The global real-time location systems market size is expected to grow from $5.37 billion in 2021 to $7.11 billion in 2022 at a compound annual growth rate (CAGR) of 32.6%. The change in the RTLS market 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 2021. The market is expected to reach $19.20 billion in 2026 at a CAGR of 28.6%.
What is the Global Real-Time Location Systems (RTLS) Market?
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.
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What drives the Global Real-Time Location Systems (RTLS) Market?
The increasing demand for smartphones is expected to propel the growth of the real-time location system market in the coming years. A smartphone is a portable electronic device that connects to a cellular network. Smartphones enable users to make phone calls, deliver text messages and connect to the internet. The growing population across the globe has led to an increase in the demand for the smartphone. Smartphones are used for incident response and emergency management because of real-time location system innovation, which is used to automatically spot and track the destination of objects or people in real-time. For instance, according to the Mobile User Statistics report, in 2021, there was 3.8 billion smartphone users worldwide, accounting for 48.33% of the global population. Therefore, the increasing demand for smartphones drives the growth of the RTLS market.
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Global Real-Time Location Systems (RTLS) Market Segments
The global RTLS market is segmented:
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 regions covered in the real-time location systems (RTLS) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Real-Time Location Systems (RTLS) Global Market Report 2022provides market size and growth forecasts for the global real-time location systems market, global RTLS market share, real-time location systems (RTLS) market segments and geographies, real-time location systems market competitive landscape including leading competitors’ revenues, profiles and market shares. The RTLS market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Real-Time Location Systems (RTLS) Industry Playersinclude Zebra Technologies Corp., Stanley Healthcare, CenTrak, Inc., Ubisense Group PLC., TeleTracking Technologies, Inc., Sonitor Technologies AS, AeroScout Industrial, DecaWave Limited, Midmark Rtls Solutions, Inc., AiRISTA Flow, Inc., Savi Technology, Lockheed Martin Corporation, GE Healthcare, Impinj, Identec Group AG and Ekahau. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
