Real-time Locating Systems Market Outlook 2031
The global real-time locating systems market size was valued at USD 4.14 Billion in 2022 and is likely reach to USD 31.97 Billion by 2031, expanding at a CAGR of 25.5% during the forecast period 2023 - 2031.
The growth of the market is attributed to the rising adoption of real-time locating systems (RTLS) to manage inventory and warehouse services, transportation services, and inward & outbound services.
Growing demand for effective and accurate tracking solutions for product shipment is expected to drive the real-time locating systems market. The real-time tracking of products becomes crucial, as businesses strive to optimize their supply chain operations. RTLS solution helps to monitor the temperature and location of products during transportation to ensure their quality and freshness.
Real-time locating systems are used to track and identify the movement of assets or inventory, including various instruments, containers, and medical devices, that are shipped.
The system provides real-time status of the shipment and reduces the chance of product loss during transport. This system is performed using various technologies for tracking and tracing, including ZigBee, Wi-Fi, and Ultra-Wide Band (UWB).
The research report finds that the COVID-19 pandemic boosted the real-time locating system (RTLS) market. Several businesses and organizations have implemented preventive measures during the pandemic to ensure the safety of their employees and customers.
However, RTLS solutions have played a crucial role in enabling contact by accurately tracking the movement of individuals within a facility. This led to an increased adoption of RTLS systems for monitoring social distancing and ensuring compliance with health guidelines. For instance,
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In March 2021, RFID technology was utilized to boost the volume of COVID-19 vaccinations in hospitals. The tracking technology allowed hospitals to report highly accurate results to the health department, enabling them to keep track of vaccination progress. This technology proved to be beneficial in streamlining the vaccination process and ensuring efficient reporting of vaccination data.
The increased focus on safety measures and the need for efficient tracking and monitoring solutions created new opportunities in the market. The demand for RTLS systems is expected to rebound and continue its upward trajectory, as businesses adapt to the post-pandemic environment.
Impact of Artificial Intelligence on Real-time Locating Systems Market
Artificial intelligence (AI) has a significant impact on the real-time locating systems market. AI improves tracking and monitoring capabilities in RTLS. In the healthcare industry, AI-powered RTLS solutions have revolutionized patient care and operational efficiency.
The RTLS system with AI analyzes vast amounts of data collected from various sensors and devices, providing actionable insights and improving decision-making processes.
AI algorithms analyze real-time location data to optimize asset utilization and management. AI-powered RTLS has the ability to track the location of medical equipment, such as infusion pumps or wheelchairs, and provide insights into their usage patterns. This helps healthcare providers to streamline inventory management, reduce equipment loss, and improve operational efficiency.
Real-time Locating Systems Market Dynamics
Major Driver
Rapid expansion of the logistics industry and rising adoption of advanced technology are driving the RTLS market. The logistics industry is experiencing significant growth, due to the rising e-commerce and globalization. Thus, companies are adopting advanced technologies, including RTLS, to meet the growing demand for fast and efficient transportation. For instance,
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In January 2020, Silicon Labs and Quuppa collaborated to develop a precise indoor asset tracking system based on Bluetooth low energy (BLE) direction finding and advanced angle-of-arrival (AoA) technology. This system enables accurate indoor location, navigation, and tracking of assets and people across various industries, including hospitals. The solution offers a range of applications for indoor asset tracking, enhancing efficiency and operational capabilities.
Cost-cutting, improved quality of services, and efficient working of the RTLS are expected to drive the market. RTLS offers various benefits that streamline businesses’ logistics operations. It allows companies to reduce costs associated with lost or misplaced items by accurately tracking assets and inventory in real time.
Furthermore, improved visibility enables better decision-making, leading to enhanced service quality, which further propels the market.
Existing Restraints
Rising privacy and security concerns, such as expensive proprietorship, and data implementation are restraining the market. RTLS involves tracking and collecting data, which raises concerns about unauthorized access or misuse of sensitive information.
Additionally, the proprietary nature of some RTLS solutions results in high costs and limited flexibility for businesses. Implementing and integrating RTLS solutions with existing infrastructure and processes pose challenges. These factors are expected to hamper the RTLS market.
High costs associated with the distribution of services are anticipated to hinder the market. This includes the expenses related to hardware, software, installation, maintenance, and training. The initial investment required for implementing an RTLS is substantial, especially for small and medium-sized businesses with limited budgets.
Thus, the high costs involved are expected to deter some organizations from adopting RTLS solutions, thereby impeding market growth.
Emerging Opportunity
Rising application of RTLS systems across various industries, particularly in manufacturing are expected to create lucrative opportunities in the market. The ability of RTLS systems to provide real-time visibility and insights boost their adoption in industries where asset management and operational efficiency are critical.
The wide application of RTLS systems across industries, particularly in manufacturing, contributes to market expansion.
Scope of Real-time Locating Systems Market Report
The report on the real-time locating systems market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Real-time Locating Systems Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Applications (Fleet Tracking, Inventory & Asset Tracking, Navigation, Personnel Tracking, and Network Security) and End-users (Transportation & Logistics, Manufacturing & Process Industries, Healthcare, and Retail)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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AeroScout Inc.; Awarepoint Corporation; Savi Technology; Sick AG; Sonitor Technologies; TeleTracking Technologies Inc.; Ubisense Group plc.; Zebra Technologies Corporation.
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Real-time Locating Systems Market Segment Insights
Application Segment Analysis
On the basis of application, the global real-time locating systems market is segmented into fleet tracking, personnel tracking, inventory & asset tracking, navigation, and network security. The inventory & asset tracking segment is expected to hold a key share of the market during the forecast period, owing to the wide adoption of the RTLS for tracing the movement of inventory and assets.
Furthermore, rising commercial trade and export of goods are anticipated to boost the demand for RTLS solutions to track the inventory supply. This, in turn, contributes to the segment growth.
Based on end-users, the global real-time locating systems market is divided into transportation & logistics, manufacturing and process industries, healthcare, and retail. The transportation & logistics segment is anticipated to grow at a rapid pace during the forecast period,
owing to the rising need for transportation, due to the expansion of trading volume across the globe. The popularity of RTLS solutions in inventory management in warehouses and the supply chain is further fueling the market.
The healthcare segment is anticipated to expand at a considerable CAGR in the coming years. The growth of the segment is attributed to the rising adoption of RTLS-based systems in healthcare applications, which is aided by the wide use of IoT devices in the industry.
Rising concerns for patient safety, the protection of priceless assets, and the privacy of electronic health information are further propelling the market.
Real-time Locating Systems Market Regional Analysis
In terms of region, the real-time locating systems market share is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is projected to register a significant CAGR during the forecast period, due to the early adoption of advanced technology in the transportation sector and the adoption of innovative technology for logistics services in the region.
Technologically advanced industries are using real-time asset monitoring and tracking applications, which is further boosting the market in the region. For instance,
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In March 2022, SICK AG, a prominent sensor manufacturing company, partnered with Sewio, a Czech start-up specializing in ultra-wideband (UWB) technology. This collaboration aimed to expand SICK's portfolio of localization devices, enabling them to provide a comprehensive selection of indoor localization solutions to their clients. These solutions are specifically designed for track and trace applications in non-automated or semi-automated environments, enhancing operational efficiency and accuracy.
The market in Asia Pacific is expected to expand at a significant growth rate in the coming years, owing to the rapid establishment of industries, due to industrialization and the rising establishment of major manufacturing units in the region.
The rising adoption of IoT and Industry 4.0 in manufacturing is augmenting the implementation of RTLS systems. Moreover, the rising healthcare industry in emerging economies and the growing working population are further boosting the market in the region.
Segments
Applications
- Fleet Tracking
- Inventory & Asset Tracking
- Navigation
- Personnel Tracking
- Network Security
End-Users
- Transportation & Logistics
- Manufacturing & Process Industries
- Healthcare
- Retail
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Some of the key players competing in the market are AeroScout Inc.; Awarepoint Corporation; Savi Technology; Sick AG; Sonitor Technologies; TeleTracking Technologies Inc.; Ubisense Group plc.; and Zebra Technologies Corporation.
Some of these companies are actively engaged in various market strategies, such as product launches, mergers, partnerships, acquisitions, and expansion of production units, to enhance their market position and expand their consumer base globally. For instance,
- In February 2022, Zebra Technology Corporation, a renowned global provider of location solutions, introduced a fresh lineup of integrated RFID Portals. These portals offer seamless deployment and are specifically designed to optimize operational efficiency, enhance workflow accuracy, and elevate performance across a wide range of industrial and commercial environments. Zebra's comprehensive suite of location solutions encompasses simple passive RAIN RFID tags for package tracking and sophisticated real-time active monitoring systems, tailored for athletes.
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