Real Time Locating Systems Market

Real-time Locating Systems Market

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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 Market Outlook
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,

  • 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,

  • 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.

Attributes

Details

Report Title

Real-time Locating Systems Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2022

Historic Data

2016–2021

Forecast Period

2023–2031

Segmentation

Applications (Fleet Tracking, Inventory & Asset Tracking, Navigation, Personnel Tracking, and Network Security) and End-users (Transportation & Logistics, Manufacturing & Process Industries, Healthcare, and Retail)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

AeroScout Inc.; Awarepoint Corporation; Savi Technology; Sick AG; Sonitor Technologies; TeleTracking Technologies Inc.; Ubisense Group plc.; Zebra Technologies Corporation.

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.

Real-time Locating Systems Market Applications
End-user Segment Analysis

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 End Users

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,

  • 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.

Real-time Locating Systems Market 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.

Real-time Locating Systems Market Key Players

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Real-time Locating Systems Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Real-time Locating Systems Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Real-time Locating Systems Market - Supply Chain
  4.5. Global Real-time Locating Systems Market Forecast
     4.5.1. Real-time Locating Systems Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Real-time Locating Systems Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Real-time Locating Systems Market Absolute $ Opportunity
5. Global Real-time Locating Systems Market Analysis and Forecast by Applications
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Applications
     5.2.2. Y-o-Y Growth Projections by Applications
  5.3. Real-time Locating Systems Market Size and Volume Forecast by Applications
     5.3.1. Fleet Tracking
     5.3.2. Inventory & Asset Tracking
     5.3.3. Navigation
     5.3.4. Personnel Tracking
     5.3.5. Network Security
  5.4. Absolute $ Opportunity Assessment by Applications
  5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Real-time Locating Systems Market Analysis and Forecast by End Users
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by End Users
     6.2.2. Y-o-Y Growth Projections by End Users
  6.3. Real-time Locating Systems Market Size and Volume Forecast by End Users
     6.3.1. Transportation Logistics
     6.3.2. Manufacturing & Process Industries
     6.3.3. Healthcare
     6.3.4. Retail
  6.4. Absolute $ Opportunity Assessment by End Users
  6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global Real-time Locating Systems Market Analysis and Forecast by Region
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by Region
     7.2.2. Y-o-Y Growth Projections by Region
  7.3. Real-time Locating Systems Market Size and Volume Forecast by Region
     7.3.1. North America
     7.3.2. Latin America
     7.3.3. Europe
     7.3.4. Asia Pacific
     7.3.5. Middle East and Africa (MEA)
  7.4. Absolute $ Opportunity Assessment by Region
  7.5. Market Attractiveness/Growth Potential Analysis by Region
  7.6. Global Real-time Locating Systems Demand Share Forecast, 2019-2026
8. North America Real-time Locating Systems Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
  8.2. North America Real-time Locating Systems Market Size and Volume Forecast by Country
     8.2.1. U.S.
     8.2.2. Canada
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. North America Real-time Locating Systems Market Size and Volume Forecast by Applications
     8.4.1. Fleet Tracking
     8.4.2. Inventory & Asset Tracking
     8.4.3. Navigation
     8.4.4. Personnel Tracking
     8.4.5. Network Security
  8.5. Basis Point Share (BPS) Analysis by Applications
  8.6. Y-o-Y Growth Projections by Applications
  8.7. North America Real-time Locating Systems Market Size and Volume Forecast by End Users
     8.7.1. Transportation Logistics
     8.7.2. Manufacturing & Process Industries
     8.7.3. Healthcare
     8.7.4. Retail
  8.8. Basis Point Share (BPS) Analysis by End Users
  8.9. Y-o-Y Growth Projections by End Users
  8.10. Market Attractiveness/Growth Potential Analysis
     8.10.1. By Country
     8.10.2. By Product Type
     8.10.3. By Application
  8.11. North America Real-time Locating Systems Demand Share Forecast, 2019-2026
9. Latin America Real-time Locating Systems Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Latin America Average Pricing Analysis
  9.2. Latin America Real-time Locating Systems Market Size and Volume Forecast by Country
      9.2.1. Brazil
      9.2.2. Mexico
      9.2.3. Rest of Latin America
   9.3. Absolute $ Opportunity Assessment by Country
  9.4. Latin America Real-time Locating Systems Market Size and Volume Forecast by Applications
     9.4.1. Fleet Tracking
     9.4.2. Inventory & Asset Tracking
     9.4.3. Navigation
     9.4.4. Personnel Tracking
     9.4.5. Network Security
  9.5. Basis Point Share (BPS) Analysis by Applications
  9.6. Y-o-Y Growth Projections by Applications
  9.7. Latin America Real-time Locating Systems Market Size and Volume Forecast by End Users
     9.7.1. Transportation Logistics
     9.7.2. Manufacturing & Process Industries
     9.7.3. Healthcare
     9.7.4. Retail
  9.8. Basis Point Share (BPS) Analysis by End Users
  9.9. Y-o-Y Growth Projections by End Users
  9.10. Market Attractiveness/Growth Potential Analysis
     9.10.1. By Country
     9.10.2. By Product Type
     9.10.3. By Application
  9.11. Latin America Real-time Locating Systems Demand Share Forecast, 2019-2026
10. Europe Real-time Locating Systems Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Europe Average Pricing Analysis
  10.2. Europe Real-time Locating Systems Market Size and Volume Forecast by Country
     10.2.1. Germany
     10.2.2. France
     10.2.3. Italy
     10.2.4. U.K.
     10.2.5. Spain
     10.2.6. Russia
     10.2.7. Rest of Europe
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Europe Real-time Locating Systems Market Size and Volume Forecast by Applications
     10.4.1. Fleet Tracking
     10.4.2. Inventory & Asset Tracking
     10.4.3. Navigation
     10.4.4. Personnel Tracking
     10.4.5. Network Security
  10.5. Basis Point Share (BPS) Analysis by Applications
  10.6. Y-o-Y Growth Projections by Applications
  10.7. Europe Real-time Locating Systems Market Size and Volume Forecast by End Users
     10.7.1. Transportation Logistics
     10.7.2. Manufacturing & Process Industries
     10.7.3. Healthcare
     10.7.4. Retail
  10.8. Basis Point Share (BPS) Analysis by End Users
  10.9. Y-o-Y Growth Projections by End Users
  10.10. Market Attractiveness/Growth Potential Analysis
     10.10.1. By Country
     10.10.2. By Product Type
     10.10.3. By Application
  10.11. Europe Real-time Locating Systems Demand Share Forecast, 2019-2026
11. Asia Pacific Real-time Locating Systems Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Asia Pacific Average Pricing Analysis
  11.2. Asia Pacific Real-time Locating Systems Market Size and Volume Forecast by Country
     11.2.1. China
     11.2.2. Japan
     11.2.3. South Korea
     11.2.4. India
     11.2.5. Australia
     11.2.6. Rest of Asia Pacific (APAC)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Asia Pacific Real-time Locating Systems Market Size and Volume Forecast by Applications
     11.4.1. Fleet Tracking
     11.4.2. Inventory & Asset Tracking
     11.4.3. Navigation
     11.4.4. Personnel Tracking
     11.4.5. Network Security
  11.5. Basis Point Share (BPS) Analysis by Applications
  11.6. Y-o-Y Growth Projections by Applications
  11.7. Asia Pacific Real-time Locating Systems Market Size and Volume Forecast by End Users
     11.7.1. Transportation Logistics
     11.7.2. Manufacturing & Process Industries
     11.7.3. Healthcare
     11.7.4. Retail
  11.8. Basis Point Share (BPS) Analysis by End Users
  11.9. Y-o-Y Growth Projections by End Users
  11.10. Market Attractiveness/Growth Potential Analysis
     11.10.1. By Country
     11.10.2. By Product Type
     11.10.3. By Application
  11.11. Asia Pacific Real-time Locating Systems Demand Share Forecast, 2019-2026
12. Middle East & Africa Real-time Locating Systems Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Middle East & Africa Average Pricing Analysis
  12.2. Middle East & Africa Real-time Locating Systems Market Size and Volume Forecast by Country
     12.2.1. Saudi Arabia
     12.2.2. South Africa
     12.2.3. UAE
     12.2.4. Rest of Middle East & Africa (MEA)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Middle East & Africa Real-time Locating Systems Market Size and Volume Forecast by Applications
     12.4.1. Fleet Tracking
     12.4.2. Inventory & Asset Tracking
     12.4.3. Navigation
     12.4.4. Personnel Tracking
     12.4.5. Network Security
  12.5. Basis Point Share (BPS) Analysis by Applications
  12.6. Y-o-Y Growth Projections by Applications
  12.7. Middle East & Africa Real-time Locating Systems Market Size and Volume Forecast by End Users
     12.7.1. Transportation Logistics
     12.7.2. Manufacturing & Process Industries
     12.7.3. Healthcare
     12.7.4. Retail
  12.8. Basis Point Share (BPS) Analysis by End Users
  12.9. Y-o-Y Growth Projections by End Users
  12.10. Market Attractiveness/Growth Potential Analysis
     12.10.1. By Country
     12.10.2. By Product Type
     12.10.3. By Application
  12.11. Middle East & Africa Real-time Locating Systems Demand Share Forecast, 2019-2026
13. Competition Landscape
  13.1. Global Real-time Locating Systems Market: Market Share Analysis
  13.2. Real-time Locating Systems Distributors and Customers
  13.3. Real-time Locating Systems Market: Competitive Dashboard
  13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     13.4.1. AeroScout Inc. Awarepoint Corporation Savi Technology Sick AG Sonitor Technologies TeleTracking Technologies Inc. Ubisense Group plc. Zebra Technologies Corporation

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FAQ Section

Some frequently asked questions about this report!

Some of the key players competing in the market are Awarepoint Corporation; AeroScout Inc.; Zebra Technologies Corporation; Sonitor Technologies; TeleTracking Technologies Inc.; and Ubisense Group plc.

North America is estimated to register a significant CAGR during the forecast period due to early adoption of advanced technology in the transportation sector and adoption of innovative technology for logistics service in the region.

The inventory & asset tracking segment is expected to represent a key share of the market during the forecast period owing to wide adoption of the RTLS system for tracing the movement of inventory and assets.

The Real-time Locating Systems Market is studied from 2023 - 2031.

Real-time Locating Systems Market is growing at a CAGR of 25.5% in forecast period.

The global Real-time Locating Systems Market size was valued at USD 4.14 Billion in 2022.