Northbrook, IL 60062 -- (SBWIRE) -- 09/12/2022 -- The RTLS market is estimated to be valued at USD 3.9 billion in 2021 and reach USD 12.7billion by 2026, at a CAGR of 26.5%.Real-time location systems (RTLS) are local positioning and tracking systems used to locate and identify objects/people/targets automatically in real time, usually for indoor applications such as within buildings or other contained areas.
RTLS tags/badges/sensors attached to objects or worn by people communicate wirelessly with fixed receivers/readers/trackers/exciters/reference points/access points installed in the vicinity. RTLS is not a specific type of system or technology but rather a goal that can be accomplished with a variety of systems for locating and managing assets/people. An RTLS may use different technologies for communication between tags and receivers, depending on the application/use case requirement. Various technologies, such as radio-frequency identification (RFID), wireless fidelity (Wi-Fi), ultrasound, infrared or infrared radiation (IR), ultra-wideband (UWB), and Bluetooth Low Energy (BLE), are used for precise locating or tracking applications in real time.
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Hardware segmentis expected to dominate in the RTLS market during the forecast period
The hardware segment accounted for ~40% share of the total RTLS market in 2020. Hardware such as tags, badges, and readers are critical components in an RTLS and make up for a major part of the cost of the solution, owing to which the segment captured the largest share of the market in 2019. The software segment accounted for ~31% of the total RTLS market in 2020 and is expected to witness the highest growth during the forecast period. Organizations or companies using RTLS are expected to spend a significant amount on support and maintenance services regularly; hence, the RTLS market for services is expected to grow at the highest CAGR during the forecast period.
UWB-based technology isexpected to witnessthe highest CAGRin the RTLS displaymarket during the forecastperiod
The market for UWB-based RTLS solutions is expected to grow at the highest CAGR of 33% during the forecast period. UWB technology based RTLS solutions provide more accurate data than RTLS solutions based on other technologies. UWB technology can support locating objects down to the range of a few centimeters. This is highly beneficial in high-intensity operations in the healthcare and manufacturing verticals. The rapid decline in the prices of UWB tags has also resulted in the increased implementation of these tags in RTLS solutions. The manufacturing and logistics industries are likely to be the major contributors to the market's growth for UWB-based RTLS solutions in the coming years.
North America is attributed to hold the largest share in overall RTLSmarket during the forecast period (2021-2026)
North America accounted for the largest share of the RTLS 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 led to the leading position of this region in the RTLS market. Many hospitals and senior living facilities in North America, especially in the US, are using RTLS solutions for various applications. Additionally, several companies offering RTLS solutions have their presence in this region, which further adds to the growth of the RTLS market in North America. Stanley Black & Decker (US), Zebra Technologies (US), Aruba Networks (US), Impinj (US), Savi Technology (US), TeleTracking Technologies (US), and AiRISTA (US) are among a few of the key providers of RTLS solutions in North America.
Key Market Players
RTLS Market was dominated by Stanley Black & Decker (US), Zebra Technologies (US), Aruba Networks (US), Impinj (US), and Savi Technology (US).