Hardware Segment to Dominate APAC Real-Time Location Systems Market during 2021–2028
According to The Insight Partners market research study on “APAC Real-Time Location Systems Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Offering, Technology, Industry Vertical, and Application” is expected to reach US$ 5,776.80 million by 2028 from US$ 1,065.34 million in 2021. The market is estimated to grow at a CAGR of 27.3% from 2021 to 2028. The report provides trends prevailing in the APAC real-time location systems market along with the drivers and restraints pertaining to the market growth. Need for social distancing and contact tracing due COVID-19 pandemic is the major factor driving the growth of the APAC real-time location systems market. However, issues associated with the security concerns regarding tag technology hinder the growth of APAC real-time location systems market.
The APAC real-time location systems market is segmented on the bases of offering, technology, industry vertical, application, and country. Based on offering, the APAC real-time location systems market is segmented into hardware, software, and services. The hardware segment dominated the market in 2020 and services segment is expected to be the fastest growing during the forecast period. Further the hardware segment is categorized into tags/badges, readers/trackers/access points, and others. By technology, the market is segmented into radio frequency identification (RFID), Wi-Fi, ultra-wideband (UWB), Bluetooth Low Energy (BLE), ultrasound, Infrared (IR), GPS, and others. The Bluetooth Low Energy (BLE) segment dominated the market in 2020 and ultra-wideband (UWB) segment is expected to be the fastest growing during the forecast period. Based on industry vertical, the market is segmented into heavy industries, manufacturing, retail, oil & gas, automotive, transportation and logistics, construction, government and defense, education, and others. The retail segment dominated the market in 2020, and education segment is expected to be the fastest growing during the forecast period. By 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. The personnel/staff locating and monitoring segment dominated the market in 2020, and is expected to be the fastest growing during the forecast period. In terms of country, the APAC real-time location systems market is segmented into— China, Japan, India, South Korea, Australia, and Rest of APAC.
The APAC is characterized by the presence of several developing countries, positive economic outlook, and huge industrial sector, in addition to the largest share of global population. These factors make Asia Pacific a major region for the growth of the real-time location system market. The shutdown of various factories and distribution centers in many economies in the APAC has affected the supply chains and negatively impacting the manufacturing processes, delivery schedules, and product and service sales. The APAC is global manufacturing hub with countries such as China, Japan, and South Korea leading the global manufacturing sector. Disruptions in supply chains and manufacturing activities have led to the discontinuation of the production of hardware of real-time location system, which hindered the market growth. Meanwhile, with the initiation of vaccination drive coupled with reopening of economies the real-time location system market witness positive growth from the Q1 of 2021.
AiRISTA Flow Inc.; Aruba Networks; Decawave Limited; Impinj, Inc.; Siemens AG; Sonitor Technologies AS; Stanley Black & Decker, Inc.; Ubisense; and Zebra Technologies Corporation the leading companies in the APAC real-time location system market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Siemens has successfully integrated hardware and software to offer a new solution for the COVID-10 pandemic-related challenges companies’ face. It helps the companies simulate the safety of employees, test and optimize the setup of work areas, validate safety measures, and thus to design future-proof production lines.
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