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Market Analysis
The global real-time location system market will touch USD 61.72 billion at a 27.19% CAGR by 2030, as per the recent Market Research Future report.
Key Players
Key players in the real-time location system market report include
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Report Scope:
|
Report Attribute |
Details |
|
Market Size 2030 |
USD $61.72 billion |
|
Compound Annual Growth Rate (CAGR) |
27.19 % (2023-2030) |
|
Base Year |
2019 |
|
Market Forecast Period |
2020-2030 |
Market Segmentation
The global real-time location system market is bifurcated based on sales channel, application, and type.
By type, RFID will lead the market over the forecast period.
By application, transportation and logistics will domineer the market over the forecast period.
By sales channel, direct channel will spearhead the market over the forecast period.
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Drivers
Increasing Use in Asset Tracking to Boost Market Growth
The increasing use of asset tracking will boost market growth in the forecast period for the growing requirement for better asset use, improved demand forecasting, the optimized stock levels & overstocking or reduced stockouts. Besides, the growing need to improve security along with safeguarding valuable assets for enabling cost savings & mitigating financial risks are also propelling market growth.
Opportunities
Growing Adoption in Healthcare to offer Robust Opportunities
The growing adoption of real-time location system in healthcare will offer robust opportunities for the real-time location system market in the forecast period. The healthcare sector tries in improving patient experiences, shortening processing times, & offering high quality care. The healthcare providers utilize RTLS for identifying, locating, and monitoring resources and assets, leading to a safe, efficient, and more productive environment.
Restraints and Challenges
High Cost to act as Market Restraint
The high cost of real-time location system, privacy and security concerns, and strict government rules & regulations may act as market restraints over the forecast period.
COVID-19 Analysis
The COVID-19 epidemic possessed a mixed impact on the real-time location system market. On the one hand, there was decreased demand for RTLS solutions in many sectors such as manufacturing, logistics, and healthcare, supply chain disruptions, and budget constraints that had a negative impact. On the other, RTLS was widely used for remote workforce management, for contact tracing and social distancing, and for real-time tracking of patients and equipment that had a positive impact.
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Regional Analysis
North America to Head Real Time Location System Market
North America will head the real time location system market in the forecast period for the rapid development of IT services and SMEs in the region. Besides, factors such as huge investments made in new technologies by private organizations and government along with the presence of a well-established economy is also boding well for the region’s market growth.
Europe to Have Favorable Growth in Real-Time Location System Market
Europe will have favorable growth in the market for the burgeoning demand for healthcare industry and manufacturing sectors coupled with strict regulations in the region.
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