The global real-time locating systems market is estimated to expand at a considerable CAGR during the forecast period, 2021 – 2028. The growth of the market is attributed to increasing government initiatives, involvement of real-time locating systems to manage inventory and warehouse services, transportation services, as well as inward and outbound services.
Real-time locating systems (RTLS) is used to track and identify the movement of assets or inventory including various instruments, containers, medical devices, and others that are off for shipping. The system offers real-time status of the shipment and reduces the chance for loss of products due to loss of stolen or missed items during the transport. This system is performed using various technology for tracking and tracing that includes ZigBee, Wi-Fi, and Ultra Wide Band (UWB).
Market Trends, Drivers, Restraints, and Opportunities
- Growing demand for effective and accurate tacking solution for product shipment is a key driver expected to propel the market growth.
- Expansion of the logistics industry and rapid adaption of advanced technology in transportation logistics are projected to fuel the market growth in the coming years.
- Some key attributes of the system include cost-cutting, improved quality of services, and efficient working. These factors are expected to boost market growth.
- Concerning regarding privacy and security issues, costly proprietorship, and issues related to data implementation associated with the system act as key restraining factors, which are expected to hamper the market expansion.
- Elementary high costs for distribution of service are expected to hinder the market development.
- Wide application of the system across several industries especially the manufacturing industries are estimated to create several opportunities for the market expansion in the upcoming years.
Market Segment Insights
Inventory & asset tracking segment is expected to represent a key market share
On the basis of applications, the global real-time locating systems market is segmented into fleet tracking, inventory & asset tracking, navigation, personnel tracking, and network security. The inventory & asset tracking segment is expected to represent a key share of the market during the forecast period owing to wide adoption of the RTLS system for tracing the movement of inventory and assets. Rising commercial trade and export of goods from country to another that raise the demand for a system solution to track the inventory supply. This represents a major driving factor for the segment growth.
Transportation logistics segment is expected to grow at a rapid pace
Based on end-users, the global real-time locating systems market is divided into transportation logistics, manufacturing and process industries, healthcare, and retail. The transportation logistics segment is anticipated to grow at a rapid pace during the forecast period owing to rising needs for transportation due to expansion of trading volume across the globe.
North America is projected to account for a key share
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is estimated to register a significant CAGR during the forecast period due to early adoption of advanced technology in the transportation sector and adoption of innovative technology for logistics service in the region. However, the market in Asia Pacific is expected to expand at a significant growth rate in the coming years owing to rapid establishment of industries due to industrialization and rising establishment of major manufacturing units in the region.
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