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According to our latest market study on “Real-Time Location System Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Offering, Technology, Industry Vertical, and Application,” the market is expected to grow from US$ 4,097.3 million in 2021 to US$ 18,878.4 million by 2028; it is estimated to grow at a CAGR of 24.4% during 2021–2028.
Increasing Deployment of Ultra-Wideband (UWB) Based Real-Time Location System to Drive Market Growth during Forecast Period
A real-time location system helps monitor and locate the objects and interactions as they happen. The system utilizes various technologies, such as Wi-Fi, Bluetooth, infrared, and RFID, to establish communication. However, end users from numerous industries, such as logistics, manufacturing, healthcare, automotive, and entertainment, are increasingly shifting toward the use of ultra-wideband (UWB) based real-time location systems. The ultra-wideband (UWB) Hardware offers accurate positioning details of assets/personnel/objects, which is one of the major factors driving the adoption of ultra-wideband (UWB) based real-time location systems. Also, the ultra-wideband (UWB) provides a higher range and accuracy along with lower power consumption than other real-time location system technologies, such as RFID, Bluetooth, Wi-Fi, infrared, which has led to an increase in penetration in high accuracy applications. The cost of the Hardware was restraining the adoption of the ultra-wideband (UWB) based real-time location system. However, lately, the cost has gradually declined over the last few years, which is driving the growth of the real-time location system.
The real-time location systems market players were experiencing significant demand from the end users until the outbreak of COVID-19. Owing to the outbreak, governments across the world imposed various containment measures. While in some countries the governments imposed complete lockdown, a few countries experienced partial lockdown. Therefore, businesses were allowed to operate with regulations. Moreover, the supply chain of the real-time location systems was not affected from software side, as regular updates were rolled out by market players. However, the hardware side of real-time location systems was disrupted as manufacturing facilities of hardware were closed or were operating with limited workforce. Further, as major industries witnessed decline in revenue, the adoption real-time location systems were on the lower side. Meanwhile, as economies reopened and containment measures were relaxed, the real-time location system market started to witness a positive growth in 2021.
Key Findings of Study:
The global real-time location system market is segmented into five major regions—North America, Europe, APAC, MEA, and SAM. Based on offering, the market is segmented into hardware, software, and services. In 2020, the hardware segment accounted for the largest share in the market. In terms of technology, the real-time location systems market is segmented into Radio Frequency Identification (RFID), Ultra-wideband (UWB), Bluetooth Low Energy (BLE), Ultrasound, Infrared (IR), GPS, and Others. In 2020, the Bluetooth Low Energy (BLE) segment accounted for the substantial share of the market. Based on industry vertical, the market is segmented into heavy industries, manufacturing, retail, oil and gas, automotive, construction, government and defense, education, and others. In 2020, the retail segment dominated the market. By application, the market is segmented into personnel/staff locating and monitoring, access control and security, environmental monitoring, warehouse management and monitoring, supply chain management and operational automation/visibility, and others. In 2020, the personnel/staff locating, and monitoring segment accounted for the largest market share.
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