New York, Sept. 03, 2021 (GLOBE NEWSWIRE) -- Real-Time Location System Market: Key Insights
According to our latest market study on “Real-Time Location System Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Offering, Technology, Industry Vertical, and Application,” the Real-Time Location Systems Market is expected to grow from US$ 4,097.3 million in 2021 to US$ 18,878.4 million by 2028; it is estimated to grow at a CAGR of 24.4% during 2021–2028.
Real-Time Location System Market: Competitive Landscape and Key Developments
Aruba Networks, AiRISTA Flow Inc., and Decawave Limited are among key players profiled during the study of the real-time location system market. In addition, several other essential market players were also studied and analyzed to get a holistic view of the market and its ecosystem.
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In 2021, Ubisense announced a strategic partnership with Advanced Realtime Tracking (ART), a leader in Optical Tracking Systems, to provide sequence control solutions for assembly processes. The SmartSpace technology by Ubisense perfectly complements the ART VERPOSE camera-based vision system, thereby expanding the company's effective portfolio.
Based on offering, the real-time location systems market is segmented into hardware, software, and services. The hardware used for real-time location systems consists of radio frequency identification (RFID), Wi-Fi, ultra-wideband (UWB), Bluetooth low energy (BLE), ultrasound, infrared (IR), and GPS. These components are integrated with software solution to track the assets of organization. For instance, in healthcare industry, the real-time location system is widely used for tracking lifesaving equipment for routine maintenance as well as in emergencies for which assets are tracks using Wi-fi and RFID technology. The hardware provider of real-time location systems partners with software provider to deploy complete solution according to the requirement of end user.
North America dominated the real-time location system market in 2020. Europe was the second-largest contributor to the global market in 2020, followed by APAC. The US, Canada, and Mexico are the key contributors to the real-time location system market in North America. The market growth in the region is attributed to the large number of hospitals and senior living facilities in the US, technological advancements, and rise in asset tracking. In addition, rise in disposable income, advancement of R&D activities, and growing popularity of Wi-Fi and Bluetooth Low Energy are enhancing the market growth in North America. Growing demands for the UWB technology based RTLS solutions from the manufacturing and logistics verticals are also encouraging the regional solution providers to design and develop efficient RTLS systems.
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In 2020, Impinj, a manufacturer of radio-frequency identification devices and software, introduced the Impinj R700 reader, which is designed with features such as receive sensitivity, fastest network connectivity, and powerful edge processing for next-generation IoT solutions
Booming Ecommerce Industry to Propel Real-Time Location System Market Growth in Coming Years:
Online shopping is increasing at the fastest pace across the world. Ecommerce sales have been growing at a significant rate over the last decade and are anticipated to grow in the coming years. APAC shows the strongest development and accounts for nearly half of the overall online sales. Besides this, Europe is also a key region supporting e-commerce growth. The e-commerce industry in Europe was worth US$ 425.2 billion in 2020 and is expected to grow by 30% in 2021 according to Finaria. Amazon and other e-retailers have taken over conventional retail. Many shoppers in Europe prefer online shopping platforms, such as Amazon, Target, and Wal-Mart, which is the major reason for the growth of the e-commerce sector in Europe. Increasing demand for making retail cost-efficient and generally faster means that companies need to optimize supply chain management and build robust solutions to meet the demands.
A survey conducted in the UK of 250 distribution, warehouse, and supply chain managers revealed that ~3,000 hours of are lost due to unproductive workflows at distribution centers. The real-time location system proves to be a highly efficient instrument that is used for monitoring and locating goods, as it provides resourceful insights to the distribution center operators to make data-driven decisions rather than relying on educated guesses. Thus, the growing ecommerce industry coupled with the increasing need for making data-driven decisions drives the real-time location system market growth.
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Real-Time Location System Market: Technology Overview
Based on technology, the global real-time location system market is segmented into radio frequency identification (RFID), ultra-wideband (UWB), Bluetooth low energy (BLE), ultrasound, infrared (IR), GPS, and others. The Radio Frequency Identification (RFID) is utilized for tracking and visibility of assets/goods. RFID is a portable memory device on a chip, which replaces UPC (Universal Product Code) as it can store more dynamic information than the earlier UPC. The memory chip can be easily embedded in any kind of assets/goods that is to be considered for tracking. Radio Frequency Communications is employed between an RFID device and a host computer. RFID system comprises a tag that contains data, an antenna to communicate, and a controller that is used to manage the communication between the host computer and the antenna. Industrial, retail, healthcare, and defense are a few industries where RFID finds its applications for tracking application.
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