Real-time Location Systems Market to Reach $15.79 Billion by 2029 at a CAGR of 21.2%

(IT-NEWSWIRE.COM, September 02, 2024 ) According to MarketsandMarkets, the global real-time location system market size is estimated to be USD 6.03 billion in 2024 and is projected to reach USD 15.79 billion by 2029, at a CAGR of 21.2% during the forecast period.

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RTLS solutions are technology-based systems on which RFID, Wi-Fi ultrasound, or infrared dome base types of technologies monitor the assets and personnel's current steady, highly accurate position and movement. RTLS is widely used for real-time visibility and monitoring of assets or people in the healthcare, manufacturing, logistics, warehousing, and transportation industries. This allows companies to track the location of valuables, maintain good tracking throughout, increase efficiencies and safety levels for operations at work, locate stolen or misplaced items more preventatively as well as overall a better solution to resource allocation. The key factors expected to drive the growth of the market include the increasing development of cost-effective and application-specific RTLS solutions by startups and the rising adoption of RTLS tags for asset tracking to improve return on investment. However, data security and privacy concerns and high installation and maintenance costs are expected to be major challenges for the players operating in the market

Based on technology, the UWB technology market will grow with a significant CAGR during the forecast period. In the RTLS market, UWB is one of the most dynamic and fast-growing technologies, and the market for UWB technology-based RTLS has vast potential for growth during the forecast period. UWB tag continuously emits RF energy into the environment for receivers to pick up, i.e., its functions are similar to the active RFID. To ensure accuracy in large spaces with numerous tags, UWB systems employ a network of receivers strategically placed with additional sub-receivers for enhanced precision. Each tag transmits a unique identifier, enabling the system to pinpoint its location within centimetre’s. UWB excels at determining positions within specific rooms or zones, making it ideal for high-accuracy applications. The increasing popularity of UWB is mainly due to advantages such as high precision, long battery life, high capacity, and fast update rates. These advantages of UWB solutions make them ideal for high-precision applications in healthcare, manufacturing, automotive, and transportation & logistics sectors.

Based on application, the personnel locating & monitoring segment is estimated to hold a significant market share of the real-time location system market by 2029. RTLS platforms are increasingly used across industries to monitor the workflow on the operational floor. Many organizations' primary concern is keeping track of people/staff inside a predetermined area. In manufacturing, healthcare, and many other industries, keeping track of personnel can provide valuable information to the organization. This helps organizations make split-second decisions, protect staff, and avoid disasters. For this purpose, gadgets such as tags/badges and gateways are used. Patient and staff safety is a top priority in the healthcare sector. RTLS solutions are deployed in the healthcare sector for fall detection and prevention, wander management, and infant protection applications—all of these use cases require personnel/staff tracking and monitoring. An RTLS continuously provides data related to staff movements, and real-time visibility on an operation floor in any organization would increase work efficiency. Real-time staff tracking using RTLS allows the centralized system to identify staff fatigue and take appropriate measures.

Based on vertical, the manufacturing & automotive segment of the real-time location system market is expected to grow with a higher CAGR during the forecast period. The manufacturing vertical includes automotive; aerospace; heavy equipment; and tire, glass, and other manufacturing companies. This vertical has a vast market potential for RTLS solutions mainly because of the increasing awareness about asset/staff safety and rapid industrialization, especially in developing regions such as Asia Pacific and RoW. The RTLS solution helps improve safety in manufacturing plants by tracking every movement of assets, staff, and vehicles. RTLS can also monitor the proximity between workers and forklifts, ensuring the safety of assets and the workforce by preventing accidents, collisions, and controlling overspeed. Moreover, the RTLS increases operational efficiency by optimizing workflows and improving employee productivity with the help of AI-integrated intelligent systems. RTLS can also be utilized in other applications, such as visitor location tracking, wayfinding, staff location tracking, secure restricted areas, production/manufacturing process tracking, condition monitoring, cold chain monitoring, equipment tracking, evacuation, and emergency accountability.

Based on the region, Europe is projected to gain a major market share in the real-time location system market by 2029, attributed to various factors. The tremendous growth of the healthcare industry in Europe is the major driving factor for the growth of the real-time location system market in this region. The UK, Germany, France, Italy, and Spain are the major European countries that are spending significantly on RTLS solutions. The markets in other European countries, such as Spain and Ireland, are also gaining traction with the gradual increase in the adoption of RTLS solutions. European businesses have been receptive to using real-time analytics to increase their RoI and visibility. RTLS solutions will gain further traction in the coming years as companies seek to integrate these solutions to improve their processes further and drive growth.

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Real-time Location Systems Market to Reach $15.79 Billion by 2029 at a CAGR of 21.2%