Real-Time Location Systems Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026
The Business Research Company’s Real-Time Location Systems Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026
LONDON, GREATER LONDON, UK, February 24, 2022 /EINPresswire.com/ — The increasing demand for smartphones is expected to propel the growth of the global real-time location systems (RTLS) market in the coming years. A smartphone is a portable electronic device that connects to a cellular network. Smartphones enable users to make phone calls, deliver text messages and connect to the internet. The growing population across the globe has led to an increase in the demand for the smartphone. Smartphones are used for incident response and emergency management because of real-time location system innovation, which is used to automatically spot and track the destination of objects or people in real-time. For instance, according to the Mobile User Statistics report, in 2021, there was 3.8 billion smartphone users worldwide, accounting for 48.33% of the global population. According to the real-time location systems (RTLS) market forecast, the increasing demand for smartphones drives the growth of the RTLS market.
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The global real-time location systems (RTLS) market size is expected to grow from $5.37 billion in 2021 to $7.11 billion in 2022 at a compound annual growth rate (CAGR) of 32.6%. The change in the real-time location systems (RTLS) market growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2021. The real-time location systems (RTLS) market is expected to reach $19.20 billion in 2026 at a CAGR of 28.6%.
The growing technological advancements are shaping the market. Real-time location systems (RTLS) market trends include major firms focusing on developing technological solutions for real-time locating and monitoring of assets and employees. For instance, in July 2020, Advantech, a China-based provider of industrial computing platform solutions launched a real-time location system solution-ready package (SRP) based on multi-mode sensing dynamic fusion (MSDF) technology. The MSDF technology, which uses a software algorithm to decrease interference from barriers, improves positioning effectiveness in challenging indoor environments, making it perfect for hospitals, nursing homes, and clinics.
In February 2020, Qorvo, a US-based company that designs, develops, manufactures and markets a variety of high-performance analog and mixed-signal integrated circuits acquired Decawave for an undisclosed amount. With this acquisition, the Decawave team has become the Ultra-Wideband Business Unit (UWBU) within Qorvo Mobile Products. Decawave is a Europe-based company that provides real-time location tracking services.
Major players covered in the global real-time location systems (RTLS) market are Zebra Technologies Corp., Stanley Healthcare, CenTrak, Inc., Ubisense Group PLC., TeleTracking Technologies, Inc., Sonitor Technologies AS, AeroScout Industrial, DecaWave Limited, Midmark Rtls Solutions, Inc., AiRISTA Flow, Inc., Savi Technology, Lockheed Martin Corporation, GE Healthcare, Impinj, Identec Group AG and Ekahau.
TBRC’s global real-time location systems (RTLS) market report is segmented by component into hardware, software, service, by technology into RFID, wi-fi, ultra-wideband (UWB), Bluetooth low energy (BLE), ultrasound, infrared (IR), GPS, others, by application into inventory or asset tracking and management, personnel or staff locating and monitoring, access control and security, environmental monitoring, supply chain management and operational automation or visibility, others, by end-use industry into transportation and logistics, healthcare, retail, manufacturing and processing, others .
Real-Time Location Systems (RTLS) Global Market Report 2022 – By Component (Solutions, Services), By Technology (RFID, Wi-Fi, Ultra-wideband (UWB), Bluetooth Low Energy (BLE), Ultrasound, Infrared (IR), GPS), By Application (Inventory Or Asset Tracking And Management, Personnel Or Staff Locating And Monitoring, Access Control And Security, Environmental Monitoring, Supply Chain Management And Operational Automation Or Visibility), By End Use Industry (Transportation And Logistics, Healthcare, Retail, Manufacturing And Processing) – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provides a real-time location systems (RTLS) market overview, forecast real-time location systems (RTLS) market size and growth for the whole market, real-time location systems (RTLS) market segments, geographies, real-time location systems (RTLS) market trends, real-time location systems (RTLS) market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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