The real-time locating systems market will touch USD 6 billion at a whopping 28% CAGR between the forecast period 2016- 2022, states the recent Market Research Future (MRFR) analysis. Real-time locating systems, simply put, are precise positioning systems which allow users in identifying and tracking objects, animals, or people by offering the information through continuous and automatic feedback.
Various factors are propelling the real-time locating systems market volume and figure. According to the recent MRFR report, such factors include various applications of geospatial data, burgeoning need for RTLS and LBS applications, proliferation of location-based apps, smartphones, and social media among consumers, demand for geomarketing, and accuracy. Besides, the demand for RTLS and LBS services and platform in energy and utilities, life sciences, and healthcare sector during the COVID-19 outbreak is also adding market growth.
On the contrary, high initial costs, operational challenges, and security privacy concerns may impact the global real-time locating systems market demand and volume over the forecast period.
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The MRFR report highlights an inclusive segmental analysis of the global real-time locating systems market based on industry, application, technology, and components.
By components, the global real-time locating system market is segmented into software and hardware. Of these, the hardware segment will lead the market over the forecast period.
By technology, the global real-time locating system market is segmented into GPS, UWB, Wi-Fi, RFID, and others.
By application, the global real-time locating system market is segmented into inventory tracking, personal tracking, asset tracking, and others.
By industry, the global real-time locating system market is segmented into oil and gas, automotive, aerospace and defense, healthcare, banking, manufacturing, and others. Of these, the healthcare segment will dominate the market over the forecast period.
By region, the real-time locating system market covers the growth opportunity and recent trends across Europe, North America, the Asia Pacific (APAC), and the Rest of the World (RoW). Of these, North America will lead the market over the forecast period. Presence of several global players, wide range of features, increasing use in manufacturing process systems to track different tools, constant technological advances, increasing industry standards of RTLS and LBS, enhanced financial support from the government, high pace of development of infrastructure, and high growth of IOT, AI, and cloud computing are adding to the global location system market growth in the region. The United States real time locating system market has the largest share followed by Canada Mexico.
In Europe, the real-time locating systems market is predicted to have the second-largest share over the forecast period for the booming BFSI and healthcare industry.
In the APAC region, the real-time locating system market is predicted to have a fast pace over the forecast period. Presence of growing economies India and China, increasing government investments in the defence sector, untapped applications in different industries, increasing use in the healthcare sector, booming healthcare industry in China and India, and increasing working population supplementing drastic speed are adding to the real-time locating system market growth in the region.
In the RoW, the real-time locating system market is predicted to have sound growth over the forecast period.
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Key contenders profiled in the global real-time locating system market report include BeSpoon SAS (France), Awarepoint Corp. (U.S.), Decawave Ltd. (Ireland), Redpine Signals, Inc. (U.S.), Identec Group AG (Liechtenstein), Versus Technology, Inc. (U.S.), CenTrak, Inc. (U.S.), AiRISTA, LLC (U.S.), Savi Technology (U.S.), IMPINJ, Inc. (U.S.), Ubisense Group PLC. (U.K.), Zebra Technologies Corp. (U.S.), and Stanley Healthcare (U.S.).
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