The Global Real-time Location System Market size was estimated at USD 5,017.94 million in 2022 and expected to reach USD 5,684.28 million in 2023, projecting growth at a CAGR of 14.46% to reach USD 14,789.35 million by 2030.
The report provides market sizing and forecasts across 7 major currencies - USD, EUR, JPY, GBP, AUD, CAD, and CHF; multiple currency support helps organization leaders to make better decisions. In this report, the years 2018 to 2021 are considered as historical years, 2022 as the base year, 2023 as the estimated year, and years from 2024 to 2030 are considered as the forecast period.
Cumulative Impact of COVID-19:
The global pandemic had a significant impact on businesses across all industries. Companies struggle with supply chain disruptions, reduced consumer demand, and increased competition from digital platforms. With an RLS in place, companies can monitor the movement of goods and services in real-time, thus enabling them to adjust their strategies quickly in response to changing needs or conditions. As a result, companies can minimize losses due to pandemic-related disruption while ensuring that they can meet customer demands efficiently and effectively.
Cumulative Impact of Russia-Ukraine Conflict:
The ongoing conflict between Russia and Ukraine has had far-reaching implications for businesses operating in these countries and those doing business with them. Market players can quickly identify areas where the conflict may affect their operations to take appropriate action before with RLS in place. This could include rerouting shipments or relocating personnel to safer locations. Market vendors can make informed decisions about the best way to protect themselves from potential losses or disruption caused by the situation by having access to accurate data about potential risks posed by the conflict.
Cumulative Impact of High Inflation:
The ongoing conflict between Russia and Ukraine has had far-reaching High inflation rates pose a significant challenge for businesses operating across different markets worldwide. With an RLS-enabled system, companies can track price changes over time to adjust their pricing accordingly and remain competitive despite rising costs associated with inflation. The inflation forced companies to reduce investment in research and development and focus on reducing costs to maintain profitability.
The market dynamics represent the ever-shifting landscape of the Global Real-time Location System Market by providing actionable insights into supply and demand levels. Taking such factors into account helps inform strategies, investments, and future developments to capitalize on opportunities or avoid potential pitfalls related to political, geographical, technical, social, and economic conditions. Such market observations also highlight consumer behaviors while influencing both manufacturing costs as well as consumer purchasing decisions.
- Increasing popularity of ultra-wideband technology-based RTLS solutions
- Emerging focus on Industry 4.0, IoT, and smart manufacturing technologies
- Growing need for workflow optimization and resource utilization to improve performance
- Huge cost associated with installation and maintenance of real-time location systems
- Innovations in tracking technology and recent advancements in fleet tracking
- Ongoing regulations in various industries to improve safety, workflow, and security
- Lack of awareness about real-time location systems and expert workforce
Market Segmentation & Coverage:
- Based on Technology, the market is studied across Bluetooth Low Energy, Global Positioning System, Infrared (IR), Radio-Frequency Identification, Ultra-Wideband, and Wireless Fidelity.
- Based on Access Type, the market is studied across Cloud-based Application Program Interfaces, Integrated CRM Software, and Mobile Apps.
- Based on Offering, the market is studied across Hardware, Services, and Software.
- Based on Application, the market is studied across Access Control & Security, Environmental Monitoring, Inventory Tracking & Management, Personnel Locating & Monitoring, and Supply Chain Management & Monitoring.
- Based on End-Use, the market is studied across Education, Government & Defense, Healthcare, Manufacturing & Automotive, Oil & Gas, Retail & Consumer Goods, Sports & Entertainment, and Transportation & Logistics.
- Based on Region, the market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom.
This research report categorizes the Global Real-time Location System Market in order to forecast the revenues and analyze the trends in each of the following sub-markets:
Company Usability Profiles:
The report profoundly explores the recent significant developments by the leading vendors and innovation profiles in the Global Real-time Location System Market, including AirFinder by Link Labs, Inc., AiRISTA Flow, Alien Technology, LLC, Aruba Networks, Axcess International, Catapult Sports, CenTrak, Inc. by Halma PLC, Elpas, Essensium, Galileo RTLS, General Electric Company, Hewlett Packard Enterprise Company, Honeywell International Inc., Hospital Products Australia Pty Ltd, Identec Group, Impinj,Inc., Infor, Inc., International Business Machines Corporation, Litum Technologies, Midmark Corporation, Mojix Inc., PINC Solutions by Kaleris, Siemens AG, Stanley Healthcare by Securitas, and STMicroelectronics.
The report provides insights on the following pointers:
- Market Penetration: Provides comprehensive information on the market offered by the key players
- Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
- Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
- Market Trends: Provides comprehensive understanding of the Cumulative Impact of COVID-19, the Russia-Ukraine Conflict, and the High Inflation
- Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
- Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
- What is the market size and forecast of the Global Real-time Location System Market?
- What are the inhibiting factors and impact of COVID-19 shaping the Global Real-time Location System Market during the forecast period?
- Which are the products/segments/applications/areas to invest in over the forecast period in the Global Real-time Location System Market?
- What is the competitive strategic window for opportunities in the Global Real-time Location System Market?
- What are the technology trends and regulatory frameworks in the Global Real-time Location System Market?
- What is the market share of the leading vendors in the Global Real-time Location System Market?
- What modes and strategic moves are considered suitable for entering the Global Real-time Location System Market?