$4550
[Research Report] The real-time location systems market size is expected to grow from estimated to grow from US$ 4.91 billion in 2022 to US$ 31.09 billion by 2030; it is estimated to record a CAGR of 26.4% from 2023 to 2030.
Analyst Perspective:
The construction industry is growing steadily across the world owing to increased population and urbanization. Moreover, the penetration of digital technologies in the industry is relatively low. However, with the growing need for tracking the deliveries of essential supplies such as prefabricated elements, bricks, plumbing equipment, cement, and others, the industry is expected to adopt advanced technologies, including real-time location systems, in the coming years. Also, various heavy construction equipment such as excavators, rollers, cement mixers, dump trucks, and drilling equipment are utilized at construction sites, which can be tracked and monitored using a real-time location system to prevent theft and gather valuable insights and records. Moreover, the systems are widely adopted for monitoring site productivity and supervising labor and safety. Thus, the growing adoption of digital technology in the construction industry and the increasing importance of labor safety are projected to drive the demand for real-time location systems in the coming years. The adoption of the systems in the construction industry is exemplified by companies such as Eyrus. RTLS has enabled construction companies to monitor worksite productivity, manage materials/assets, and ensure construction worker safety through precise location-based data collection and analysis. The demand for improved productivity, enhanced safety measures, and efficient resource management fueled the utilization of RTLS in the construction industry, thereby contributing to the real-time location systems market growth.
Market Overview:
Organizations are investing significantly in advanced technologies, including real-time location systems, for tracking and improving the productivity of employees, due to increasing competition across various industries. Moreover, the system improves safety and security, automates attendance, prevents proxy attendance, locates employee positions, prevents tailgating, and avoids accidents. Moreover, due to the COVID-19 outbreak, the real-time location systems market players are offering solutions with various prevention features. For instance, QuicSolv Technologies Pvt. Ltd offers RTLS that allows end users to monitor social distancing practices and get contact tracing and SoS alert. Also, increasing investments in advanced technologies by organizations to adhere to the social distancing norms drive the adoption of real-time location systems. In March 2022, Recenturesoft Infotech launched WorkTrackZilla, an employee locating and monitoring software. This software addressed the increasing need for efficient remote work monitoring as companies embraced flexible working environments. The demand for robust solutions to monitor and locate staff members working from home propelled the adoption of RTLS technologies for staff locating and monitoring.
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Real-Time Location Systems Market: Strategic Insights
Market Size Value in US$ 4.91 billion in 2022 Market Size Value by US$ 31.09 billion by 2030 Growth rate CAGR of 26.4% from 2023 to 2030 Forecast Period 2023-2030 Base Year 2022
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Real-Time Location Systems Market: Strategic Insights
| Market Size Value in | US$ 4.91 billion in 2022 |
| Market Size Value by | US$ 31.09 billion by 2030 |
| Growth rate | CAGR of 26.4% from 2023 to 2030 |
| Forecast Period | 2023-2030 |
| Base Year | 2022 |
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Market Driver:
Rising Demand for Connected Devices to Drive Growth of Real-Time Location Systems Market
The demand for connected devices, including smartphones; tablets; and different wearable devices such as smartwatches, fitness trackers, VR headsets, web-enabled glasses, smart jewelry, and Bluetooth headsets, is increasing across the world. Smartphones and tablets help the user accurately track location information in real time. The devices help the user to know the real-time traffic scenario and find the fastest route to the destination. It also assists parents to monitor the movement of their children through different location-tracking apps. Therefore, the adoption of smartphones and tablets is increasing tremendously. According to the Groupe Speciale Mobile Association (GSMA), smartphone adoption across the world was 76% in 2022, totaling 6.4 billion smartphone connections. The adoption is expected to rise to 92% by 2030, making 9 billion connections globally. According to the same report, smartphone adoption in North America was 84% in 2022 and is expected to climb to 90% by 2030. Similarly, the smartphone adoption rate in Europe would increase from 84% in 2022 to 91% by 2030. In Sub-Saharan Africa, an underpenetrated market, the smartphone adoption rate is predicted to grow from 51% in 2022 to 87% by 2030. In many industries, wearables are used to track and manage personnel. For instance, miners can be tracked under deep tunnels and alerted if signs of distress occur. Similarly, wearables are used for dementia patients to track their location if they go missing or get themselves in danger and need emergency help. The demand for connected devices is increasing owing all the above benefits, which is fueling the real-time location systems market growth.
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Segmental Analysis:
Based on offering, the real-time location systems market size is segmented into hardware, software, and services. The hardware used for real-time location systems consists of Anchors, Tags, Modules, Transceivers, Location Engine, Kits, Sensors, and more. These components are integrated with a software solution such as radio frequency identification (RFID), Wi-Fi, ultra-wideband (UWB), bluetooth low energy (BLE), ultrasound, infrared (IR), GPS, and other systems for tracking and monitoring various assets of organization. Also, these hardware components play a crucial role in collecting and transmitting location data in real time. Benefits of RTLS hardware include accurate asset tracking, improved operational efficiency, enhanced safety and security, and optimized supply chain management. In the healthcare industry, real-time location systems are widely used to track lifesaving equipment using Wi-fi and RFID technologies for routine maintenance and in emergencies. These factors are thereby driving the real-time location systems market growth.
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Regional Analysis:
Based on geography, the real-time location systems market size is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). APAC is expected to hold the largest real-time location systems market share in 2023, followed by Europe and APAC.
The real-time location systems market growth in North America is attributed to the increasing number of internet users. According to the World Bank Group, ~92% of the population in the region uses the internet. Such high internet penetration in the region is fueling the growth of the North America e-commerce industry. According to the Census Bureau of the Department of Commerce, the US retail e-commerce sales for the first quarter of 2023 was US$ 272.6 billion, an increase of 3% compared to the fourth quarter of 2022. Thus, the growth of the e-commerce industry is driving the real-time location systems market in North America.
Key Player Analysis:
The real-time location systems market consists of the players such as Aruba Networks, AiRISTA Flow Inc, Qorvo Inc, Impinj Inc, Siemens AG, Zebra Technologies Corp, Sonitor Technologies AS, Stanley Black & Decker Inc, TeleTracking Technologies Inc, and Ubisense Ltd.
Recent Developments:
Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the real-time location systems market. A few recent key real-time location systems market developments are listed below:
- In November 2022, Impinj, a provider of RAIN RFID solutions and an Internet of Things (IoT) pioneer, introduced the Impinj M780 and M781 RAIN RFID tag chips. These chips were designed to connect and enable advanced IoT connectivity for various industries, including automotive, pharmaceuticals, and food. The large product identifiers and extended user memory of these tag chips allowed manufacturers to comply with regulations, manage product shelf life, and reduce waste. The enhanced performance of the chips improved system accuracy and reliability, while Impinj's Core3D Antenna reference-design portfolio simplified inlay and tag development. With these new offerings, Impinj continued to advance its proven RAIN RFID platform and support large-scale digital transformation.
- In June 2021, Impinj unveiled the Impinj E910 RAIN RFID reader chip, offering high performance and low power consumption for next-generation enterprise IoT applications. With its smaller size and superior sensitivity, it met the demands of various industries while accelerating reader innovation and time-to-market for IoT device manufacturers.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Offering, Technology, Industry Vertical, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Belgium, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Malaysia, Mexico, Netherlands, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Taiwan, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Siemens AG, Zebra Technologies Corp, Decawave, Ubisense, and Airista are the key market players expected to hold a major market share of real-time location systems market in 2023.
Asia Pacific is expected to register highest CAGR in the real-time location systems market during the forecast period (2023-2030)
Growing Use of RTLS in Healthcare Sector
1. Rising Demand for Connected Devices
2. Growing E-Commerce Sector
The real-time location systems market is expected to register an incremental growth value of US$ 25.07 billion during the forecast period.
The estimated global market size for the real-time location systems market in 2022 is expected to be around US$ 4.91 billion.
The List of Companies - Real-Time Location Systems Market
- Aruba Networks
- AiRISTA Flow Inc
- Qorvo Inc
- Impinj Inc
- Siemens AG
- Zebra Technologies Corp
- Sonitor Technologies AS
- Stanley Black & Decker Inc
- TeleTracking Technologies Inc
- Ubisense Ltd
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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