The Real-time Location Solution (RTLS) market accounted for USD 2.06 Billion in 2017 and is projected to reach USD 10.85 Billion by 2025, at a Compound Annual Growth Rate (CAGR) of 23.08% over the forecast period.
The different segment of Real Time Location Solution market is component, technology, application, end-users, and region.
Market segmented by Technology
RFID,Wi-Fi,Ultra-Wideband (UWB),Infrared (IR),Ultrasound,ZigBee,Bluetooth Low ,Energy (BLE),Global Positioning System (GPS),Others
Ultra-wideband (UWB) and Bluetooth Low Energy (BLE)-based RTLS solutions are expected to grow at the highest rate over the forecast period. The reasons attributed are the solutions based on UWB technology have become extremely popular, increasing the popularity of the UWB in the real-time location systems market which includes high precision, long battery life, high capacity and fast update rates. Also, Bluetooth low energy provides various advantages such as low power consumption, low cost, and small size.
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Market segmented by End-user
- Healthcare, Retail,Manufacturing,Transportation & Logistics,Government & Defense,Hospitality Food & Beverage,Education,Oil Gas & Mining,Sports & Entertainment,Others
Healthcare held the largest market share majorly due to of people and equipment as a part of the workflow process. Also, several hospitals spend money towards replacing lost equipment and looking after medical equipment and people both personnel and patients. Early adoption of such solutions has driven RTLS market in the healthcare industry.
Market segmented by region
- North America
- Rest of the World
By region, North America has dominated the Real-time Location Solution (RTLS) market and has generated USD XX million market value in 2017 and is estimated to reach USD XX million market by 2025 with growing XX% CAGR. The reasons attributed due to the high concentration of Real-time Location Solution (RTLS) providers in this region. Furthermore, the adoption of RTLS in the North American region is high.
APAC is expected to grow at the fastest growth rate over the forecast period, due to the presence of a large number of colocation data centers that are supporting the growth of the Real-Time Location Solution market in this region.
The major market players of the global real-time Location Solution market are:
STANLEY Healthcare, Zebra Technologies Corp., Ubisense Group PLC, IMPINJ, Inc, Savi Technology, AiRISTA, LLC, CenTrak, Inc, Versus Technology, Inc, Identec Group AG, Redpine Signals, Inc, Decawave Ltd, Awarepoint Corp, BeSpoon SAS and others.
These companies using various strategies such as merger & acquisition, collaboration, partnership and product launch. Whereas, merger & acquisition is the key strategy adopted by the companies in the market.
The factors contributing to the growth of the real-time location solution market include resource utilization and workflow optimization requirement in several industries, rising market competitiveness & increased technological advancements and high return on investment. Furthermore, emerging opportunities for real-time location solutions in the manufacturing industry and high growth in various industries such as manufacturing, oil gas, and mining in Asia-Pacific region are expected to boost the growth of the overall market