Real-time Location Systems Market by Hardware (Tags/Badges, Readers/Trackers), Technology (RFID, Wi-Fi, UWB, BLE, Infrared, Ultrasound, GPS, Zigbee), Application (Inventory/Asset Tracking, Personnel Monitoring), Vertical, Region - Global Forecast to 2028
[263 Pages Report] The global real-time location systems (RTLS) market size is expected to grow from USD 5.2 billion in 2023 to USD 16.2 billion by 2028, at a CAGR of 25.5% from 2023 to 2028. RTLS solutions improve productivity by shortening the time they take to locate an asset, which is particularly helpful for transportation, biomedical engineering, and nursing staff. Equipment searches and paperwork related to assets translate into delays in the overall process, adversely impacting productivity in several verticals. RTLS systems minimize that timeframe and provide real-time data about all these assets with precise locations, which leads to better productivity.
Real-time Location Systems Market Forecast to 2028
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Market Dynamics
DRIVERS: Increasing need to ensure safety and security compliance in various industries.
There are several regulations in healthcare, oil & gas, mining, manufacturing, and other industries related to workers’ safety, workflow, and security. The need to ensure compliance with various industry-specific regulations about safety, workflow, and security improvement is likely to speed up the deployment of RTLS solutions. For example, in healthcare, by deploying RTLS, management can track whether staff members comply with regulations regarding proper disinfection, hand hygiene, and others; compliance with hand hygiene protocol in hospitals can significantly minimize the risk of infections. RTLS can also be used to monitor assets/environments that require temperature range compliance. Similarly, RTLS improves workplace safety in manufacturing by tracking hazardous materials and situations.
Moreover, manufacturing industries use vehicles such as forklifts, cranes, and trucks to be remotely controlled and put under speed supervision. RTLS helps supervise manufacturing equipment, vehicles, and their speed and tracking workers nearby. Thus, RTLS assists in maintaining safety regulations in the manufacturing industry.
RESTRAINTS: High maintenance and installation costs.
The cost of an RTLS system at the time of installation can be very high. The cost varies from industry to industry and depends on the installation area. The installation cost of Wi-Fi-based RTLS is less than UWB-enabled systems; however, the hardware installation cost for Wi-Fi-based RTLS is higher than UWB-enabled systems. The maintenance costs of Wi-Fi- and RFID-based solutions are costlier compared with methods based on other technologies such as UWB and BLE. Furthermore, many RTLS companies are facing issues in terms of deployment and technology since many projects are failing due to the requirement of lots of engineering efforts and on-site preferences. Hence, the costs and steps involved in RTLS deployments could restrain market growth.
OPPORTUNITIES: Growing demand for hybrid RTLS solutions.
The RTLS market is witnessing a rise in demand for hybrid RTLS solutions. A range of hybrid solutions is available in the market, intending to overcome some of the challenges associated with an RTLS system based on a single technology. Hybrid RTLS solutions combine multiple technologies to achieve higher accuracy, reliability, flexibility, and cost-effectiveness than systems that use any single technology. This is because each technology has its own strengths and weaknesses, and by combining them, the weaknesses of one technology can be offset by the strengths of another. For example, Wi-Fi-based RTLS systems are typically very accurate, but they can be unreliable in areas with poor Wi-Fi signal strength. By combining Wi-Fi with another technology, such as Bluetooth, the accuracy and reliability of the system can be improved. This makes them ideal for a wide range of industries, including manufacturing, automotive, logistics, healthcare, and retail. By combining multiple technologies.
CHALLENGES: Lack of uniform standards and interoperability.
One of the major concerns of the RTLS market is standardization protocols. There is a lack of uniform standards due to which various solutions are available, making it difficult for end users to choose and integrate with the system. As many hardware products and software are available, the end user faces incompatibility issues in infrastructure, thus resulting in the interoperability of the complete solution. Companies such as Zebra Technologies (US) and Securitas AB (US) provide RTLS solutions that support more than one protocol; however, most market players primarily focus on a single protocol. Since different technologies operate on different protocols and frequency bands, there is a lack of interoperability between various RTLS solutions. Hence, the customer has to opt for a single vendor for its system, due to which the overall cost may increase.
Hardware segment is expected to hold the largest market share during the forecast period.
RTLS solutions consist of hardware components such as tags/badges affixed to an asset or individual for tracking purposes. RTLS badges, tags, and sensory networks are designed to work in the background, communicating the locations of people and equipment automatically and accurately. These tags periodically transmit information to readers or trackers. A reader communicates with a tag and collects and processes tag signals, subsequently sending them to the application software platform, which analyzes and correlates this data to provide the exact location in real-time. There is a growing trend of using hybrid solutions, which may involve using a single tag or reader that can perform many functions. These factors would further boost the ever-increasing demand for hybrid RTLS solutions from specific verticals such as healthcare and manufacturing.
The market for UWB technology is projected to grow at the highest CAGR during the forecast period.
In the RTLS market, ultra-wideband (UWB) is one of the most dynamic and fastest-growing technologies, and the RTLS market for UWB technology stores enormous potential for growth during the forecast period. This technology functions similarly to active RFID, wherein the tag continuously sends RF energy into the environment for receivers to pick up. UWB-based RTLS solutions operate in a large bandwidth spectrum in larger environments with many tags; receivers are placed at larger intervals with sub-receivers in between to improve accuracy. The signals from the tags are concise and obtain the unique ID of the tag. UWB is highly accurate on a room- and zone-level basis and can calculate the location within a few centimeters due to its short, narrow transmissions.
Real-time Location Systems Market by Region
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The market in Asia Pacific is projected to grow at the highest CAGR from 2023 to 2028.
The growing manufacturing sector in China is generating massive demand for RTLS solutions to improve operational efficiency and lower operational costs by tracking equipment, goods, materials, work orders, assembly lines, and distribution in manufacturing facilities, which is anticipated to drive market growth in the country. In addition, the high adoption of RTLS technologies in Japan, South Korea, China, and Australia to improve healthcare quality and patient safety and reduce healthcare costs is expected to drive the RTLS market in Asia Pacific for the healthcare vertical.
Key Market Players
Securitas AB (Sweden), Zebra Technologies Corporation (US), Aruba Networks (US), Impinj, Inc. (US), Savi Technology (US), TeleTracking Technologies, Inc. (US), CenTrak, Inc. (US), GE HealthCare Technologies Inc. (US), Ubisense Ltd. (UK), Alien Technology, LLC (US), AiRISTA Flow, Inc. (US), Sonitor Technologies (US), and Midmark Corporation (US) are among a few top players in RTLS companies.
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Report Metric |
Details |
Market Size Available for Years |
2019–2028 |
Base Year |
2022 |
Forecast Period |
2023–2028 |
Units |
Value (USD Million/Billion) |
Segments Covered |
Offering, Technology, Application, and Vertical |
Geographic Regions Covered |
North America, Asia Pacific, Europe, and RoW |
Companies Covered |
Major Players: Securitas AB (Sweden), Zebra Technologies Corporation (US), Aruba Networks (US), Impinj, Inc. (US), Savi Technology (US), TeleTracking Technologies, Inc. (US), CenTrak, Inc. (US), GE HealthCare Technologies Inc. (US), Ubisense Ltd. (UK), Alien Technology, LLC (US), AiRISTA Flow, Inc. (US), Sonitor Technologies (US), and Midmark Corporation (US) and Others- (Total 31 players have been covered) |
Real-time Location Systems Market Highlights
This research report categorizes the RTLS market by offering, technology, application, vertical, and region.
Segment |
Subsegment |
By Offering: |
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By Technology: |
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By Application: |
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By Vertical : |
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By Region |
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Recent Developments
- In November 2022, Impinj, Inc. announced the Impinj M780 and M781 RAIN RFID tag chips. These tag chips can support enterprises in managing product shelf life, reducing waste, and complying with regulations.
- In December 2021, Securitas AB announced the acquisition of the Stanley Security business division from Stanley Black & Decker Inc. By this acquisition, the company aims to expand its intelligent security solutions offering.
- In May 2019, Savi Technology announced their new sensor Savi Locate, which is developed to operate with 4G, 3G, and 2G cellular networks. The sensor, when coupled with Savi Visibility software, the user will be able to mitigate the risk and cost of the shipments which are delayed.
Frequently Asked Questions (FAQ):
What is the total CAGR expected to be recorded for the real-time location systems market during 2023-2028?
The global RTLS market is expected to record a CAGR of 25.5% from 2023–2028.
What are the driving factors for the real-time location systems market?
The increasing need to ensure safety and security compliance in various industries is the key driving factor for the RTLS market.
Which vertical will grow at a fast rate in the future?
The education vertical is expected to grow at the highest CAGR during the forecast period. RTLS solutions in the education vertical help in student and staff tracking, as well as asset monitoring, which is one of the critical reasons for the growth of this sector.
Which are the significant players operating in the real-time location systems market?
Securitas AB (Sweden), Zebra Technologies Corporation (US), Aruba Networks (US), TeleTracking Technologies, Inc. (US), CenTrak, Inc. (US), Impinj, Inc. (US), and Savi Technology (US) are among a few top players in the RTLS market.
Which region will grow at a fast rate in the future?
The RTLS market in Asia Pacific is expected to grow at the highest CAGR during the forecast period.
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The study involved four major activities in estimating the current size of the real-time location systems (RTLS) market. Exhaustive secondary research has been done to collect information on the market, peer, and parent markets. The next step has been to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches have been employed to estimate the total market size. After that, market breakdown and data triangulation methods were used to estimate the market size of segments and subsegments. Two sources of information—secondary and primary—have been used to identify and collect information for an extensive technical and commercial study of the RTLS market.
Secondary Research
Secondary sources include company websites, magazines, industry news, associations, and databases (Factiva and Bloomberg). These secondary sources include annual reports, press releases, investor presentations of companies, white papers, certified publications, articles by recognized authors, regulatory bodies, trade directories, and databases.
Primary Research
Primary sources mainly consist of several experts from the core and related industries, along with preferred RTLS providers, distributors, alliances, standards, and certification organizations related to various segments of this industry’s value chain.
In the primary research process, various primary sources from both supply and demand sides were interviewed to obtain qualitative and quantitative information on the market. The primary sources from the supply side included various industry experts such as Chief Experience Officers (CXOs), Vice Presidents (VPs), and Directors from business development, marketing, product development/innovation teams, and related key executives from RTLS providers, such as Securitas AB (Sweden), Zebra Technologies Corporation (US), Aruba Networks (US), Impinj, Inc. (US), and Savi Technology (US); research organizations, distributors, industry associations, and key opinion leaders. Following is the breakdown of primary respondents.
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Market Size Estimation
Both top-down and bottom-up approaches have been used to estimate and validate the total size of the RTLS market. These methods have also been used extensively to estimate the size of various subsegments in the market. The following research methodology has been used to estimate the market size:
- Major players in the industry and markets have been identified through extensive secondary research.
- The industry’s value chain and market size (in terms of value) have been determined through primary and secondary research processes.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Data Triangulation
After arriving at the overall market size from the estimation process explained above, the overall market has been split into several segments and subsegments. The market breakdown and data triangulation procedures have been employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The data has been triangulated by studying various factors and trends from both the demand and supply sides. The market has also been validated using both top-down and bottom-up approaches.
Market Definition
RTLS systems are local positioning and tracking systems that automatically locate and identify objects/people/targets in real time, usually for indoor applications such as within buildings or other contained areas. RTLS tags/badges attached to things or worn by people communicate wirelessly with fixed receivers/readers/trackers/ access points installed nearby. RTLS is not a specific type of system or technology but a goal that can be accomplished with various systems for locating and managing assets/people.
Key Stakeholders
- RTLS Hardware Providers
- RTLS Software Providers
- RTLS-related Service Providers
- Government Bodies and Policymakers
- Industry-standard Organizations, Forums, Alliances, and Associations
- Market Research and Consulting Firms
- Raw Material Suppliers and Distributors
- Research Institutes and Organizations
- Testing, Inspection, and Certification Providers
- Distributors and Resellers
- End Users
Report Objectives
- To define and forecast the RTLS market regarding offering, technology, application, and vertical.
- To describe and forecast the RTLS market and its value segments for four regions—North America, Europe, Asia Pacific, and the Rest of the World (RoW), along with their respective countries.
- To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing the growth of the market
- To strategically analyze micro-markets concerning individual growth trends, prospects, and contributions to the overall market
- To study the complete value chain and allied industry segments of the RTLS market
- To analyze opportunities in the market for stakeholders by identifying high-growth segments of the market
- To strategically profile key players and comprehensively analyze their market position regarding ranking and core competencies, along with a detailed market competitive landscape.
- To analyze strategic approaches such as agreements, collaborations, and partnerships in the real-time location systems market
- To provide an analysis of the recession impact on the growth of the market and its segments
Available Customizations
Based on the given market data, MarketsandMarkets offers customizations in the reports according to the client’s specific requirements. The available customization options are as follows:
Company Information
- Detailed analysis and profiling of additional market players (up to 5)
Growth opportunities and latent adjacency in Real-time Location Systems Market
I want to put value proposition for RTLS integration companies
We would like to go through the Real-time Location Systems Market (RTLS) in greater details specifically for our region Saudi Arabian Market.
Want to get to know more about this RTLS market
Good afternoon We are interested in this report on RTLS, as well as the one on Hospital Capacity Management Solutions but was curious how they are delivered and how single/corporate users are handled. Are these PDF documents or online only? Thank you, Aaron Huet
Using geomagnetic technology based RTLS systems usually eliminates the need for additional hardware, still the penetration of this technology is very less in this market. I wanted to get in-depth information about this technology with respect to real time tracking. Have you considered geomagnetic technologies in the study?
RFID is one of the oldest and most used technology in the RTLS market. We are currently in the business of providing passive RFID technology based products and are planning to includes active RFID products in our offerings. For this purpose I'm interested in knowing volume data of active RFID tags, is it covered in the study?
We are planning to expand our offerings in Asian market, so would like to get insights on UWB and BLE technologies for Asian region.
I can see that the RTLS market is witnessing significant growth in the APAC region. We are planning to expand our presence in this region, so would like to know if insights on drivers and restraints specific to market in APAC available in the report?
Hello I need an RTLS solution to control the monitoring of our fleet of biomedical equipment. Cordially
Healthcare is one of the key application area of RTLS. We want to expand our offerings to cater to clients from healthcare industry. Is the information on this industry available in the report?