The market is anticipated to increase from US$ 4,097.3 million in 2021 to US$ 18,878.4 million by 2028, growing at a CAGR of 24.4% from 2021 to 2028, according to our most recent market study, "Real-Time Location System Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Offering, Technology, Industry Vertical, and Application."
The Internet of Things uses the real-time location system for tracking and monitoring purposes. Real-time location system data is acquired and stored in cloud-based systems for analysis. One of the main benefits of IoT adoption, in addition, is its speedy return on investment. Robots are used at many stages of production in the transportation and logistics, automotive, and manufacturing industries to increase flexibility and productivity. These phases include assembly, picking, placing, and sorting of goods in warehouses. So, over the projected period, the expansion of the real-time location system market would be driven by the emergence of IoT and Industry 4.0.
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Governments all throughout the world implemented containment measures in 2020 as a result of the COVID-19 outbreak, including commercial and factory closures and lockdowns. However, starting in the third quarter of 2020, offices and businesses began operating thanks to vaccination efforts and relaxations of containment regulations. In this scenario, offices and enterprises had to abide by a number of safety precautions, including the required usage of masks and social distance rules. As a result, the real-time location system market participants are incorporating features like social distancing and contact tracing in their products to comply with these regulations. For instance, Ubisense began including social distancing and contract tracing functions into its real-time location system in May 2020.
Additionally, QuicSolv Technologies Pvt. Ltd started providing RTLS, which enables end users to track contacts and track social distance practises, as well as SoS Alert.
Hardware, software, and services make up the hardware, software, and services segments of the real-time location system market. In 2020, the market for hardware was estimated to be worth $2,228.82 million USD. The market is divided into categories based on technology including GPS, Ultra-wideband (UWB), Bluetooth Low Energy (BLE), Ultrasound, and Infrared (IR). The market is divided into heavy industries, manufacturing, retail, oil and gas, automotive, construction, government and defence, education, and others based on the vertical industries they fall under. The market is divided into supply chain management, personnel/staff locating and monitoring, access control and security, environmental monitoring, warehouse management and monitoring, and others based on applications.
Influence of COVID-19 Pandemic on the Market for Real-Time Location Systems
The United States, Spain, Italy, France, Germany, the United Kingdom, Russia, Turkey, Brazil, Iran, and China are among the nations most adversely impacted by the COVID-19 pandemic, according to the World Health Organization's (WHO) most recent situation report. The international economy experienced serious repercussions in 2020, and it is anticipated that these implications would continue in some form in the years to come. Primary industries have been disrupted as a result of factory closures, travel and trade restrictions, and border lockdowns to fight and contain the epidemic. The COVID-19 outbreak has caused a steep decrease in these industries' growth, which to some extent restrains the real-time location system market's expansion.
Some of the prominent players in the real-time location system market include Aruba Networks, AiRISTA Flow Inc., Decawave Limited, Impinj, Inc., Siemens AG, Zebra Technologies Corporation, Sonitor Technologies AS, Stanley Black & Decker, Inc., TeleTracking Technologies Inc., and Ubisense.
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