Real-Time Location System Market to Reach $23.13 Bn, Globally, by 2026

According to a new report, the global real-time location system industry was estimated at $2.83 billion in 2018, and is expected to hit $23.13 billion by 2026, registering a CAGR of 30.2% from 2019 to 2026.

Rise in need for asset tracking, increase in use of smartphones, diverse utility across applications, and surge in adoption of business analytics solutions drive the growth of the global real-time location system market. On the other hand, high initial costs and several operational challenges impede the growth to some extent.

However, technological advancements and blend of technologies by key vendors to offer effective RTLS applications are anticipated to usher a number of opportunities, in the near future.

The hardware segment contributed to around two-fifths of the global real-time location system market share in 2018, and is expected to rule the roost by the end of 2026.

Abundant availability of affordably priced sensors, growth in awareness regarding benefits of RTLS technology, increase in adoption of Wi-Fi across various end user industries, deployment of existing RTLS across a number of industries are expected to boost the growth of this segment.

The service segment, on the other hand, would grow at the fastest CAGR of 31.3% throughout the forecast period. Increase in adoption of RTLS hardware and platforms is expected to boost the demand for these services.