Northbrook, IL -- (SBWIRE) -- 07/26/2021 -- The real-time location system market (RTLS) is expected to grow from USD 3.4 billion in 2020 to USD 10.3 billion by 2025; it is expected to grow at a CAGR of 24.8% during the forecast period. The RTLS market has been witnessing significant growth over the past years, mainly owing to the high adoption of RTLS solutions in the healthcare, manufacturing & automotive, retail, and transportation & logistics verticals, and growing adoption in emerging use cases.
RTLS market for education vertical to grow at highest CAGR during the forecast period
The education vertical is expected to witness the highest CAGR in the RTLS market during the forecast period owing to rising concerns about the security and safety of students and faculty at educational premises. This would boost the demand for RTLS solutions in the education vertical where BLE- and Wi-Fi–based RTLS solutions may witness higher demand during the forecast period.
Download PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1322
Inventory/asset tracking & management application to account for largest market share during the forecast period
The inventory/asset tracking & management segment is expected to lead the RTLS market, in terms of size, during the forecast period. RTLS technologies are predominantly used in asset and inventory tracking and management applications in various industries to make better utilization of available resources and reduce wastage of time during operations. Healthcare, manufacturing, automotive, and retail are major verticals that are using RTLS solutions for inventory and asset tracking and management.
North America to account for largest market share during forecast period
North America is expected to account for the largest share of the RTLS market during the forecast period. the largest share of market, and a similar trend is likely to be observed during the forecast period. High demand from the healthcare sector is one of the key factors that has supported the growth of the market. A large number of hospitals and senior living facilities in North America, especially in the US, are using RTLS solutions for various applications.
Key Market Players
Stanley Black & Decker (US), Zebra Technologies (US), Aruba Networks (US), Impinj (US), Savi Technology (US), TeleTracking Technologies (US), AiRISTA (US), Ubisense Group (UK), Decawave (Ireland), and Litum Technologies (Turkey) are among the key players operating in the RTLS market.