The Real Time Location Systems Market is Projected to Reach $36.6 Billion by 2030
Real time location system (RTLS) is a technology that allows tracking and locating objects or people in real time within a designated area or space, using a combination of hardware and software components. It provides accurate and real-time information about the location and movement of tracked items. Several companies are integrating RTLS to track inventory movement, enable efficient inventory management, and identify potential bottlenecks and poor resource utilization. RTLS help improves compliance efforts and power use cases, including collision avoidance, evacuations, worker search and rescue, and contact tracing.
The growth of the real time location systems market is driven by advancements in connectivity technologies and the rising demand for asset visibility and operational efficiency. Furthermore, the growing adoption of cloud-based platforms for smart container management and increasing concerns over cargo security and counterfeiting are expected to offer significant growth opportunities for the real time location systems market.
Dynamic regulations and compliance requirements may restrain the growth of this market. Additionally, privacy, security, accuracy issues, and complex implementation and deployment processes are major challenges for players in this market.
𝑰𝒏𝒕𝒆𝒈𝒓𝒂𝒕𝒊𝒐𝒏 𝒐𝒇 𝒂𝒓𝒕𝒊𝒇𝒊𝒄𝒊𝒂𝒍 𝒊𝒏𝒕𝒆𝒍𝒍𝒊𝒈𝒆𝒏𝒄𝒆 (𝑨𝑰) 𝒂𝒏𝒅 𝒂𝒏𝒂𝒍𝒚𝒕𝒊𝒄𝒔 𝒊𝒏 𝑹𝑻𝑳𝑺 𝒂𝒏𝒅 5𝑮 𝒅𝒆𝒑𝒍𝒐𝒚𝒎𝒆𝒏𝒕 𝒂𝒓𝒆 𝒑𝒓𝒐𝒎𝒊𝒏𝒆𝒏𝒕 𝒕𝒓𝒆𝒏𝒅𝒔 𝒊𝒏 𝒕𝒉𝒆 𝒓𝒆𝒂𝒍 𝒕𝒊𝒎𝒆 𝒍𝒐𝒄𝒂𝒕𝒊𝒐𝒏 𝒔𝒚𝒔𝒕𝒆𝒎𝒔 𝒎𝒂𝒓𝒌𝒆𝒕.
The real time location systems market is segmented by offering (hardware [tags & badges, anchors, other hardware], software/platform, services [data analytic and reporting services, implementation & integration, consulting and advisory services]); technology (radio frequency identification [active RFID, passive RFID], infrared [IR], bluetooth low energy [BLE], ultra-wideband [UWB], wireless fidelity [Wi-Fi], ultrasound, narrowband-internet of things [NB-IoT], global positioning system [GPS]/assisted GPS [A-GPS], other technologies); deployment mode (on-premise deployment, cloud deployment); location type (outdoors, indoors); application (asset tracking, sensing & monitoring, security & surveillance, inventory management & warehouse management, supply chain management & automation, human resource management, vehicle tracking & fleet management, other applications); sector (transportation & logistics, government & public sector, retail and consumer goods, manufacturing, healthcare & life sciences, media & entertainment, aerospace & defense, agriculture, hospitality & tourism, BFSI, IT & telecom, other sectors), and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.
𝐑𝐞𝐚𝐥 𝐓𝐢𝐦𝐞 𝐋𝐨𝐜𝐚𝐭𝐢𝐨𝐧 𝐒𝐲𝐬𝐭𝐞𝐦𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧
Asset Tracking
Sensing & Monitoring
Security & Surveillance
Inventory Management & Warehouse Management
Supply Chain Management & Automation
Human Resource Management
Vehicle Tracking & Fleet Management
Other Applications
𝐒𝐨𝐦𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐑𝐓𝐋𝐒 𝐌𝐚𝐫𝐤𝐞𝐭 𝐚𝐫𝐞 𝐚𝐬 𝐟𝐨𝐥𝐥𝐨𝐰𝐬:
In April 2023, Siemens Healthineers (Germany) collaborated with Cognosos (U.S.) to offer real-time asset tracking and intelligence for hospitals and healthcare systems.
In March 2023, Panasonic Holdings Corporation (Japan) partnered with Quuppa Oy (Finland) to enable Bluetooth Low Energy (BLE) functionality for Logiscend Software 3.0 and provide real-time location data using BLE-based Angle-of-Arrival (AoA) technology. This partnership will enable visibility of bottlenecks and initiate automated workflows based on small changes in the location of assets.
In November 2022, Progility Technologies Pvt. Ltd. (India) partnered with Quuppa Oy (Finland) to offer real-time location services (RTLS) and applications for indoor tracking to customers across Australia.
𝐓𝐡𝐞𝐬𝐞 𝐢𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐚𝐫𝐞 𝐛𝐚𝐬𝐞𝐝 𝐨𝐧 𝐚 𝐫𝐞𝐩𝐨𝐫𝐭 𝐨𝐧 𝐭𝐨 𝐑𝐞𝐚𝐥 𝐓𝐢𝐦𝐞 𝐋𝐨𝐜𝐚𝐭𝐢𝐨𝐧 𝐒𝐲𝐬𝐭𝐞𝐦𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐛𝐲 𝐌𝐞𝐭𝐢𝐜𝐮𝐥𝐨𝐮𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡- https://www.meticulousresearch.com/product/real-time-location-systems-market-5586