Pune, 25, Nov 2022: According to Maximize Market Research, the Real Time Location System Market is expected to reach USD 26.73 billion by 2029, growing at a CAGR of 26.8%. The market price report’s recovery-based survey includes critical information on growth strategy, market dynamics, innovations, business opportunities, and the competitive environment for 2021.
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Real-Time Location System Market Scope and Research Methodology
The research report makes extensive use of primary and secondary data sources. During the research process, the following factors are investigated: government policy, market environment, competitive landscape, historical data, current market trends, technological innovation, upcoming technologies, and the technical progress in related industries, as well as market risks, opportunities, market barriers, and challenges. All conceivable factors influencing the markets included in this research study were considered, thoroughly examined, validated through primary research, and evaluated in order to provide the final quantitative and qualitative data. Market size for top-level markets and sub-segments is normalized, and the impact of inflation, economic downturns, regulatory & policy changes, and other variables is factored into the market forecast. This data is presented in the report along with detailed inputs and analysis.
Bottom-up approaches were used to estimate market size and analyze global market trends. Data was collected from a large sample using both primary and secondary research methods in order to obtain accurate inferences. The primary methods used included surveys, questionnaire distribution, and phone interviews with industry experts, market leaders, entrepreneurs, and marketing professionals. Secondary data was meticulously gathered from a carefully selected set of sources to ensure that the conclusions were accurate. In addition to white papers and annual reports, there are paid databases, industry journals, white papers, annual reports, product manufacturer and supplier releases, official databases of numerous organizations, and government websites. PESTLE analysis was used to comprehend various market factors, whereas SWOT analysis was used to comprehend major corporations’ strengths and weaknesses. As a result, the report delves deeply into the Real Time Location Systems Market.
Real-Time Location System Market Overview
Local systems that identify and track the position of assets and/or people in real-time or near-real-time are referred to as RTLS. An RTLS is composed of specialized fixed receivers or readers (location sensors) that receive wireless signals from tiny ID badges or tags attached to items of interest and/or people in order to determine their location within a building or other limited indoor or outdoor environment. Each tag broadcasts its own unique ID. The tag ID is linked to the item or person to which it is attached.
Real-Time Location System Market Dynamics
The use of RTLS solutions may lead to a reduction in capital investments or inventories. RTLS systems precisely track asset location, allowing businesses to track when a product is out of service as well as how long it is in maintenance, which is a significant cost-cutting strategy. Customers can use RTLS to better assess real-time use to limit their purchases and avoid owning more equipment than necessary (dwell times vs. time in use). Thus, limiting or reducing maintenance downtime, damage, robbery, and day-to-day accidental loss, as well as ensuring on-time availability of equipment, can all result in a high return on investment (RoI).
RTLS systems boost productivity by shortening the time it takes to locate an asset, which is especially useful for transportation, biomedical engineering, and nursing employees. Equipment searches and asset documentation cause delays in the entire process, reducing productivity. RTLS systems shorten that time and provide real-time data on all of these assets, including accurate location information, resulting in increased productivity.
Real-Time Location System Market Regional Insights
North America held the largest market share of about 45% of the RTLS market in 2021 and is expected to grow significantly during the forecast period, as high demand for the healthcare sector is one of the primary drivers for the regional market. Because of the area’s healthcare revolution, the region is a major contributor to the RTLS market for the healthcare vertical. Many healthcare facilities and senior care centers in North America, particularly in the United States, use RTLS systems for a variety of applications. Multinational enterprises that provide RTLS solutions have a presence in this region, which contributes to the growth of the RTLS market in North America.
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Real-Time Location System Market Segmentation
By Offering
- Hardware
- Software
- Services
By Technology
- RFID
- Wi-Fi
- UWB
- Bluetooth Low Energy (BLE)
- Infrared (IR)
- Ultrasound
- GPS
- Others
By Application
- Inventory/asset tracking & management
- Personnel/staff locating & monitoring (includes patient tracking)
- Access control/security
- Environmental monitoring
- Yard, dock, fleet & warehouse management & monitoring
- Supply chain management & operational automation/visibility (includes container tracking and work-in-progress tracking)
- Others
By Vertical
- Healthcare
- Manufacturing and Automotive
- Retail
- Transportation and logistics
- Government and defense
- Education
- Oil & gas, mining
- Sports & Entertainment
- Others
Real-Time Location System Market Key Competitors:
- STANLEY Healthcare
- Zebra Technologies
- Aruba Networks
- IMPINJ
- Savi Technology
- TeleTracking Technologies
- Ubisense Group
- AiRISTA Flow
- Awarepoint
- Identec Group
- Alien Technology
- DecaWave
- Redpine Signals
- Visible Assets
- Litum Technologies
- Mojix
- Tracktio
- CenTrak
- OpenRTLS
- Cerner Corp.
- GE Healthcare
- Cisco Systems
- Sonitor Technologies
- STATSports Technologies
- IBM Corporation
- General Electric Company
- Siemens AG
- Sonitor Technologies Inc.
- RF Technologies, Inc.
- IDENTEC SOLUTIONS
- PLUS Location Systems
- LLC, PINC Solutions
- Radianse
- Essensium
Key questions answered in the Real Time Location System Market are:
- What is a Real-Time Location System?
- What is the growth rate of the Real Time Location System Market over the forecast period?
- What is the nature of competition in the Real Time Location System industry in developed economies and developing economies?
- Who are the key players in the Real Time Location System Market?
- Who are the market leaders in Real Time Location System in Europe?
- Who are the market leaders in Real Time Location System in USA and Canada?
- Who are the market leaders in Real Time Location System in India, China, Japan, and South Korea?
- What are the factors affecting growth in the Real Time Location System Market?
- Who held the largest market share in the Real Time Location System Market?
- What are the factors for the growth of the Asia-Pacific region in the Real Time Location System Market?
Key Offerings:
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Offering, Technology, Application, Vertical and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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