Real-Time Location Systems Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Offering (Hardware, Software, and Services), Technology (RFID, UWB, BLE, Ultrasound, Infrared, GPS, W

Real-Time Location Systems Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Offering (Hardware, Software, and Services), Technology (RFID, UWB, BLE, Ultrasound, Infrared, GPS, Wi-Fi, and ZIBGEE), Industry Vertical (Retail, Government & Defense, Manufacturing, Healthcare, Logistics, Heavy Industries, Construction, Oil & Gas, Automotive, and Others), and Application (Personnel/Staff Locating and Monitoring, Access Control and Security, Environmental Monitoring, Warehouse Management and Monitoring, Supply Chain Management and Operational Automation/Visibility, and Others)

The real-time location systems market was valued at US$ 4.91 billion in 2022 and is expected to reach US$ 31.09 billion by 2030; it is estimated to record a CAGR of 25.9% from 2022 to 2030. Rising safety and security concerns of patients and staff and growth in the e-commerce industry are among the factors contributing to the growing real-time location systems market size.

According to the Europe real-time location systems market analysis, the market is anticipated to grow at a significant rate owing to the growing oil & gas exploration activities. The use of RTLS in the oil & gas industry will help track asset and personnel location, which can improve the plant's operational efficiency, raising its demand in the region. In addition, manufacturing and automotive industries are adopting RTLS solutions, as these solutions provide alerts and notifications in emergencies, data representation in a geospatial facility map, and asset tracking to reduce the need for manual and labor-intensive processes. Moreover, the growing transportation & logistics sector in countries such as the UK, Germany, France, and Spain is anticipated to fuel the market growth for inventory and warehouse management, transportation management, and inbound and outbound logistics management, facilitating the expansion of the Europe real-time location systems market share.

In the MEA, the growing oil & gas exploration and drilling activities are raising the demand for RTLS solutions, as it helps track personnel location, which can further help provide alerts during emergencies. Also, as the solutions help improve asset management, the operational efficiency at the oil & gas exploration plant increases, boosting the real-time location systems market growth in the MEA. The growing automobile manufacturing in SAM is expected to contribute to the growing real-time location systems market size as this system helps improve inventory management, tool and equipment tracking, and damage detection in the automotive industry.

Real-time location systems (RTLS) and Radio Frequency Identification (RFID) are commonly heard in the manufacturing and healthcare sectors. Although they provide similar benefits, they are distinct solutions with notable differences to serve unique and different purposes. Major market players are involved in technological developments in RFID and its implementation across various applications. The real-time location systems market report emphasizes the key factors driving the market and prominent players' developments. For instance, in May 2023, Fresenius Kabi launched RFID-enabled Rocuronium Bromide Injection to cater to the growing requirement for RFID technology in the medical field. This product launch supports a recent ASHP Foundation study by improving patient safety, streamlining inventory management, and minimizing errors. In addition, ultra-wideband (UWB) is one of the fastest-growing technologies. As a result, the adoption of UWB-based RTLS for healthcare applications is expected to grow in the coming years, which is further expected to fuel the UWB segment growth in the real-time location systems market. This technology functions similarly to active RFID, where RF energy is continuously sent into the environment, which is detected by receivers. The awareness about UWB is growing as it provides various benefits such as high precision, long battery life, high capacity, and fast update rates. Owing to these benefits, UWB technologies are well-suited for high-precision applications in healthcare facilities or organizations. In addition, many companies are focused on the installation of UWB. For instance, in June 2023, Nozomi Networks Lab made an announcement to analyze one of the widely used UWB-based RTLS solutions—the Ubisense Dimension4 3D tracking system. These systems are used globally in industrial sectors, including defense, manufacturing, healthcare, etc. This system is also deployed in more sensitive use cases such as hospital patient positions and movement tracking, contact tracing, and geofencing, where confidentiality, integrity, and availability of information are considered crucial. Therefore, according to real-time location systems market analysis, technological advancement associated with RFID is expected to create a huge opportunity for the real-time location systems market growth during the forecast period.

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