Real-time Location Systems Market Forecasts to 2030 – Global Analysis By Product (Hardware, Software, Services and Other Products), Technology (Radio Frequency Identification (RFID), Wi-Fi, Ultra-wideband (UWB) and Other Technologies), Application (Invent

Real-time Location Systems Market Forecasts to 2030 – Global Analysis By Product (Hardware, Software, Services and Other Products), Technology (Radio Frequency Identification (RFID), Wi-Fi, Ultra-wideband (UWB) and Other Technologies), Application (Inventory/Asset Tracking & Management, Personnel Locating & Monitoring and Other Applications), End User and By GeographyAccording to Stratistics MRC, the Global Real-time Location Systems Market is accounted for $7.43 billion in 2023 and is expected to reach $32.96 billion by 2030 growing at a CAGR of 23.7% during the forecast period. A real-time location system (RTLS) is also known as a real-time tracking system. It is utilized to instantly recognize and track the location of an object or person. Supply chain management (SCM), a rapidly expanding industry, as well as the healthcare industry, the military, retail, postal, and courier services all require robust real-time location system technologies. Usually, it is included into items like cell phones and navigational devices. The detection of the products is crucial, and creating a successful supply chain is simple.

According to Cisco Systems, in 2022, wearables used in Asia-Pacific are forecast to account for approximately 28.7% of the wearable 5G connections globally.

Market Dynamics:

Driver:

Compliance with safety and security regulations

Healthcare, oil and gas, mining, manufacturing, and other businesses all have rules governing the security, safety, and productivity of their employees. The use of RTLS solutions is projected to accelerate as a result of the requirement to assure compliance with numerous industry-specific standards for safety, workflow, and security enhancement. For instance, by implementing RTLS in the healthcare industry, management can monitor staff members' adherence to policies governing appropriate disinfection, hand hygiene, and other rules. In hospitals, adherence to hand hygiene standards can greatly reduce the risk of infections. RTLS can also be used to keep an eye on things or places that need to stay within certain temperature ranges.

Restraint:

High expenditures for installation and maintenance

An RTLS system can be highly expensive when first installed. The price varies by sector and is affected by the installation area. Although Wi-Fi-based RTLS is less expensive to deploy than UWB-enabled systems, the cost of installing the hardware for Wi-Fi-based RTLS is more expensive. When opposed to techniques based on UWB and BLE, Wi-Fi and RFID-based solutions have higher maintenance expenses. Additionally, a lot of RTLS organizations are having deployment and technological problems because a lot of projects are failing because they demand a lot of engineering work and on-site preferences.

Opportunity:

Rising need for hybrid RTLS solutions

Hybrid RTLS solutions are becoming more and more popular in the RTLS market. On the market, there are a variety of hybrid solutions designed to address some of the issues that come with RTLS systems built on a single technology. In comparison to systems that use a single technology, hybrid RTLS solutions mix numerous technologies to offer improved accuracy, dependability, flexibility, and cost-effectiveness. This is so that, by merging several technologies that each have strengths and shortcomings of their own, the deficiencies of one technology can be balanced out by the advantages of another.

Threat:

Lack of interoperability and consistent standards

The RTLS market's main focus is the standardization of protocols. Due to the absence of consistent standards, a variety of solutions are available, making it challenging for end users to select and integrate with the system. Because there are so many hardware and software options, the end user must deal with infrastructural incompatibilities, which affects the interoperability of the entire system. Although certain businesses, like Zebra Technologies (US) and Securitas AB (US), offer RTLS systems that support many protocols, the majority of industry competitors mainly concentrate on one protocol. There is a lack of interoperability between different RTLS systems since different technologies operate on multiple protocols and frequency bands.

Covid-19 Impact:

The COVID-19 epidemic has had a global influence on society and the economy. Initially, the market faced challenges due to disruptions in supply chains, reduced business operations, and postponed implementation projects across industries. However, as the pandemic unfolded, the demand for RTLS solutions surged in sectors like healthcare and logistics to support pandemic response efforts. RTLS technology played a crucial role in tracking medical equipment, monitoring patient movements, and ensuring efficient vaccine distribution.

The hardware segment is expected to be the largest during the forecast period

The hardware segment held the largest share in the market. RTLS solutions include hardware elements that are attached to a person or object for tracking, such as tags or badges. RTLS badges, tags, and sensory networks are made to operate in the background, automatically and precisely transmitting the locations of people and equipment. These tags send data to readers or trackers on a recurring basis. When a reader interacts with a tag, it gathers, processes, and sends signal data to the application software platform, which does data analysis and correlation to deliver the precise location in real-time. Hybrid solutions are increasingly popular and may involve using a single tag or reader that can serve many purposes.

The ultra-wideband (UWB) segment is expected to have the highest CAGR during the forecast period

During the projection period, the UWB segment is expected to have the greatest CAGR. Ultra-wideband (UWB) technology is one of the most dynamic and rapidly expanding technologies. Similar to active RFID, this technology works by continuously transmitting RF energy into the surroundings for receivers to pick up. In order to increase accuracy, UWB-based RTLS solutions are implemented in larger contexts with a greater number of tags and operate in a large bandwidth spectrum. The tags' signals are brief and contain the tag's unique ID.

Region with largest share:

The North America region market is estimated to witness the highest share of the global Real-time Location Systems market during the forecast period. The region's healthcare sector benefits significantly from RTLS, enhancing patient safety, asset tracking, and workflow optimization. Additionally, the retail industry utilizes RTLS for inventory management and customer engagement. The manufacturing and logistics sectors leverage RTLS to enhance operational efficiency and supply chain visibility. With a focus on smart cities and IoT integration.

Region with highest CAGR:

The Asia Pacific region is expected to have the highest growth rate over the forecast period. Due to the rising working-age population and the expanding healthcare sector in emerging nations like China and India. The introduction of RTLS systems has been accelerated by the Asia-Pacific region's rapid acceptance of Industry 4.0 and IoT in manufacturing. The application of radio technology-based RTLS in the healthcare, transportation and logistics, industrial production, government, and defense sectors is at the cutting edge.

Key players in the market

Some of the key players in Real-time Location Systems market include AeroScout Inc., Alien Technology, Awarepoint Corporation (Centrak Inc.), CenTrak Healthcare company, Ekahau Inc., Identec Group AG, Impinj, Kontact.io, Midmark Corporation, Savi Technology, Sonoitor Technologies Inc., Stanley Healthcare, TeleTracking Technologies Inc., Ubisense Group PLC and Zebra Technologies.

Key Developments:

In November 2022, Impinj, Inc. announced the Impinj M780 and M781 RAIN RFID tag chips. These tag chips can support enterprises in managing product shelf life, reducing waste, and complying with regulations

In December 2021, Securitas AB announced the acquisition of the Stanley Security business division from Stanley Black & Decker Inc. By this acquisition, the company aims to expand its intelligent security solutions offering

In May 2019, Savi Technology announced their new sensor Savi Locate, which is developed to operate with 4G, 3G, and 2G cellular networks. The sensor, when coupled with Savi Visibility software, the user will be able to mitigate the risk and cost of the shipments which are delayed

Products Covered:
• Hardware
• Software
• Services
• Other Products

Technologies Covered:
• Radio Frequency Identification (RFID)
• Wi-Fi
• Ultra-wideband (UWB)
• Bluetooth Low Energy (BLE)
• Infrared
• Ultrasound
• Global Positioning System (GPS)
• Other Technologies

Applications Covered:
• Inventory/Asset Tracking & Management
• Personnel Locating & Monitoring
• Access Control & Security
• Environmental Monitoring
• Warehouse Management
• Supply Chain Management & Automation
• Other Applications

End Users Covered:
• Healthcare
• Manufacturing & Automotive
• Retail
• Transportation & Logistics
• Government & Defense
• Education
• Oil & Gas and Mining
• Sports & Entertainment
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements