Real-Time Location Systems Market Growing with 25.7% CAGR | Reach USD 39.12 Billion by 2030 Globally
Real time location system market
The real-time location systems market size was valued at USD 3.93 billion in 2020, and is projected to reach USD 39.12 billion by 2030, registering a CAGR of 25.7%.
Driving Factors : Real-time location systems Market
Significant surge in the adoption of Wi-Fi in various end-use industries across the globe, immaculate availability of affordably priced sensors, wide application and acceptance of RFIDs due to its high accuracy and long battery life, availability of fast internet connectivity, and increase in the use of smart phones and smart gadgets among people across the globe are expected to drive the growth of the global real-time location systems market.
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Market Segmentation : Real-time location systems Market
The real-time location systems market is segmented on the basis of component, technology, industry vertical, and region. On the basis of component, the market is segmented into hardware, software, and services. According to the technology, the market is fragmented into Ultra-Wideband, WIFI, RFID, ZigBee, Infrared, and others. Depending on industry vertical, it is segregated into Retail, Healthcare, Manufacturing and Processing, Transportation & Logistics, and Others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Players : Real-time location systems Market
The key players of the market analyzed in the global real-time location systems market report include Zebra Technologies Corporation, Ubisense Group PLC, AeroScout, Inc., TeleTracking Technologies, Inc., and Savi Technology.
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Based on region, the area across North America held the lion’s share in 2020, garnering more than two-fifths of the total market. The Asia-Pacific region, on the other hand, is predicted to cite the fastest CAGR of 28.6% during the forecast period.
Based on components, the hardware segment held the largest market share in 2020, garnering more than two-fifths of the total market. The service segment, on the other hand, is expected to cite the fastest CAGR of 27.9% during the forecast period.
Based on technology, the RFID segment held the majority share in 2020, holding nearly one-third of the total market. The ultra-wideband segment, on the other hand, is expected to exhibit the fastest CAGR of 31.3% during the forecast period.
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COVID-19 Scenario : Real-time location systems Market
● The outbreak of COVID-19 has had a positive impact on the growth of the of the global real-time location systems market. Lockdowns resulted in the increased adoption of RTLS in the healthcare industry so as to effectively evaluate the impact of a new telemedicine platform, allowing clinicians to conveniently interact with both healthcare workers and patients.
● Increasing use of telemedicine so as to enable healthcare workers to provide remote care for both outpatients and inpatients further promoted the market growth even more.
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