REAL TIME LOCATION SYSTEMS MARKET ANALYSIS

Real Time Location Systems MarketSize and Trends

The global real time location systems (RTLS) market is estimated to be valued at US$ 4,922.8 million in 2021 and is expected to exhibit a CAGR of 31.8% over the forecast period (2021-2028).

Market Trends

Most RTLS developers revamp and modify existing technologies to cater to emerging challenges. Earlier, RTLS technologies were either of low precision with high range or high precision with low range. Most companies combine both technologies to achieve both high and low precision, depending upon specific requirements. Companies including Zebra Enterprise Solutions, Centrack, and Versus Technology are developing a solution that is a combination of RTLS technologies so as to achieve both high and low precision.

The potential of UWB and Zigbee technologies are fast gaining popularity in the market and increasing adoption in RTLS solutions is driving market growth, owing to high degree of accuracy in asset tracking and management these technologies offer. ZigBee technology enables monitoring and control capabilities for residential and industrial applications within a range of 100 meters. ZigBee addresses the specific needs of the sensory network and remote control and monitoring applications using the IEEE 802.15.4 standard.

Figure 2. Global Real Time Location Systems (RTLS) Market Share, By Technology, 2020