According to the report, the real-time location systems market size was valued at $3.93 billion in 2020, and is projected to reach $39.12 billion by 2030, registering a CAGR of 25.7%.
Download Report Sample (244 Pages PDF with Insights) @https://www.alliedmarketresearch.com/request-sample/1931
Rise in need for asset tracking, increase in use of smartphones, diverse utility across applications, and surge in adoption of business analytics solutions drive the growth of the global real-time location system market. On the other hand, high initial costs and several operational challenges impede the growth to some extent. However, technological advancements and blend of technologies by key vendors to offer effective RTLS applications are anticipated to usher a number of opportunities, in the near future.
Based on component, the hardware segment contributed to around two-fifths of the global real-time location system market share in 2018, and is expected to rule the roost by the end of 2026. Abundant availability of affordably priced sensors, growth in awareness regarding benefits of RTLS technology, increase in adoption of Wi-Fi across various end user industries, deployment of existing RTLS across a number of industries are expected to boost the growth of this segment. The service segment, on the other hand, would grow at the fastest CAGR of 31.3% throughout the forecast period. Increase in adoption of RTLS hardware and platforms is expected to boost the demand for these services.
Based on geography, North America held the largest share in 2018, generating nearly one-third of the global real-time location system market. Accessibility of RTLS solution on mobile devices such as smartphones and tablets drives the growth of the market in North America. At the same time, Asia-Pacific would grow at the fastest CAGR of 31.6% by 2026. This is attributed to increase in demand for fast-internet connectivity in this region.
Based on technology, the RFID segment accounted for nearly one-third of the real-time location system market revenue in 2018, and is anticipated to lead the trail till 2026. RFIDs include enhanced features such as low maintenance cost, high accuracy, and long battery life as compared to other wireless communication technologies such as Wi-Fi. This factor has driven the segment growth. Simultaneously, the ultra-wideband segment would register the fastest CAGR of 31.9% during the study period. High precision, low interference with other signals, usability in both outdoor and indoor environments, and acceptable operating range fuel the growth of the segment.
For Purchase Inquiry: https://www.alliedmarketresearch.com/purchase-enquiry/1931
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies. This helps us dig out market data that helps us generate accurate research data tables and confirm utmost accuracy in our market forecasting. Every data company in the domain is concerned. Our secondary data procurement methodology includes deep presented in the reports published by us is extracted through primary interviews with top officials from leading online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll-Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com
Follow Us on: LinkedIn TwitterFacebookTwitterLinkedInEmailShare