Real-Time Locating Systems Market

Global Real-Time Locating System Market Size (2024 to 2029)

The global real-time locating systems (RTLS) market is predicted to reach USD 9.49 billion in 2024 and USD 28.38 billion by 2029, growing at a CAGR of 24.5 % during the forecast period.

Recently, many farmers in the developed world have been using RTLS technology to track the number and location of their cattle stock by using RLTS tags on them.

Global Real-Time Locating System Market Drivers:

The market growth is driven by the high adoption of RTLS solutions in healthcare, retail, manufacturing, automotive verticals, oil & gas, mining, education, etc., which has boosted the demand for RTLS solutions.  The emergence of innovative startups, market competitiveness, the availability of customized solutions, and high return on investment are also driving the growth of the RTLS market.

Global Real-Time Locating System Market Restraints:

The most significant restraint on this market is concerns regarding data security and privacy, as well as the prevalence of unsatisfactory results and negative feedback from RTLS end-users. The high cost of acquisition and maintenance is also likely to restrain the market from actualizing its full potential.

GLOBAL REAL-TIME LOCATING SYSTEM MARKET REPORT COVERAGE:

This research report on the global RTLS market has been segmented and sub-segmented based on the offering, technology, vertical, and region.

Global RTLS Market - By Offering:

• Hardware

• Software

• Services

Services is projected to have the largest market throughout the forecast period. RTLS technology is widely used in the manufacturing and logistics industry and is expected to further grow in the forecast period.

Global RTLS Market - By Technology:

• RFID

• W-Fi

• UWB

• BLE

The UWB segment has the largest market share and also the highest CAGR. Compared to other highly beneficial technologies in high-intensity verticals like healthcare and manufacturing, UWB technology provides the most accurate data. Recently, this technology has become cheaper and more affordable, resulting in the high implementation of UWB-based RTLS solutions.

Global RTLS Market - By Vertical:

• Healthcare

• Manufacturing

• Retail

• Education

• Government

• Sports

Healthcare is the leading segment as of 2018 and is projected to remain so in the forecast period. An increase in the usage of RTLS technology is expected to enable patients to search nearby labs and hospitals at their convenience, thereby driving the real-time location systems market growth. Also, the rapid adoption of Wi-Fi networks in hospitals and public places is expected to drive the market growth during the forecast period.

Global RTLS Market - By Region:

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East & Africa

The North American RTLS Market had the largest global market share as of 2018 and is projected to remain in the top spot throughout the forecast period. Development and adoption of innovative technologies, along with North America's hub status for Real-Time Locating Systems vendors, are driving the market's growth.

Asia-Pacific (APAC) RTLS Market is the fastest-growing market for Real-Time Locating Systems. This can be attributed to the substantial investments made by private and public sectors to enhance their RTLS technologies, resulting in an increased demand for real-time locating systems solutions for the industries. Several international vendors of the RTLS industry have also invested in the APAC region to make their mark in the domain.

KEY PLAYERS:

1. Stanley Healthcare (US)

2. Zebra Technologies (US)

3. Aruba Networks (HP Enterprise, US)

4. IMPINJ (US)

5. Savi Technology (US)

6. TeleTracking Technologies (US)

7. Ubisense Group (UK)

8. AiRISTA (US)

9. Awarepoint (US)

10. Identec Group (Liechtenstein) 

11. Alien Technology (US)