Real-time Location System Market Size, Share, Growth, Trends, Production, Consumption, Revenue and Forecast 2020 to 2027

Published Date : Apr 2020 | No. of Pages : 200 Pages | Category :

The global real-time location system market size is projected to reach USD 24.11 billion by 2027, growing at a CAGR of 30.2% from 2020 to 2027.

Real-time location systems (RTLS) detect and track the geographical position of people and objects in real-time. The RTLS consists of a tag that is attached to objects or individuals and the signals conveyed from this tag are analyzed with respect to a fixed point of reference, which helps in finding the precise location of the individual or the object. RTLS encompasses location readers, sensors, application software, battery powered tags, and network infrastructure.

Rise in need for asset tracking, proliferation of smartphones, surge in adoption of business analytics solutions, as well as rise in awareness about the benefits of real time location system are the major factors that drive the growth of the real time location system market. However, operational challenges and high initial costs are expected to hinder the real time location system market growth. On the contrary, technological advancements and blending of technologies by key vendors to offer effective RTLS applications are expected to provide lucrative opportunities for the market growth during the forecast period.

On the basis of component, the hardware segment dominated the overall real-time location system market in 2018, and is expected to maintain the dominance during the forecast period. This is attributed to the abundant availability of affordably priced sensors, growing awareness about benefits of RTLS technology, increasing adoption of Wi-Fi across various end user industries, scaling the deployment of existing RTLS across industries which majorly drives the growth of the real-time location system solution market.

According to industry vertical, the healthcare sector led the global real-time location system market in 2018, and is expected to continue this trend during the forecast period. However, the other industries including hospitality, education and oil & gas sectors are expected to exhibit the highest growth in the near future, as real-time location system during 2019-2026.

In 2018, North America accounted for the highest real-time location system market share, due to the growth of RTLS applications in healthcare, and manufacturing & processing sectors, presence of major number of rtls market vendors, and widescale adoption of mobility solutions which is driving real-time location system market growth in this region.

The report focuses on the growth prospects, restraints, and global real-time location system market trends. Moreover, the study includes the Porter’s five forces analysis of the industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the growth of the real-time location system market.

Key Players

The key players operating in the global real-time location system market analysis include Stanley Healthcare Solutions (AeroScout, Inc.), Redpine Signals, Zebra Technologies Corp., Versus Technology, Inc., Lockheed Martin Corporation, Sonitor Technologies AS, TeleTracking Technologies, Inc., CenTrak, DecaWave Limited, and Ubisense Group PLC Inc.

Top impacting factors

Rise in need for asset tracking

Asset tracking has gained increase in traction among various industry verticals including healthcare, defense, and manufacturing for tracking assets. These assets include tools, medical equipment, trailers, and containers. Further, according to the Stockholm International Peace Research Institute (SIPRI), total military expenditure across the world increased to $1,822 billion in 2018, representing an increment of 2.6% from 2017. The top five spending countries in 2018 were the U.S., China, Saudi Arabia, India and France, which collectively accounted for 60% of global military spending. Thus, increase in military expenditure is also anticipated to further boost the growth of the global real time location system market.

Proliferation of smartphones

The increase in the use of smartphones across the globe has fueled the adoption of RTLS. Mobile applications, such as gaming apps, business & communication apps, health & wellness apps, and personal convenience apps use real-time positioning information. Further, the use of smartphones for incident response & emergency management is based on real-time location system (RTLS) technology, which can be used to recognize and track the location of people in real time. Thus, the increase in trend of using navigation and other location-based applications on smartphones is expected to drive the growth of the RTLS market.

Blending of technologies by key vendors to offer effective RTLS applications

Established real-time location system market players are shifting from closed solution offerings to including best-in-breed components in application layer. For instance, cross pollination between ultra-wideband (UWB) and Bluetooth Low Energy (BLE) vendors. Furthermore, major BLE beacon vendors are trying to improve its hardware devices by extending their firmware functionalities. Thus, market vendors are trying to bring higher levels of precision, which is expected to create opportunities for several new applications for catering to multiple industries.

Segmentation

By Component

  • Hardware
  • Software
  • Service

By Technology

  • Ultra-Wideband
  • Wi-Fi
  • RFID
  • ZigBee
  • Infrared
  • Others

By Industry Vertical

  • Transportation & Logistics
  • Healthcare
  • Retail
  • Manufacturing & Processing
  • Others

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Russia
    • Rest of Europe
  • Asia-Pacific
    • China
    • India
    • Japan
    • Australia
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa

The Real-time Location System market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Real-time Location System market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Real-time Location System market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Real-time Location System market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Real-time Location System market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Real-time Location System capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Real-time Location System by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Real-time Location System market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Real-time Location System market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Real-time Location System market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Real-time Location System industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

Real-time Location System market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Real-time Location System market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Real-time Location System market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Real-time Location System market. These factors have benefited the growth of the global market for Real-time Location System. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Real-time Location System. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Real-time Location System are as follows:

  • History Year: 2016-2019
  • Base Year: 2019
  • Estimated Year: 2020
  • Forecast Year 2020 to 2027

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2016-2019) and forecast (2020-2027);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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