Hardware Segment to Dominate North America Real-Time Location Systems Market during 2021–2028
According to The Insight Partners market research study on “North America 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$ 5,081.53 million by 2028 from US$ 1,317.97 million in 2021. The market is estimated to grow at a CAGR of 21.3% from 2021 to 2028. The report provides trends prevailing in the North America real-time location systems market along with the drivers and restraints pertaining to the market growth. Increasing deployment of ultra-wideband (UWB) based real-time location system is the major factor driving the growth of the North America real-time location systems market. However, issues associated with the security concerns regarding tag technology hinder the growth of North America real-time location systems market.
The North America real-time location systems market is segmented on the bases of offering, technology, industry vertical, application, and country. Based on offering, the North America 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 supply chain management and operational automation/visibility segment dominated the market in 2020, and personnel/staff locating and monitoring segment is expected to be the fastest growing during the forecast period. In terms of country, the North America real-time location systems market is segmented into—US, Canada, and Mexico.
The US, Canada, and Mexico have witnessed a significant rise in the number of COVID-19 infected patients. This led the governments to impose lockdowns to limit human movement, thereby leading the manufacturing facilities to experience lower than usual production volumes. The lower production volumes have had severe impacts on supply chain and logistics service providers. The US has one of the largest supply chain and logistics sector across the. Moreover, real-time location system market players in region operating with limited workforce and the scheduled deliveries of real-time location system was affected and market players did prioritize the deployment of real-time location system to healthcare institution in 2020. However, as vaccination drive was initiated, and containment measure were relaxed the real-time location system market started to gain traction in 2021.
AiRISTA Flow Inc.; Aruba Networks; Decawave Limited; Impinj, Inc.; Siemens AG; Sonitor Technologies AS; Stanley Black & Decker, Inc.; TeleTracking Technologies Inc; Ubisense; and Zebra Technologies Corporation the leading companies in the North America 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 2021, Ubisense announced a strategic partnership with Advanced Realtime Tracking (ART), a leader in Optical Tracking Systems, to provide sequence control solutions for assembly processes. The SmartSpace technology by Ubisense perfectly complements the ART VERPOSE camera-based vision system, thereby expanding the company's effective portfolio.
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