Real-Time Location Systems (RTLS) Market Size, By Offering (Hardware, Software, Services), By Technology (RFID, Wi-Fi, UWB, BLE, GPS), By End Use (Healthcare, Manufacturing, Automotive, Retail, Transportation & Logistics) & Forecast 2023 - 2032

Real-Time Location Systems (RTLS) Market Size, By Offering (Hardware, Software, Services), By Technology (RFID, Wi-Fi, UWB, BLE, GPS), By End Use (Healthcare, Manufacturing, Automotive, Retail, Transportation & Logistics) & Forecast 2023 - 2032

Real-time Location Systems Market Size

Real-Time Location Systems Market size was valued at USD 4.4 billion in 2022 and is anticipated to grow at a CAGR of 28% between 2023 and 2032. The increasing use of smartphones, gaming, communication, and health & wellness applications that require constant access to user information is driving the market significantly. Rapid urbanization and the growing demand for advanced security systems are boosting the product demand.

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Furthermore, increased applications in various end-use industries, such as transportation, inventory, and warehouse management, as well as inbound & outbound logistics management, are expected to augment the RTLS market growth. Real-time locating systems are also finding wide uses in warehouses, prisons, and retail stores, where they aid in tracking misplaced items and monitoring the location of a target. The location analytics market is expected to reach USD 75 billion valuation by 2032.
 

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Real-time locating systems are used to automatically identify & track the location of objects or people in real time, typically within the confines of a building or other enclosed areas. Real-time location systems boost productivity, accuracy, and operational efficiency in various business processes, enhancing the real-time location systems market share. Among RTLS technologies, the demand for RFID tags in the healthcare sector has been increasing as RFID tags can be used in various ways, from tracking surgical tools to tracking patients & staff.

Employees in different sectors, particularly the health sector, are concerned about data integrity and confidentiality. Cyberattacks in healthcare are common and have become a major concern for any company that wants to incorporate a real-time location system access point into its networks and systems. Real-time location systems are transforming a wide range of industries where resource utilization is critical. They accurately determine an individual’s location, also providing the visibility required to keep people safe. However, concerns among union members in several industries regarding the potential loss of independence due to the use of these systems to unfairly & continuously monitor their break timings and working hours may impede the real-time location systems market revenue.

COVID-19 Impact

The COVID-19 pandemic disrupted global supply chains, affecting the manufacturing and distribution of real-time location system hardware components & devices. Movement restrictions, lockdowns, and reduced production capacities led to manufacturing & delivery delays, limiting the availability of real-time location system solutions. Following the COVID-19 outbreak, industries shifted their focus toward ensuring the health & safety of their employees and customers. As a result, the demand for these solutions fell temporarily in certain industries including retail, hospitality, and non-essential manufacturing, as businesses faced operational challenges and reduced budgets.

Real-time Location Systems Market Trends

The growing adoption of IoT and wearable devices is boosting organizational productivity and providing insights for better user experiences and engagement. Based on real-time information gathered by wireless systems, a real-time location system assists in determining the current position of an object. It also aids in indoor tracking of the item. The healthcare sector is increasingly adopting indoor tracking, which is expected to contribute to market size. Furthermore, industries are turning to real-time location systems to reduce the risks of workplace accidents. A real-time location system enables one to know the exact location of forklifts, vehicles, and operators, thereby driving their adoption in various applications.

Real-time Location Systems Market Analysis

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The hardware segment held around 50% of the real-time location systems market share in 2022 and is set to witness 28% CAGR through 2032. Hardware components, such as tags, beacons, sensors, and readers, are responsible for capturing and transmitting location data accurately & reliably. The performance and quality of these hardware components directly impact the overall effectiveness & efficiency of the real-time location system. Higher accuracy and reliability of hardware offerings translate into more precise location tracking, reduced errors, and improved operational outcomes.

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The RFID segment accounted for 30% of the real-time location systems market share in 2022. RFID technology offers cost-effective solutions for real-time location tracking compared to other technologies such as GPS. RFID tags are relatively inexpensive, and the infrastructure required for RFID-based RTLS implementation is more affordable compared to alternatives. This makes RFID technology a popular choice for businesses looking to implement real-time location system solutions without significant upfront investments.

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North America led the global real-time location system market with a share of over 45% in 2022. The wide use of real-time location system solutions in the U.S. is the primary factor responsible for North America's dominant position in the market. In North America, Wi-Fi technology has traditionally led the market for real-time location system solutions. Industries including healthcare, retail, manufacturing, automotive, and transportation & logistics are adopting real-time location system solutions in the U.S. and throughout North America.

For instance, various hospitals in the U.S. are utilizing real-time location system solutions for a variety of applications, and real-time location system solutions are being increasingly incorporated into senior living facilities. Furthermore, several verticals, such as education, sports, and entertainment, are rapidly adopting real-time location system solutions.

Real-time Location Systems Market Share

Some major companies operating in the real-time location systems market are

• Stanley Black & Decker Inc
• Honeywell International Inc
• Zebra Technologies Corporation
• CenTrak Inc
• Savi Technology
• AeroScout (Stanley Healthcare)
• Ubisense Group plc
• Identec Group AG
• Sonitor Technologies AS
• TeleTracking Technologies Inc
• Versus Technology Inc.,
• Awarepoint Corporation.

These companies are focused on strategic partnerships and new service launches & commercialization for market expansion. They heavily invest in research to introduce innovative services and garner maximum market revenue.

Real-time Location System Industry News

• In March 2022, SICK AG, a sensor manufacturing company, expanded its localization device portfolio with the assistance of Sewio, a Czech startup with extensive experience with Ultra-wideband (UWB) technology. This enabled SICK to offer a wide range of indoor localization solutions for track & trace applications in non-automated or semi-automated environments to clients.
• In February 2022, Zebra Technology Corporation, a global provider of location solutions ranging from simple passive RAIN RFID tags on packages to complex real-time active athlete monitoring, introduced a new portfolio of easy-to-implement integrated RFID portals. RFID portal integration improves operational efficiency, workflow accuracy, and performance in a variety of industrial & commercial contexts.

The real-time location systems (RTLS) market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) from 2018 to 2032, for the following segments

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Market, By Offering

• Hardware
• Tags
• Readers
• Others

• Software
• Services

Market, By Technology

• RFID
• Wi-Fi
• UWB
• BLE
• GPS
• Others

Market, By End Use

• Healthcare
• Manufacturing
• Automotive
• Retail
• Transportation & logistics
• Others

The above information has been provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea 
• Latin America
  • Brazil
  • Mexico 
• MEA
  • UAE
  • Saudi Arabia
  • South Africa

Frequently Asked Questions (FAQ)

How big is the real-time location systems market?

The market size of real-time location systems (RTLS) was reached USD 4.4 billion in 2022 and will witness 28% CAGR from 2023 to 2032, due to rising usage in smartphones, gaming, communication, and health & wellness applications.

What is the size of the North America RTLS industry?

North America held over 45% of the market share in 2022, owing to the growing advances in healthcare, retail, manufacturing, automotive, and transportation & logistics.

Why is the demand for RTLS hardware increasing?

The hardware offering segment held 50% of the real-time location systems market share in 2022 and is poised to record over 28% CAGR from 2023-2032 due to the rising need for capturing and transmitting location data accurately and reliably.

What companies are in real time location systems market?

Stanley Black & Decker, Inc., Honeywell International Inc., Zebra Technologies Corporation, CenTrak, Inc., Savi Technology, AeroScout (Stanley Healthcare), Ubisense Group plc, Identec Group AG, Sonitor Technologies AS, and TeleTracking Technologies, Inc are some of the major RTLS providers.