), among others in the RTLS market

Strategies: The report also helps stakeholders understand the pulse of the real-time location systems market and provides information on key market drivers, restraints, challenges, and opportunities.