ID: MRFR/ICT/1436-HCR | 110 Pages | Published By Shubham Munde on March 2023
Real-Time Locating Systems Market is expected to witness a significant growth of USD 28.38 billion by 2030, with registering 25.62% CAGR during the forecast 2020-2030.
Real-Time Locating Systems Market are very much precise and accurate positioning systems that lead the user to select and track minor objects, real people, or animals by giving immediate information through automatic and without any disruption feedback. It is a system that is completely automatic and Wi-Fi-based modern tracking systems which apply advanced wireless latest technology such as speedy ultra-wideband, RFID, latest GPS, and other to enhanced devices that detect presence and location of various things and people. Real-Time Locating Systems market usually concentrates on regular market trends, latest technology, innovations, major leading players, and unattended future strategies. Real-Time Locating Systems is commonly used from major defense to critical health sector as it assists in lessening the search time, misplacement of various things, definite idle time, and henceforth upgrading operational effectiveness and productivity.
Global real-time locating systems market helps in optimum utilization of natural resources by efficiently helping in asset tracking and management, creating location systems awareness, increased industrial growth are the primary factors which is accelerating the market growth of Real-Time locating systems, whereas high cost and economic slowdown, systems incompatibility, lack of uniform standards are some of the restrains of the market.
The real-time locating systems business is driven by important and relevant data-based decision making, which is quickly adopted by different industries as the most valid decisions which are made on the basis of information are supported by varied facts and figures. Despite the fact, the real-time locating systems market is booming at a rapid speed, the main challenge faced is due to massive and complex piles of data patterns of the personnel, as the actual data which is obtained from equipment could be variably unstructured or semi-structured, or definite structured which makes it not easy to trace the real data personnel pattern.
COVID 19 Impacts and effects
The COVID 19 has affected 215 countries and the real-time locating systems market analysis as well. To combat the negative effects, countries lead lockdown, which has adversely affected the real-time locating systems market. The pandemic leads to numerous challenges to the sector; it has been hit badly across the globe. The process is applied to cover the needs of different industries. People are not as active as earlier. Major strategic developments are taking place. MNC are investing more in the real-time locating systems market because of the increasing demand.
In current times, modern concepts of ultra-wideband (UWB) technology-based real-time locating systems market modern solutions have already witnessed a higher increase in deep penetration in the modern real-time locating systems market. The enhanced ability of the modern UWB technology to give desirable and accurate positioning data or information of a particular person/object is the major driver behind the global demand. It offers better accuracy and definite range with lesser need for power consumption when it is related to most of the other Real-Time Locating Systems technologies. This has primarily made and generated increased penetration in various applications, which clearly requires sufficient accuracy. In previous times, the increased price was the most important element, which is limiting its penetration in different verticals. But, with a primary decline in costs over recent times, the need for Real-Time Locating Systems solutions is projected to increase in the future years. In modern years, there are various and many consumers of Real-Time Locating Systems technology that will take up from other technology-based Real-Time Locating Systems solutions, such as latest RFID and Wi-Fi, to modern UWB technology-based Real-Time Locating Systems solutions for enhancing efficiency, lessening lead times, and reducing expenditures. The primary Healthcare, manufacturing sector, and logistics are the primary verticals in which latest UWB technology-based Real-Time Locating Systems solutions have seen very high penetration.
There are four major regions across the globe that are majorly involved in the global real-time locating systems market Size – North America, Europe, Asia Pacific region, and Rest-of-the-World (RoW), depending upon the country-level market sizing. real-time locating systems market growth factor is very comprehensive; you have to understand each and every player of the market. There is no debate that in spite of the occurrences of COVID 19, the latest trends and future opportunities of the real-time locating systems market Trends will see tremendous growth opportunities.
The increasing dependence on global IT infrastructure support of different industries around the globe has doubled the need for real-time locating systems market Trends Forecast. Also, along with this, organizations have also risen keener to combine virtualized environments, dominated and leads to increased investments in the infrastructure. real-time locating systems market Trends has come up as a quite compelling easy solution. The Real-Time Locating Systems has been very wide. There are lots of emerging markets across the world like India, China, and Brazil that are projected to grow fast over the estimated years. Also, the large portion of Asia Pacific is spreading fast, followed by Latin America.
The expenditure of RTLS systems at the different times of installation can usually be very high; it can be on an average between USD 2 and 5 million. This is different from industry to industry and usually dependent on the main installation area. The process of installation cost of Wi-Fi-based Real-Time Locating System is less than modern UWB-enabled systems; along with, the hardware cost is totally vice versa. The usual daily maintenance of Wi-Fi- and RFID-based modern solutions are expensive, which is compared to various systems based on other different technologies like UWB and BLE.
The real-time locating systems market is estimated to touch the earnings of US $6 billion in 2022, according to an in-depth detailed report by latest Market Research Future (MRFR). Around a CAGR of ~28% is projected during the assessment period (2018-2022) because of the impressive demand. Lots of factors are boosting the concept. The companies are planning and executing current business operations through innovative techniques. Many factors affect the growth of the Enterprise Video, such as market size, trends in global technology, capital investment, etc.
In case of, Real-Time Locating System Market, as per the report, it claims to have a 25.62% CAGR to reach US 28.38 billion by 2030. The demand and craze for it is rising, which has increased. It is also estimated to grow at the most elevated speed over the figure time frame, which is expanding across different industry verticals. Additionally, government support and customer interest are assisting the market is expanding. The development is primarily credited to little and medium undertakings or companies where fewer effort arrangements are prominently required.
The Real-Time Locating Systems is majority divided on the basis of advanced components, latest technology, global application, and industry sectors. The different components include- latest hardware and software. On the basis of technology, the real-time locating systems market has been divided as - RFID, latest Wi-Fi, UWB technology, GPS tracking, among others, whereas the application is divided on the basis of- asset tracking modern tracking, personal tracking system, and inventory allocation tracking among others. Based on the division of industries, the real-time locating systems market is segregated on the basis of- manufacturing sector, banking, healthcare sector, aerospace & defense departments, automotive sectors, oil & gas, among others.
The entire global real-time locating systems market is the majority by wise divided into the countries of North America, Europe, countries of the Asia Pacific, and the Middle Eastern nations & Africa. The growing need for Innovations in the industry to harmonize the technology to enhance real-time locating systems industry Trends are estimated to complement development over the aforesaid period. There is no doubt that the U.S. has been dominating the market in North America. After the US, the U.K., Italy, France, and Germany all together have a stag rant total revenue in Europe.
The primary stakeholders in the real-time locating systems industry are research organizations, Traders, Importers, and Exporters, Suppliers, Pharmaceutical Industry, and End Users. The concept is gaining momentum. It is applied by major companies in all the different sectors. This is the primary reason for its fueling popularity and awareness.
Division by Region
North America is leading the market of Real-Time Locating Systems due to the huge existence of global players. The existence of global players provides this region a definite competitive advantage, whereas other developed countries such as the U.S. and Canada are very much supporting the market growth by quickly adopting the enterprise video solution. Europe also stands as the second biggest country in this market due to the increasing healthcare and modern BFSI sector, whereas the large part of Asia-Pacific has definitely emerged as the quickest expanding market due to the increased number of countries such as China and India.
There is no doubt; North America is leading the market of Real-Time Locating Systems due to the presence of the grand global players in this particular region as well as increased technological advancement.
The market players for the micro-encapsulation industry are:
|Market Size||USD 28.38 Billion (2030)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Components, By Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||BeSpoon SAS (France), Zebra Technologies Corp. (U.S.), Stanley Healthcare (U.S.), Ubisense Group PLC. (U.K.), Savi Technology (U.S.), IMPINJ, Inc. (U.S.), AiRISTA, LLC (U.S.), Versus Technology, Inc. (U.S.), CenTrak, Inc. (U.S.), Identec Group AG (Liechtenstein), Decawave Ltd. (Ireland), Redpine Signals, Inc. (U.S.), Awarepoint Corp. (U.S.)|
|Key Market Opportunities||
|Key Market Drivers||The surge in need to get high efficacy out of available resources can propel real-time locating systems market growth.|
The global market of real-time locating systems can value at 6 billion at 28.38%B CAGR by 2020
Real-Time Locating Systems Market is expected to witness a significant growth of USD 28.38 billion by 2030.
Versus Technology, Inc. (U.S.), Redpine Signals, Inc. (U.S.), and Identec Group AG (Liechtenstein) are some prominent real-time locating systems market players.
The surge in need to get high efficacy out of available resources can propel real-time locating systems market growth.
RFID, UWB, Wi-Fi, and GPS are widely used technologies by real-time locating systems.
The presence of active network connectivity solutions can boost the APAC real-time locating systems market growth.