Market Research Report
Real-Time Location System Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Offering, Technology, Industry Vertical, and Application
|Real-Time Location System Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Offering, Technology, Industry Vertical, and Application|
Published: August 31, 2021
The Insight Partners
Content info: 223 Pages
Delivery time: 1-2 business days
The global real-time location systems market is expected to grow from US$ 4,097.3 million in 2021 to US$ 18,878.4 million by 2028; it is estimated to grow at a CAGR of 24.4% during 2021-2028.
Online shopping is increasing at the fastest pace across the world. Ecommerce sales have been growing at a significant rate over the last decade and are anticipated to grow in the coming years. APAC shows the strongest development and accounts for nearly half of the overall online sales. Besides this, Europe is also a key region supporting e-commerce growth. The e-commerce industry in Europe was worth US$ 425.2 billion in 2020 and is expected to grow by 30% in 2021 according to Finaria. Amazon and other e-retailers have taken over conventional retail. Many shoppers in Europe prefer online shopping platforms, such as Amazon, Target, and Wal-Mart, which is the major reason for the growth of the e-commerce sector in Europe. Increasing demand for making retail cost-efficient and generally faster means that companies need to optimize supply chain management and build robust solutions to meet the demands. A survey conducted in the UK of 250 distribution warehouse and supply chain managers revealed that ~3,000 hours of are lost due to unproductive workflows at distribution centers. The real-time location system proves to be a highly efficient instrument that is used for monitoring and locating goods, as it provides resourceful insights to the distribution center operators to make data-driven decisions rather than relying on educated guesses. Thus, the growing ecommerce industry coupled with the increasing need for making data-driven decisions drives the real-time location system market growth.
The real-time location systems market is segmented on the basis of offering, technology, industry vertical, application, and geography. Based on offering, the market is segmented into hardware, software, and services. In 2020, the hardware segment accounted for the largest share in the market. In terms of technology, the real-time location systems market is segmented into Radio Frequency Identification (RFID), Ultra-wideband (UWB), Bluetooth Low Energy (BLE), Ultrasound, Infrared (IR), GPS, and Others. In 2020, the Bluetooth Low Energy (BLE) segment accounted for the substantial share of the market. Based on industry vertical, the market is segmented into heavy industries, manufacturing, retail, oil and gas, automotive, construction, government and defense, education, and others. In 2020, the retail segment dominated the market. By application, the market is segmented into personnel/staff locating and monitoring, access control and security, environmental monitoring, warehouse management and monitoring, supply chain management and operational automation/visibility, and others. In 2020, the personnel/staff locating and monitoring segment accounted for the largest market share. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, North America accounted for a significant share in the global market.
The global economic crisis and the supply chain disruptions caused by the COVID-19 pandemic have hindered the growth of the real-time locations systems market, especially in 2020 and 2021. Production delays, inventory discrepancies, unreliable staffing, and supply shortages have also adversely impacted the overall market growth. However, the pandemic has accelerated the need for digital transformation, such as the use of real-time locating systems. The systems use a wide range of technologies, such as Bluetooth, Wi-Fi, RFID, Ultra-Wide Band (UWB), and Cellular, to track the real-time location of people and staffs and to keep a check on social distancing. Further, technological advancement and digitization in real time would boost the market growth after the COVID-19 pandemic era.
The overall real-time location systems market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the real-time location systems market with respect to all the segments. It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions-North America, Europe, Asia Pacific, Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and gain analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the real-time location systems market.
A few major players operating in the global real-time location systems market are 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.
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Real-Time Location System market
Highlights key business priorities in order to assist companies to realign their business strategies
The key findings and recommendations highlight crucial progressive industry trends in the global Real-Time Location System market, thereby allowing players across the value chain to develop effective long-term strategies
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution