According to the latest report by IMARC Group, titled “Real Time Location System Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the global real time location system market size reached a strong growth in 2019. Real time location systems (RTLS) are used to detect and track the geographical position of an individual or object in real-time. They comprise wireless tags, sensors, application software and network infrastructure, which aid in conveying signals and analyzing the precise location of an individual or object. They are used in the transportation and agriculture sectors for increasing productivity, accuracy and operational excellence.
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Real time location systems (RTLS) provide immediate tracking and management of medical equipment, staff and patients, and aids in improving workflow, reducing costs and increasing clinical quality. Owing to these benefits, it is widely being adopted in the healthcare industry around the world. Furthermore, as it aids in inventory and warehouse, transportation, and inbound and outbound logistics management, it finds application in the automotive and defense industries worldwide. Apart from this, the increasing utilization of mobile-based applications and business analytics solutions is anticipated to bolster the market growth in the coming years. Looking forward, By IMARC group, the global real time location system market is expected to grow at a CAGR of around 25% during 2020-2025.
Market Breakup by Application:
- Inventory/Asset-Tracking & Management
- Personal/Staff-Locating & Monitoring
- Access Control & Security
- Environmental Monitoring
- Yard, Dock, Fleet Warehouse Management & Monitoring
- Supply Chain Management & Operational Automation/Visibility
Market Breakup by Component:
Market Breakup by Technology:
- Infrared (IR)
Market Breakup by Vertical:
- Manufacturing and Automotive
- Transportation and Logistics
- Government & Defense
- Oil, Gas & Mining
- Sports & Entertainment
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