Real-Time Location Systems Market Growth, Latest Industry Size, Future Sales Revenue and Key Drivers Analysis Research Report 2028, The Insight Partners

According to our latest market study on "Real-Time Location System Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Offering, Technology, Industry Vertical, and Application," the market is expected to grow from US$ 4,097.3 million in 2021 to US$ 18,878.4 million by 2028; it is estimated to grow at a CAGR of 24.4% during 2021-2028. The real-time location system has its applications in the Internet of Things for tracking and monitoring applications. Information gathered using a real-time location system is stored in cloud-based systems for analysis. Moreover, quick return on investments is one of the major advantages associated with the deployment of IoT. Industries such as transportation & logistics, automotive, and manufacturing use robots at various stages such as assembling, picking, placing & sorting of goods in warehouses, and managing inventory for increasing the flexibility and productivity. Thus, the emergence of IoT and Industry 4.0 would fuel the growth of the real-time location system market during the forecast period.

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The real-time location systems market players were experiencing significant demand from the end users until the outbreak of COVID-19. Owing to the outbreak, governments across the world imposed various containment measures. While in some countries the governments imposed complete lockdown, a few countries experienced partial lockdown. Therefore, businesses were allowed to operate with regulations. Moreover, the supply chain of the real-time location systems was not affected from software side, as regular updates were rolled out by market players. However, the hardware side of real-time location systems was disrupted as manufacturing facilities of hardware were closed or were operating with limited workforce. Further, as major industries witnessed decline in revenue, the adoption real-time location systems were on the lower side. Meanwhile, as economies reopened and containment measures were relaxed, the real-time location systems market started to witness a positive growth in 2021.

The Key Players In The Global Real-Time Location Systems Market Are:

•Aruba Networks
•AiRISTA Flow Inc.
•Decawave Limited
•Impinj, Inc.
•Siemens AG
•Zebra Technologies Corporation
•Sonitor Technologies AS
•Stanley Black & Decker, Inc.
•TeleTracking Technologies Inc
•Ubisense

The COVID-19 outbreak led governments across the world to impose containment measures, such as business and factory shutdown and lockdowns, in 2020. However, with the vaccination drives and relaxations of containment norms, offices and businesses started their operations from the third quarter of 2020. In this scenario, offices and businesses had to adhere to various precautionary measures, such as mandatory use of masks and norms of social distancing. Thus, to adhere to these measures, the real-time location system market players are integrating features such as social distancing and contact tracing in their solutions. For instance, in May 2020, Ubisense started offering contract tracing and social distancing features in its real-time location system. Also, QuicSolv Technologies Pvt. Ltd started offering RTLS, which allows end users to monitor social distancing practices, contact tracing, and SoS Alert.

Based on offering, the real-time location system market is segmented into hardware, software, and services. The market for the hardware segment was valued at US$ 2,228.82 million in 2020. Based on technology, the market is segmented into Radio Frequency Identification (RFID), Ultra-wideband (UWB), Bluetooth Low Energy (BLE), Ultrasound, Infrared (IR), GPS, and others. By industry vertical, the market is segmented into heavy industries, manufacturing, retail, oil and gas, automotive, construction, government and defense, education, and others. Based on application, the market is segmented into personnel/staff locating and monitoring, access control and security, environmental monitoring, warehouse management and monitoring, supply chain management and operational automation/visibility, and others.

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The Segments and Sub-Section of Real-Time Location Systems Market are shown below:

By Offering (Hardware, Software, and Services),

By Technology [Radio Frequency Identification (RFID), Ultra-Wideband (UWB),
Bluetooth Low Energy (BLE), Ultrasound, Infrared (IR), GPS, and Others]

By Industry Vertical (Heavy Industries, Manufacturing, Retail, Oil and Gas, Automotive, Construction, Government and Defense, Education, and Others)

By 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)

Impact of COVID-19 Pandemic on Real-Time Location System Market

According to the latest situation report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are among worst-affected countries due to the COVID-19 pandemic. In 2020, the world economy suffered significant consequences, and the effects are expected to endure to some extent in the coming years. Factory shutdowns, travel and trade bans, and border lockdowns to combat and contain the infection have led to disruptions in primary industries. Due to the COVID-19 outbreak, a sharp decline in the growth of these industries restrains the growth of real-time location system market to some extent.

What questions does the Real-Time Location Systems Market report answer about the regional reach of the industry

The report claims to split the regional scope of the Real-Time Location Systems Market into North America, Europe, Asia-Pacific, South America & Middle East and Africa. Which among these regions has been touted to amass the largest market share over the anticipated duration

•How do the sales figures look at present How does the sales scenario look for the future
•Considering the present scenario, how much revenue will each region attain by the end of the forecast period
•How much is the market share that each of these regions has accumulated presently
•How much is the growth rate that each topography will depict over the predicted timeline

Reasons for buy this Report

•Highlights key business priorities to assist companies to realign their business strategies.
•The key findings and recommendations highlight crucial progressive industry trends in the Real-Time Location Systems market, thereby allowing players to develop effective long term strategies.
•Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
•Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
•Enhance the decision-making process by understanding the strategies that underpin commercial interest to components, type, and end-users.

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Phone: +1-646-491-9876

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