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Real Time Location Systems In Transportation And Logistics Market Growth Statistics, Regional Analysis, Top Players, Size, And Forecast To 2033
Real Time Location Systems In Transportation And Logistics Market Growth
According to The Business Research Company's, The real time location systems in transportation and logistics market size has grown rapidly in recent years. It will grow from $5.30 billion in 2023 to $5.99 billion in 2024 at a compound annual growth rate (CAGR) of 13.03%. The growth in the historic period can be attributed to increasing demand for supply chain visibility, growing need for efficient fleet management, regulatory requirements, and rising adoption of the Internet of Things (IoT).
The real time location systems in transportation and logistics market size is expected to see rapid growth in the next few years. It will grow to $9.88 billion in 2028 at a compound annual growth rate (CAGR) of 13.3%. The growth in the forecast period can be attributed to the expansion of e-commerce, integration of AI and machine learning, embrace of autonomous vehicles, shift towards green logistics, and rise in global trade. Major trends in the forecast period include increased use of blockchain for secure tracking, the emergence of 5G technology for faster data transmission, adoption of edge computing for real-time analytics, implementation of augmented reality for enhanced navigation, growth of predictive analytics for proactive decision-making.
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Market Drivers and Trends:
The adoption of automation in the manufacturing sector is expected to propel the growth of real-time location systems in the transportation and logistics market. Automation in manufacturing refers to using technology and machinery to perform tasks traditionally carried out by humans, aiming to increase efficiency, productivity, and consistency in production processes. The increase in the adoption of automation in manufacturing is due to the improved productivity, quality, flexibility, and cost-efficiency that automation technologies offer in a competitive and rapidly evolving market landscape. Automation in the manufacturing sector creates opportunities for synergy with real-time location systems in transportation and logistics, enabling more efficient and responsive supply chain operations to meet the demands of modern manufacturing processes. For instance, in September 2023, the International Federation of Robotics, a Germany-based non-profit organization, reported in the World Robotics Report 2023 that there were 553,052 industrial robot installations in factories worldwide, which is 5% higher than in 2022. Therefore, the adoption of automation in the manufacturing sector is driving the growth of real-time location systems in the transportation and logistics market.
Major companies operating in real-time location systems in the transportation and logistics market are focused on developing radio frequency identification chips, such as the E710, E510, and E310 reader chips, to increase their profitability in the market. The E710, E510, and E310 reader chips are designed to enable the development of RFID readers with varying capabilities to meet the needs of different applications and use cases. For instance, in June 2021, Iminj Inc., a US-based company developing and manufacturing RAIN RFID solutions, launched the E710, E510, and E310 reader chips that offer outstanding performance and user-friendly features, meeting the growing need for item connectivity in the retail, supply chain, logistics, and consumer electronics industries. These new reader chips facilitate the design of IoT devices that enhance connectivity and enable innovative solutions across different sectors.
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Major Key Players of the Market:
Zebra Technologies Corporation, Trimble Transportation, Samsung Networks, Geotab Inc, Samsara, Omnitracs LLC, Transporeon GmbH, Descartes Systems Group, CalAmp Corporation, Spireon, ORBCOMM Inc, Teletrac Navman, Verizon Connect, Lojack Corporation, Tyco Security Products, I.D. Systems Inc, Fleet Complete, Convergence Systems Limited, FourKites Inc, ThingMagic Inc, Geoforce Inc, Ubisense, Mojix, Airista Flow Inc, DecaWave Ltd, Essensium NV, CSR Group, Awarepoint Corporation, BeSpoon SAS, TrackX Holdings Inc.
Real Time Location Systems In Transportation And Logistics Market 2024 Key Insights:
• The real time location systems in transportation and logistics market size is expected to see rapid growth in the next few years. It will grow to $9.88 billion in 2028 at a compound annual growth rate (CAGR) of 13.3%.
• Manufacturing Automation Boosts Logistics Tracking Demand
• Impinj Launches Advanced RAIN RFID Reader Chips For Improved Logistics
• North America was the largest region in the real time location systems in transportation and logistics market in 2023
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The Business Research Company (https://www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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