Global real-time location systems market growing rapidly, reaching $40.70 billion by 2031
From GlobeNewswire: 2025-03-25 08:11:00
The global real-time location systems market is growing due to increased demand for connected devices, reaching $6.16 billion in 2023 and projected to hit $40.70 billion by 2031. Investments in 5G will enhance connectivity, real-time data acquisition, and location tracking, creating opportunities for various industries from navigation to emergency services.
The market growth is being driven by the rising demand for ultra-wideband (UWB) technology-based RTLS solutions in industries like healthcare, manufacturing, and logistics. The availability of indoor tracking is boosting demand in healthcare, while sports, entertainment, and automotive sectors are also adopting RTLS solutions. The integration of SLAM technology is enhancing the capabilities of real-time location systems.
The e-commerce sector is experiencing significant growth post-COVID-19, with a surge in online shopping globally. Real-time location systems are crucial for optimizing supply chain management and improving efficiency in distribution centers. The technology helps monitor and locate goods, providing valuable insights for data-driven decision-making in the retail sector.
In the healthcare sector, real-time location systems are used to enhance patient safety, streamline operations, and improve overall patient experience. RTLS technology assists in tracking patient flow, locating hospital assets, and notifying bed availability, leading to faster turnover times and better throughput management. The demand for RTLS is expected to rise in healthcare during the forecast period.
North America currently leads the real-time location systems market, followed by Europe and Asia Pacific. Asia Pacific is projected to show the highest CAGR in the coming years. The growth in North America can be attributed to the high internet penetration rate, boosting the e-commerce industry. The region’s ecommerce sales continue to rise, driving the demand for real-time location systems.
The real-time location systems market is segmented into hardware, software, and services, catering to various industry verticals and applications. Businesses can customize research to suit their specific requirements and explore opportunities in diverse regions or sectors. The real-time location systems market in 2023 saw hardware as the largest segment, with RFID, UWB, BLE, and more technologies being used. Healthcare led the industry verticals, while supply chain management led applications. Major players like Aruba and Zebra Technologies are driving innovation through new products and partnerships to stay competitive.
Recent developments include Houston Airports adopting Wi-Fi 6E, Enloe Medical Center expanding its Aruba network, and AiRISTA Flow introducing Sofia for healthcare tracking. Real-time location systems are crucial for tracking assets and people across various industries, with healthcare seeing significant growth due to improved patient care and operational efficiencies showcased by companies like Sonitor.
For more market insights and data, visit the link provided in the article. Contact The Insight Partners for further information or queries related to real-time location systems market research. 1. The stock market experienced a significant drop today, with the S&P 500 falling by 3.5% and the Dow Jones Industrial Average dropping by 4%. This is the largest single-day decline since the beginning of the year, raising concerns about the state of the economy and potential impacts on investors.
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Read more at GlobeNewswire: Real-Time Location Systems Market Size to Surpass USD 40.71