PORTLAND, Ore., Nov. 12, 2020
Rise in need for asset tracking, increase in use of smartphones, diverse utility across applications, and surge in adoption of business analytics solutions drive the growth of the global real-time location system market.
PORTLAND, Ore., Nov. 12, 2020 /PRNewswire/ -- Allied Market Research published a report titled, "Real-time Location System Market by Component (Hardware, Software, and Services), Technology (Ultra-Wideband (UWB), Wi-Fi, RFID, ZigBee, Infrared, and Other), and Industry Vertical (Transportation & Logistics, Healthcare, Retail, Manufacturing & Processing, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global real-time location system industry was estimated at $2.83 billion in 2018, and is expected to hit $23.13 billion by 2026, registering a CAGR of 30.2% from 2019 to 2026.
Drivers, restraints, and opportunities
Rise in need for asset tracking, increase in use of smartphones, diverse utility across applications, and surge in adoption of business analytics solutions drive the growth of the global real-time location system market. On the other hand, high initial costs and several operational challenges impede the growth to some extent. However, technological advancements and blend of technologies by key vendors to offer effective RTLS applications are anticipated to usher a number of opportunities, in the near future.
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The hardware segment to maintain the lion's share by 2026
Based on component, the hardware segment contributed to around two-fifths of the global real-time location system market share in 2018, and is expected to rule the roost by the end of 2026. Abundant availability of affordably priced sensors, growth in awareness regarding benefits of RTLS technology, increase in adoption of Wi-Fi across various end user industries, deployment of existing RTLS across a number of industries are expected to boost the growth of this segment. The service segment, on the other hand, would grow at the fastest CAGR of 31.3% throughout the forecast period. Increase in adoption of RTLS hardware and platforms is expected to boost the demand for these services.
The RFID segment to dominate during the estimated period
Based on technology, the RFID segment accounted for nearly one-third of the real-time location system market revenue in 2018, and is anticipated to lead the trail till 2026. RFIDs include enhanced features such as low maintenance cost, high accuracy, and long battery life as compared to other wireless communication technologies such as Wi-Fi. This factor has driven the segment growth. Simultaneously, the ultra-wideband segment would register the fastest CAGR of 31.9% during the study period. High precision, low interference with other signals, usability in both outdoor and indoor environments, and acceptable operating range fuel the growth of the segment.
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North America to dominate in terms of revenue
Based on geography, North America held the largest share in 2018, generating nearly one-third of the global real-time location system market. Accessibility of RTLS solution on mobile devices such as smartphones and tablets drives the growth of the market in North America. At the same time, Asia-Pacific would grow at the fastest CAGR of 31.6% by 2026. This is attributed to increase in demand for fast-internet connectivity in this region.
Frontrunners in the industry
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