Real Time Location Systems Market | Growing Demand for Asset Visibility and Operational Efficiency

Meticulous Research®-a leading global market research company, published a research report titled, 'Real Time Location Systems Market by Offering (Hardware, Software, Services), Technology (RFID, BLE, UWB, NB-IoT), Deployment, Location, Application (Asset Tracking, Sensing & Monitoring, Vehicle, Security), Sector, and Geography - Global Forecast to 2030.'

According to this latest publication from Meticulous Research®, the real time location systems market is projected to reach $36.6 billion by 2030, at a CAGR of 24.7% from 2023 to 2030. The growth of the real time location systems market is driven by advancements in connectivity technologies and the rising demand for asset visibility and operational efficiency. However, changing regulations and compliance requirements may restrain the growth of this market.

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The growing adoption of cloud-based platforms for smart container management and increasing concerns over cargo security and counterfeiting are expected to offer significant growth opportunities for the real time location systems market. However, privacy, security, accuracy issues, and complex implementation and deployment processes are major challenges for players in this market.

Integration of artificial intelligence (AI) and analytics in RTLS and 5G deployment are prominent trends in the real time location systems market.

The global real time location systems market is segmented by offering, technology, deployment, location type, application, and sector. The study also evaluates industry competitors and analyzes the market at the region/country level.

Based on offering, the real time location systems market is segmented into hardware, software/platform, and services. In 2023, the hardware segment is expected to account for the largest share of the real time location systems market. This segment's large market share is attributed to the increasing adoption of Internet of Things (IoT) technologies, the integration of RTLS systems with IoT platforms, and the growing adoption of RTLS across various sectors, including healthcare, manufacturing, logistics, and retail.

However, the services segment is projected to register the highest CAGR during the forecast period due to the increasing need for expertise in implementing and integrating RLTS with existing systems and infrastructure and the growing demand for customized RTLS solutions.

Based on technology, the real time location systems market is segmented into radio frequency identification (RFID), infrared (IR), BlueTooth low energy (BLE), ultra-wideband (UWB), wireless fidelity (Wi-Fi), ultrasound, narrowband-internet of things (NB-IoT), global positioning system (GPS)/assisted GPS (A-GPS), and other technologies. In 2023, the RFID segment is expected to account for the largest share of the real time location systems market. This segment's large market share is attributed to the increasing need for real-time tracking and monitoring of assets throughout the supply chain, increasing demand for cost-effective RFID solutions, rising need for RFID tags for convenient tracking of products, and growing need to facilitate accurate and efficient asset tracking and management in various sectors, including manufacturing, logistics, healthcare, and retail.

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However, the UWB segment is projected to register the highest CAGR during the forecast period due to its anti-jamming capability making UWB reliable in environments with high-density wireless deployments, such as airports, warehouses, and smart factories, and its ability to provide real-time tracking with centimeter-level accuracy. It performs well in both indoor and outdoor environments.

Based on deployment mode, the real time location systems market is segmented into on-premise deployment and cloud-based deployment. In 2023, the on-premise deployment segment is expected to account for the largest share of the real time location systems market. This segment's large market share is attributed to the growing need for organizations to have complete ownership and control over their data, ensuring compliance with data privacy regulations, the lower latency offered by on-premise deployment compared to cloud-based solutions, and the increasing need for fast response times and minimize dependence on external networks or internet connectivity.

However, the cloud-based deployment segment is projected to register the highest CAGR during the forecast period due to the growing need for scalability and flexibility, the increasing need to eliminate upfront hardware and infrastructure investments, and the growing demand for accessibility and remote management.

Based on location type, the real time location systems market is segmented outdoors and indoors. In 2023, the outdoors segment is expected to account for the largest share of the real time location systems market. The segment is also projected to register the highest CAGR during the forecast period. This segment's large market share is attributed to the increasing need for efficient route planning, optimized fleet management, and improved operational visibility; the growing demand for geofencing and boundary monitoring; and the increasing demand for outdoor RTLS solutions for managing outdoor storage yards, construction sites, or large inventory areas.

Based on application, the real time location systems market is segmented into asset tracking, sensing & monitoring, security & surveillance, inventory management & warehouse management, supply chain management & automation, human resource management, vehicle tracking & fleet management, and other applications. In 2023, the asset tracking segment is expected to account for the largest share of the real time location systems market. The large market share of this segment is attributed to the growing demand for improved asset utilization, enhanced demand forecasting, optimized stock levels, and reduced stockouts or overstocking and the growing demand for tracking and managing assets, equipment, and inventory in real-time, providing organizations with increased visibility and control over their valuable resources.

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However, the vehicle tracking & fleet management segment is projected to register the highest CAGR during the forecast period due to the growing need for real-time alerts and geofencing capabilities to prevent vehicle theft or misuse and the increasing demand for real-time tracking of vehicles for efficient route planning, reducing idle time, and improving dispatching.

Based on sector, the real time location systems market is segmented into transportation & logistics, government & public sector, retail and consumer goods, manufacturing, healthcare & life sciences, media & entertainment, aerospace & defense, agriculture, hospitality & tourism, BFSI, IT & telecom, and other sectors. In 2023, the transportation & logistics segment is expected to account for the largest share of the real time location systems market. The large market share of this segment is attributed to the growing need for precise and real-time tracking of assets, such as containers, pallets, and equipment, within transportation and logistics facilities and the increasing demand for real-time tracking and monitoring of goods, assets, and vehicles throughout the supply chain. Furthermore, the increasing need for efficient route planning, better resource allocation, reduced idle time, and improved vehicle utilization, along with a growing need for tracking and monitoring high-value shipments, preventing theft or unauthorized access, and enhancing the safety of drivers and employees, is supporting the segment growth.

However, the healthcare & life sciences segment is projected to register the highest CAGR during the forecast period. This growth is driven by the rising demand for proactive measures to prevent the spread of infections within healthcare facilities and the increasing need to reduce the risk of patient wandering and improve response times during emergencies. Additionally, there is a growing demand to track and manage critical assets and equipment, including medical devices, wheelchairs, and infusion pumps, further contributing to the segment's growth.

Based on geography, the real time location systems market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the global real time location systems market, followed by North America, Europe, Latin America, and the Middle East & Africa. Moreover, the market in Asia-Pacific is projected to register the highest CAGR during the forecast period. Asia-Pacific's significant market share is mainly attributed to the increasing awareness of IoT and Industry 4.0, advancements in manufacturing and industrial sectors, growing demand for real-time tracking and management of assets, equipment, and inventory, the rising focus on workplace safety, improving logistics and supply chain management, and the increasing integration of advanced technologies for automation, data exchange, and real-time decision-making.

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Key Players:

The key players operating in the real time location systems market include Zebra Technologies Corporation (U.S.), Securitas Healthcare, LLC (U.S.) (a subsidiary of Stanley Black & Decker, Inc. (U.S.)), Honeywell International Inc. (U.S.), Impinj, Inc. (U.S.), Aruba Networks (U.S.) (a subsidiary of Hewlett Packard Enterprise Company (U.S.)), Ubisense Ltd. (U.K.), Decawave Ltd. (a subsidiary of Qorvo Inc.) (Ireland), Savi Technology (U.S.) (a subsidiary of Lockheed Martin Corporation (U.S.)), Sonitor Technologies (U.S.), Inpixon (U.S.), KATHREIN Solutions GmbH (Germany), Sewio Networks s.r.o. (Czech Republic), HID Global Corporation (U.S.), Siemens AG (Germany), Extronics Ltd (U.K.), Securitas AB (Sweden), Advantech Co., Ltd. (Taiwan), TeleTracking Technologies, Inc. (U.S.), and CenTrak, Inc. (U.S.) (a subsidiary of Halma plc [U.K.]).

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