Real-Time Location Systems Market Size & Forecast | 2030

The real-time location systems market was valued at US$ 4.91 billion in 2022 and is expected to reach US$ 31.09 billion by 2030; it is estimated to record a CAGR of 25.9% from 2022 to 2030.

Analyst Perspective:

The real-time location systems market forecast can help stakeholders in this marketplace plan their growth strategies. The growing penetration of ultra-wideband (UWB) technology-based RTLS solutions that provide highly accurate positioning data and high accuracy and range with low power consumption is bolstering the real-time location systems market size. The demand for UWB technology-based RTLS solutions from end use industries, such as healthcare, manufacturing, and logistics, is increasing in order to improve efficiency, shorten lead times, and reduce costs. Also, the rising demand for RTLS solutions from the sports, entertainment, and automotive sectors is driving the market. The availability of indoor tracking is encouraging the healthcare vertical to opt for RTLS, which is expected to fuel the market growth in the coming years. Bluetooth Low-Energy (BLE) solutions are cheaper and easier to integrate with existing systems and devices, and they offer a detection accuracy of up to 1.5 meters. In May 2023, u-blox launched a u-blox NINA-B5 Bluetooth LE series of standalone modules for the automotive industry. Thus, the growing use of BLE solutions is boosting the growth of the real-time location systems market. Moreover, the abilities of RTLS to analyze and eliminate workflow bottlenecks and save time and money are bolstering the real-time location systems market growth. The real-time location systems market trends include a rise in the adoption of RTLS in the healthcare sector and the adoption of automation systems in the manufacturing sector.

Increased demand for real-time location systems in India, China, and other developing countries is expected to create lucrative opportunities for market players in Asia Pacific during the forecast period. Owing to the growth in the manufacturing, retail, and logistics industries, there is an increased need for asset tracking, fueling the demand for real-time locating systems in the region. The rising demand for RTLS in the above industries is encouraging the market players to provide advanced solutions to customers. In 2020, Advantech (a leading provider of industrial computing platform solutions in Taiwan) launched its real-time location system (RTLS) solution-ready package (SRP) designed for real-time locating and monitoring of medical equipment, patients, and staff. Thus, the increase in innovations by the market players is expected to facilitate the expansion of the APAC real-time location systems market share in the coming years.

Real-Time Location Systems Market Overview:

Real-time location systems (RTLS) are used to determine the location of an object or a person. They can accurately locate, track, and manage assets, inventory, or people and help companies make knowledgeable decisions. The system consists of a transponder, a receiver, and software to interpret the data. RTLS transmitters or receivers are spaced throughout a building to provide the desired coverage. RTLS is used across many end use verticals, such as heavy industries, manufacturing, retail, oil & gas, automotive, transportation & logistics, construction, government & defense, and education. Also, they are used for specific applications such as employee tracking and high-value asset tracking. The growing use of RTLS in the healthcare industry is significantly bolstering the growth of the real-time location systems market.

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Real-Time Location Systems Market: Strategic Insights

Real-Time Location Systems Market

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  CAGR (2022 - 2030)

  25.9%
• Market Size 2022
  US$ 4.91 Billion
• Market Size 2030
  US$ 31.09 Billion

Market Dynamics

GROWTH DRIVERS

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FUTURE TRENDS

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OPPORTUNITIES

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Key Players

• Aruba Networks
• AiRISTA Flow Inc
• Qorvo Inc
• Impinj Inc
• Siemens AG
• Zebra Technologies Corp
• Sonitor Technologies AS
• Stanley Black & Decker Inc
• TeleTracking Technologies Inc

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Offering

• Hardware
• Software
• Services

Technology

• RFID
• UWB
• BLE
• Ultrasound
• Infrared
• GPS
• Wi-Fi
• ZIBGEE

Industry Vertical

• Retail
• Government & Defense
• Manufacturing
• Healthcare
• Logistics
• Heavy Industries
• Construction
• Oil & Gas
• Automotive
• Others

Application

• Personnel/Staff Locating and Monitoring
• Access Control and Security
• Environmental Monitoring
• Warehouse Management and Monitoring
• Supply Chain Management and Operational Automation/Visibility
• Others

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Real-Time Location Systems Market Driver:

Rising Safety and Security Concerns of Patients and Staff

The primary concern of medical facilities, hospitals, and senior living communities is the safety and security of patients and staff as well as property. In hospitals, there is a crucial requirement for a system to track patient movements, control access, and implement wander management. By giving real-time location information, real-time location systems (RTLS) assist healthcare businesses in enhancing the safety and security of their personnel, clients, and property. Advanced RTLS solutions prevent unauthorized individuals from entering certain zones, as these solutions are integrated with security systems such as access control and infant protection systems to improve overall security and safeguard patients and newborns.

With a growing global population and a rise in the number of patients, patient safety has become a primary and crucial public health concern. In a recent survey held by WHO in September 2023, approximately 1 in every 10 patients reported harm during healthcare, and more than 3 million deaths occurred annually owing to unsafe care. In low-to-middle-income nations, almost 4 in 100 people die from unsafe care. Thus, there is an increased demand for RTLS solutions from the healthcare industry to meet the requirement for patient safety and security of valuable assets and electronic health records due to their capability to safeguard the facility, patients, and personnel. Thus, such benefits provided by RLTS are fueling its demand and contributing to the growing real-time location systems market size.

Real-Time Location Systems Market Segment Analysis:

The “real-time location systems market analysis” has been carried out by considering the following segments: offering, technology, industry vertical, and application. Based on offering, the real-time location systems market is segmented into hardware, software, and services. Based on technology, the real-time location systems market is segmented into RFID, UWB, BLE, ultrasound, infrared, GPS, Wi-Fi, and ZIGBEE. Based on industry vertical, the real-time location systems market is segmented into retail, government & defense, manufacturing, healthcare, logistics, heavy industries, construction, oil & gas, automotive, and others. Based on application, the real-time location systems 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.

Real-Time Location Systems Market Regional Analysis:

The scope of the real-time location systemsmarket report is primarily segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. In terms of revenue, North America dominated the real-time location systems market share in 2022. The real-time location systems market in North America is segmented into the US, Canada, and Mexico. North America is a technologically advanced region owing to factors such as a positive outlook for advanced hardware adoption, a high inclination toward technological innovation, high GDP, developed infrastructure, and favorable economic policies. The region has a highly developed manufacturing sector. The sector integrates real-time location systems to maintain a robust supply chain across verticals. For instance, in 2020, ILR Industries, a manufacturer of plastic products, deployed a real-time location system at its manufacturing facility in Hamilton, Ontario, Canada for monitoring and adhering to COVID-19 precautionary practices.

North America has a well-established healthcare industry. Inventory management operations are efficiently performed using advanced technologies, which act as a prerequisite for several decision-making processes. Hospitals in the region are highly inclined toward implementing the best practices in the hospital supply management system to allow efficient inventory management. They are deploying a real-time location system, which can help healthcare professionals search for the required equipment in less time. In addition, the RTLS solution can also help track and monitor critical patients in the ICU or patients with dementia and mental distress. The rising use of real-time location systems in healthcare infrastructure is supporting the growth of the real-time location systems market. Moreover, North America has a highly matured construction industry. As the region is known for its high emphasis on labor safety, the demand for real-time location tracking is high, which can contribute to the adoption of real-time location systems. All these factors are propelling the real-time location systems market growth in North America.

Key Player Analysis:

The real-time location systems market analysis is based on the annual performances of major players such as Aruba Networks (HP Enterprise); Airista Flow, Inc.; Decawave Limited; Impinj, Inc; Sonitor Technologies; Stanley Healthcare; Siemens; Teletracking Technologies, Inc.; Ubisense Ltd; and Zebra Technologies Corp. Several other essential real-time location systems market players were analyzed to get a holistic view of the market and its ecosystem. The real-time location systems market report emphasizes the key factors driving the market and prominent players' developments.

Recent Developments:

Companies in the real-time location systems market focus on both inorganic and organic strategies for their business growth. A few recent key market developments by the above real-time location systems market players are listed below:

• In August 2021, AiRISTA Flow, Inc. added Bluetooth Low Energy (BLE) 5.1 to its portfolio of location-based services. This new technology increases location accuracy and allows tracking in the vertical dimension, thereby improving the overall performance of RTLS system.

• In February 2020, Qorvo completed the acquisition of Qorvo Inc Limited, partnering to become an Ultra-Wideband Business Unit (UWBU) within Qorvo Mobile Products. Quovo is a leading global supplier of innovative RF solutions; the company is headquartered in the US.

Real-Time Location Systems Market Report Scope

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