Real-time Location System Market 2020 - Indepth Industry Analysis and future market scenario Base on COVID 19 Impact | Stanley Healthcare Solutions (AeroScout, Inc.), Redpine Signals, Zebra Technologies Corp

Real-time location systems (RTLS) detects and tracks the geographical position of people and objects in real-time. The RTLS consists of a tag that is attached to objects or individuals and the signals conveyed from this tag are analyzed with respect to a fixed point of reference which helps in finding the precise location of the individual or the object. RTLS encompasses location readers, sensors, application software, battery powered tags, and network infrastructure. Increase in demand for smartphones, diverse opportunity across various asset tracking applications, and rapid proliferation of business analytics solutions are some of the factors that majorly boost the growth of the real-time location system market.

The global market was valued at $2.83 billion in 2018, and is projected to reach $23.13 billion by 2026, growing at a CAGR of 30.2% from 2019 to 2026.

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The global real-time location system market analysis includes some of the key market players such as Stanley Healthcare Solutions (AeroScout, Inc.), Redpine Signals, Zebra Technologies Corp., Versus Technology, Inc., Lockheed Martin Corporation, Sonitor Technologies AS, TeleTracking Technologies, Inc., CenTrak, DecaWave Limited, and Ubisense Group PLC Inc.

As per region, the global real-time location system market was dominated by North America in 2018 and is expected to maintain this trend during the forecast period. Factors such as increase in applications of RTLS across healthcare, real estate, and hospitality areas in North America are the major drivers for market growth. In addition, rise in investment in the defense sector, significant adoption of mobility, and technological advancement in telecommunication industry are expected to drive the RTLS market growth during the forecast period.

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The ultra-wideband (UWB) segment is expected to witness highest growth rate in global real-time location system market during the forecast period. The high precision location identification, low interference with other signals, usability in both outdoor and indoor environments, and an acceptable operating range are the crucial factors that lead to the increase in demand for real-time location system in transport & logistics sector.

The hardware segment held the majority of global real-time location system market share in 2018, and is projected to maintain its dominance during the forecast period. The services segment is expected to witness highest growth rate of 31.3% from 2019 to 2026. This is attributed to the rise in need for the support and consultancy services needed for deploying RTLS hardware as well as software suitable according to enterprise or industry needs. Increase in adoption of RTLS hardware and platforms is expected to boost the demand for these services.

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Ongoing scaling of existing real-time location system deployment, rise in demand for asset tracking, growing adoption of IoT, proliferation of smartphones, diverse applications of RTLS across multiple industry verticals, are the factors that majorly boost the growth of the global market. However, operating challenges and higher initial costs are expected to hamper the market growth. On the contrary, technological advancements and blending of technologies by key vendors to offer effective RTLS applications are expected to offer lucrative opportunities to the real-time location system market.

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