Real-time Location Systems Market worth $15.79 billion by 2029 - Exclusive Report by MarketsandMarkets™

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Aug 30, 2024, 10:15 ET

DELRAY BEACH, Fla., Aug. 30, 2024 /PRNewswire/ -- The global real-time location system market size is estimated to be USD 6.03 billion in 2024 and is projected to reach USD 15.79 billion by 2029, at a CAGR of 21.2% during the forecast period according to a new report by MarketsandMarkets™. The demand for real-time tracking and visibility of assets and people across various industries has led to significant growth in the real-time location system market. The increasing need for safety and security in healthcare, education, oil & gas, and manufacturing industries also contributes to this growth. While real-time location system (RTLS) solutions may be more expensive than traditional tracking technologies, the emergence of innovative startups and customized solutions has increased market competitiveness.

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Browse in-depth TOC on "Real-time Location Systems Market"
203 – Tables
67 – Figures
274 – Pages

Real-time Location Systems Market Report Scope:

Report Coverage	Details
Market Revenue in 2024	$ 6.03 billion
Estimated Value by 2029	$ 15.79 billion
Growth Rate	Poised to grow at a CAGR of 21.2%
Market Size Available for	2020–2029
Forecast Period	2024–2029
Forecast Units	Value (USD Million/Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Hardware, Technology, Application and Region
Geographies Covered	North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge	Interoperability issues due to lack of standardization
Key Market Opportunities	Rising need for efficient resource utilization and workflow optimization
Key Market Drivers	Rising adoption of RTLS tags for asset tracking to improve return on investment

Hardware segment to grow at higher CAGR between 2024 and 2029.

RTLS solutions rely on a network of hardware to track the location of objects and people indoors, and the core components typically include readers, tags (or trackers), and, sometimes, access points. Readers are stationary devices placed throughout the monitored area that use radio waves or other signals to detect and receive data from RTLS tags, acting as the pillars of the system by capturing signals from tags, calculating their positions, and transmitting this data to the RTLS software for processing. Trackers, which are small, battery-powered devices attached to assets or people, carry identification information and potentially additional sensor data, with the RTLS system relying on their signals to pinpoint locations. Access points, optional in some RTLS deployments, act as relays that collect data from readers and forward it to the central RTLS software, improving data transmission efficiency and providing additional functionalities such as network management in expansive or complex layouts. These components are crucial for RTLS as they provide continuous location updates for real-time tracking, improve efficiency by optimizing workflows and automating tasks, and enhance safety by monitoring personnel in hazardous areas or tracking valuable equipment for security.

The RFID technology segment is estimated to hold a larger market share from 2024 to 2029.

RFID is one of the most popular wireless standards used in RTLS. It detects electromagnetic fields transmitted by small electronic tags attached to objects. There are two main types of RFID technology-based tags—passive RFID tags, which have no battery, and active RFID tags, which have a battery. The main application of RFID technology is to detect or identify an object—the Stock Keeping Unit (SKU) number, the serial number, the number of items in a box, and more. Some typical RFID applications use readers mounted in fixed locations to detect tags as they move within the detection or scan range of a reader, and mobile handheld readers/scanners are also used to read RFID tags. The key advantage of RFID technology, which differentiates it from other wireless technologies, is the ability of RF signals to penetrate through walls and floors. RFID technology-based RTLS solutions also require significantly smaller and simpler space/infrastructure compared to Wi-Fi, UWB, IR, and ultrasonic technology-based systems.

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North America is likely to held the largest market share in the global real-time location system market during the forecast period.

The real-time location system industry in North America has been further segmented into the US, Canada, and Mexico. Being technologically advanced and developed, North America is a leading market for cutting-edge technologies used in real-time tracking applications. North America is leading the market in terms of market size, and a similar trend is expected to continue during the forecast period, owing to the healthcare revolution in the region. The reason for the dominance of North America is its well-established economy, which allows for investments in new technologies. The rapid adoption of RTLS solutions for several applications is also contributing to the largest market share in the regional market. The declining ASPs of UWB tags and long-term high return on investment are expected to be the prominent reasons for the growing adoption of BLE- and UWB technology-based solutions in healthcare facilities in the next few years.

Key players in the real-time location system companies include are Securitas Technology (Sweden), Zebra Technologies Corp. (US), HPE Aruba Networking (US), Impinj, Inc. (US), and Savi Technology (US).

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