The Global Real-Time Location Systems (RTLS) Market is estimated to be USD 3.1 Bn in 2021 and is expected to reach USD 10.08 Bn by 2026, growing at a CAGR of 26.6%.
The Global Real-Time Location Systems (RTLS) Market growing return on investment associated with the deployment of RTLS in providing solutions, increasing demand by various industries to handle workflows, and improving safety and security are fuelling the market's growth.
Rising market competition due to the increasing number of players making sure the availability of cost-effective RTLS solutions with different system variations such as popularity growing for ultra-wideband technology with feature of low power consumption and high accuracy offerings compared to other RTLS technologies driving the growth of global RTLS market. On the other hand, the unhabitual use and adoption of RTLS solutions raise concerns about safety and security, and high installation and maintenance costs associated with systems and solutions of RFID and Wi-Fi are restricting the market's growth.
Furthermore, lack of awareness, uniform standards, interoperability, system incompatibility, and skilled workforce in managing the systems/solutions and designing RTLS solutions, including high range, low-power consumption, and high accuracy, are challenges present in the market. Moreover, the increasing focus of industry 4.0, smart manufacturing, technological advancements such as IoT, and growing trend for a Hybrid solution, increasing demand of soaring to provide practical solutions will create opportunities for the market to grow in the forecasted period.
The Global Real-Time Location Systems (RTLS) Market is segmented further based on Application Type, Offering Type, Technology Type, Vertical Type, and Geography.
By Application Type, the market is classified into Inventory/Asset Tracking & Management, Personnel/Staff Location & Monitoring, Access Control & Security, Environmental Monitoring, Yard, Dock, Fleet, & Warehouse Management & Monitoring, Supply Chain Management & Operational Automation/Visibility, and Others.
By Offering Type, the Real-Time Location Systems (RTLS) market is classified into Hardware, Software, and Services.
By Technology Type, the Real-Time Location Systems (RTLS) market is classified into RFID, Wi-Fi, Ultra-Wideband (UWB), Bluetooth Low Energy (BLE), Ultrasound, Infrared (IR), GPS, and Others.
By Vertical Type, the Real-Time Location Systems (RTLS) market is classified into Healthcare, Manufacturing & Automotive, Retail, Transportation & Logistics, Government & Defence, Education, Mining, and Oil & Gas, Sports & Entertainment, and Others.
By Geography, America is projected to lead the market.
The report includes a Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.
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The report offers a comprehensive evaluation of the Global Real-Time Location Systems (RTLS) Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
The report includes an in-depth market analysis using Porter's 5 forces model and the Ansoff Matrix. In addition, the impact of Covid-19 on the market is also featured in the report.
The report also includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
The report also contains the competitive analysis using Positioning Quadrants, the analyst's competitive positioning tool.
Increasing Use for Workplace Regulation by Various Industries
Increasing Competition for Cost-Effective Availability of RTLS Solutions
Growing High Return on Investment Associated with RTLS Solutions
High Cost Associated with Installation and Maintenance
Data Safety and Security Concern
Rising Trend of Hybrid RTLS Solutions
Growing Focus on Industry 4.0 and Emergence of Smart Applications
Increasing Demand for Soaring based RTLS Solutions
Lack of Awareness and Skilled Workforce
Designing Solutions to Fulfil all Industrial Requirements
Lack of Uniform Standards and System Incompatibility
AiRISTA Flow, Inc
International Business Machine Corporation
Lockheed Martin Corporation
Midmark RTLS Solutions, Inc
PLUS Location Systems
Silicon Laboratories, Inc
Sonitor Technologies AS
Stanley Black & Decker, Inc
Tele Tracking Technologies, Inc
Ubisense Group plc
Visible Assets, Inc
Zebra Technologies Corporation
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View source version on businesswire.com: https://www.businesswire.com/news/home/20220303005835/en/
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