Real-Time Location System Market is expected to reach US$ 18,878.4 Million by 2028
Emergence of IoT and Industry 4.0 to Provide Growth Opportunities for Real-Time Location System Market during 2021–2028
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. 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.
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.
Aruba Networks; AiRISTA Flow Inc.; Decawave Limited; Impinj, Inc.; Siemens AG; Zebra Technologies Corporation; Sonitor Technologies AS; Stanley Black & Decker, Inc.; TeleTracking Technologies Inc.; and Ubisense are a few major companies operating in the real-time location system market.
Real-Time Location System Market — by Geography, 2020 and 2028 (%)
Report : Real-Time Location Systems Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Offering (Hardware, Software, and Services), Technology [Radio Frequency Identification (RFID), Ultra-Wideband (UWB), Bluetooth Low Energy (BLE), Ultrasound, Infrared (IR), GPS, and Others], Industry Vertical (Heavy Industries, Manufacturing, Retail, Oil and Gas, Automotive, Construction, Government and Defense, Education, and Others), and 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)
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