Market Synopsis
As per the research by Market Research Future Reports (MRFR), the global RTLS market is estimated to value USD 18.97 billion, growing at a CAGR of 24% during the forecast period from 2020 to 2028. The increasing need to get higher efficacy out of available resources is estimated to drive the global real-time locating systems market 2020. Besides, the increasing demand for real-time locating systems in the healthcare industry is anticipated to be a major factor affecting the market. RTLS has applications in various sectors such as retail, government, transportation and & logistics, and industrial manufacturing, which expands the market. The other factors responsible for expansion are higher-efficiency, asset management, and efficient workflow. Also, these systems offer details in real-time and are used to locate, track, and to regulate the activity of people or equipment indoors. Growing I.T. infrastructure, quick adoption of technology, and adoption of 4.0 and IoT are some of the other important factors which drive the global real-time locating systems market.
The outbreak of COVID-19 has resulted in different dynamics in the market. We will provide an impact analysis report on COVID-19.
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Key Players
The forefront players of the global RTLS market are BeSpoon SAS (France), Zebra Technologies Corp. (U.S.), Stanley Healthcare (U.S.), Ubisense Group PLC. (U.K.), Savi Technology (U.S.), IMPINJ, Inc. (U.S.), AiRISTA, LLC (U.S.), Versus Technology, Inc. (U.S.), CenTrak, Inc. (U.S.), Identec Group AG (Liechtenstein), Decawave Ltd. (Ireland), Redpine Signals, Inc. (U.S.), Awarepoint Corp. (U.S.), and others.
Market Segmentation
The global real-time locating systems market can be segregated on the basis of technology, industry, application, components, and region.
- On the basis of technology, the global real-time locating systems market can be classified into GPS, Wi-Fi, RFID, UWB, and others.
- On the basis of industry, the global real-time locating systems market can be classified into banking, manufacturing, healthcare, automotive, aerospace & defense, and oil & gas, among others.
- On the basis of application, the global real-time locating systems market can be classified into personal tracking, asset tracking, and inventory tracking, among others.
- On the basis of components, the global real-time locating systems market can be classified into hardware and software.
- On the basis of region, the global real-time locating systems market can be classified into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
Regional Analysis
The regional analysis of North America, Europe, Asia-Pacific, and the Rest of the World (RoW) has been conducted. As per the analysis by MRFR, the global market is dominated by North America. The region consists of well-equipped technically advanced players, which provides an upper hand in the market. Among all, the U.S. acquires the largest share of the global RTLS market in North America. The second and third position is attained by Canada and Mexico, respectively. The second position is attained by Europe in the global market. The growing usage of RTLS in the healthcare sector and BFSI has resulted in the expansion of the market in Europe.
On the other hand, the APAC region is estimated to expand at the fastest pace owing to the presence of India and China, which are the fastest-growing economies of the world. China is quickly adopting IoT in the manufacturing industry and the adoption of industry 4.0, which is the most significant reason for market expansion in China. However, the concern of data security can hinder market expansion in China. Moreover, the well-established I.T. infrastructure and seamless connectivity in Japan have further propelled the regional expansion of the market. However, the concerns regarding security and data privacy are estimated to hinder the growth of the market in Japan.
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