Global Real-Time Location Systems (RTLS) Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
11 Aug, 2021
The real-time location systems (RTLS) market consists of sales of real-time location systems by entities (organizations, sole traders, and partnerships) that are used to automatically recognize and track the location in real-time. A real-time location system is one of several systems that recognizes a target's present geolocation, which can range from a vehicle to a manufacturing plant product to a human. The RTLS is used for fleet tracking, navigation, inventory and asset tracking, personnel tracking, and network security.
Global Real-Time Location Systems (RTLS) Market Size And Drivers:
The global real-time location systems (RTLS) market is expected to grow from $4.13 billion in 2020 to $5.37 billion in 2021 at a compound annual growth rate (CAGR) of 30%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The RTLS market is expected to reach $14.81 billion in 2025 at a CAGR of 28.9%. The increasing demand for smartphones is expected to propel the growth of the real-time location system market in the coming years.
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Trends In The Global Real-Time Location Systems (RTLS) Market
The growing technological advancements are shaping the real-time location system (RTLS) market. Major firms operating in the real-time location system sector are focused on developing technological solutions for real-time locating and monitoring of assets and employees. For instance, in July 2020, Advantech, a China-based provider of industrial computing platform solutions launched a RTLS solution-ready package (SRP) based on multi-mode sensing dynamic fusion (MSDF) technology. The MSDF technology, which uses a software algorithm to decrease interference from barriers, improves positioning effectiveness in challenging indoor environments, making it perfect for hospitals, nursing homes, and clinics.
Global Real-Time Location Systems (RTLS) Market Segments:
The global real-time location systems (RTLS) market is further segmented based on component, technology, application, end use industry and geography.
By Component: Hardware, Software, Service
By Technology: RFID, Wi-Fi, Ultra-Wideband (UWB), Bluetooth Low Energy (BLE), Ultrasound, Infrared (IR), GPS, Others
By Application: Inventory Or Asset Tracking And Management, Personnel Or Staff Locating And Monitoring, Access Control And Security, Environmental Monitoring, Supply Chain Management And Operational Automation Or Visibility, Others
By End Use Industry: Transportation And Logistics, Healthcare, Retail, Manufacturing And Processing, Others
By Geography: The global real-time location systems (RTLS) market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America was the largest region in the real-time location systems (RTLS) in 2020.
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Real-Time Location Systems (RTLS) Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides real-time location systems (RTLS) market overviews, analyzes and forecasts market size and growth for the global real-time location systems (RTLS) market, real-time location systems (RTLS) market share, real-time location systems (RTLS) market players, real-time location systems (RTLS) market segments and geographies, real-time location systems (RTLS) market’s leading competitors’ revenues, profiles and market shares. The real-time location systems (RTLS) market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.