Real-time Location Systems Market worth $16.2 billion by 2028

The global real-time location systems market size is expected to grow from USD 5.2 billion in 2023 to USD 16.2 billion by 2028, at a CAGR of 25.5% from 2023 to 2028 according to a new report by MarketsandMarkets.

The market for RTLS technology has witnessed rapid growth, with an increasing number of players entering this market with innovative RTLS features for customers. Moreover, the RTLS hardware components are readily and commercially available throughout, so more customers are inclined to use RTLS solutions for asset and personnel tracking applications.

The prime concern of many industries, such as manufacturing, healthcare, government and defense, and education, is the security and safety of their assets and personnel. Access control and security is an important aspect in the areas where tracking of employees or individuals is essential to prevent them from entering non-restricted areas, barring unauthorized people from entering the facility, and alerting industrial facilities beforehand in case of any theft. RTLS solutions can inform an administrator about the location and condition of assets and workers. These systems may be used for safety checks and access control, assuring that the personnel are adequately outfitted with the necessary equipment to perform a particular task or procedure.

The high adoption of RTLS solutions in the US is the main factor that has led to the prominent position of North America in the RTLS market. Healthcare, retail, manufacturing and automotive, and transportation and logistics are the major demand-generating verticals for RTLS solutions in the US and throughout North America. For example, various hospitals in the US are using RTLS solutions for multiple applications, and the adoption of RTLS solutions in senior living facilities is also on the rise. Besides, several verticals, such as education, sports, and entertainment, are rapidly adopting RTLS solutions, which would drive the growth of the RTLS market in the US during the forecast period. Wi-Fi technology has traditionally led the market for RTLS solutions in North America; however, the said market in this region is expected to grow at a low rate in the coming years.