According to the latest report by IMARC Group, titled “Real Time Location System Market Report: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global real time location system market is currently exhibiting strong growth. The Real Time Location System (RTLS) is widely used for accurately identifying and tracking the location of an item or person within a building or other contained area in real time. The system employs chips attached to or embedded in the assets that aid in communicating with the location sensors placed throughout the confined space. Some of the other components used in the system include readers, battery-powered tags, network infrastructure and application software. These systems are extensively utilized for numerous applications, including navigation, and vehicle, inventory and personnel tracking, across the healthcare, hospitality, and automobile industries for improving efficiency and safety while reducing overall costs.
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Global Real Time Location System Market Trends:
The global market is primarily driven by the increasing utilization of RTLS in the healthcare sector. These systems are widely used for tracking patients, healthcare professionals, medical equipment and hospital staff efficiently. They also play an instrumental role across multiple hospitals and other healthcare establishments during an emergency evacuation procedure. Along with this, the increasing use of gaming and communication applications require continual access to user information, which is acting as a major growth-inducing factor. The market is further driven by the growing utilization of RTLS in warehouses, retail stores and correctional facilities to determine the live location of the assets and locating misplaced items. These systems are further employed in the automobile industry for navigational purposes and optimizing routes, which is expected to create a positive outlook for the market. Numerous technological advancements and an extensive focus on research and development (R&D) activities conducted by manufacturers are some of the other factors contributing to the market growth. On account of the aforementioned factors, the market is projected to grow at a CAGR of around 25% during 2020-2025.
Market Breakup by Component:
Market Breakup by Technology:
Market Breakup by Application:
Market Breakup by Vertical:
Market Region Summary:
On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico, Argentina, Columbia, Chile, Peru and others), and Middle East and Africa (Turkey, Saudi Arabia, Iran, the United Arab Emirates and others).
The competitive landscape of the market has been examined in the report with the detailed profiles of the key players. Some of these players include:
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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