Global real-time location systems market will grow by USD 19.03 billion during 2020-2024.
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Technavio has announced its latest market research report titled Global Real-Time Location Systems (RTLS) Market 2020-2024 (Graphic: Business Wire)
Amid the COVID-19 pandemic, the global real-time location systems market registered a YOY growth of 40.32% in 2020 and the market is estimated to expand at a CAGR of almost 47% during the forecast period. The report offers a detailed analysis of the impact of the COVID-19 pandemic on the market in optimistic, probable, and pessimistic forecast scenarios. - Get Free Sample Report Delivered Instantly to Know More
Real-Time Location Systems Market: Reduced cost of RFID tags to drive growth
RFID tags find numerous applications in various end-user industries such as logistics, automotive, construction, mining, oil and gas, retail, healthcare, sports, and education. The high adoption rate and the growing competition among RFID manufacturers have led to a significant decline in the prices of RFID tags over the years. This is encouraging many SMEs and hospitals to implement RTLS solutions for various applications. Therefore, the declining cost of RFID tags is expected to fuel the growth of the global real-time location systems during the forecast period.
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As per Technavio, the rising demand for RTLS in transportation and logistics will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Real-Time Location Systems Market: Rising demand for RTLS in transportation and logistics
Operators in the logistics and transportation industry are increasingly implementing RTLS solutions to improve supply chain efficiency. The adoption of RTLS tags reduces the instances of manual errors and provides real-time updates about assets. This removes gaps in the supply chain and improves productivity and agility while reducing fuel and labor costs. Many such benefits are increasing the adoption of RTLS in the logistics and transportation industry, which is driving the growth of the market.
“Growing use of RTLS tags in the healthcare sector and the increasing demand for low-cost RFID tags will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Real-Time Location Systems Market: Major Vendors
The report covers details on the market’s competitive landscape and offers information on the products offered by various companies, including:
- AiRISTA Flow Inc.
- General Electric Co.
- Halma Plc
- HP Inc.
- Link Labs Inc.
Real-Time Location Systems Market: Segmentation Analysis
This market research report segments the real-time location systems market by solution (systems and tags), application (transportation and logistics, healthcare, government, retail, and others), and geography (North America, Europe, APAC, South America, and MEA).
The North America region led the real-time location systems market in 2020, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, North America is expected to register the highest incremental growth due to the high adoption of RFID tags and RTLS solutions in the US.
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Some of the key topics covered in the report include:
Market Share by Competitors
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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