Real-time Location Systems Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

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. The emergence of innovative startups and the availability of customized solutions are the two key factors that have led to the rise in competitiveness in the RTLS market and are driving the demand for RTLS solutions.

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By offering, the software segment held a significant share of the real-time location systems market in 2022. RTLS software is used in several industries, including healthcare, manufacturing, logistics, hospitality, and education. RTLS helps manage many purposes, including maximizing workflow efficiency, safety, wayfinding, and inventory and asset control. The web interface of RTLS software manages and oversees data, sensors, and elements and controls every reader device. The RTLS software web interface allows a real-time user-friendly monitoring system incorporating an intuitive autonomous rule engine that functions 24/7. All these features are expected to drive the software market growth during the forecast period.

By technology, Bluetooth Low Energy (BLE) segment is expected to grow at an impressive CAGR during the forecast period. The importance of any RTLS rests in the data it transfers or collects. Bluetooth Low Energy (BLE) tags used in RTLS present significant opportunities for companies to increase the visibility of their assets, employees, and resources. The low cost of the technology also makes it applicable in settings where such advanced systems might not have been otherwise feasible. The growing popularity of RTLS systems will lead to new use cases and the replacement of older, less sophisticated methods such as RFID and barcodes. BLE tags, also called beacons, can be set to broadcast a signal to the surrounding area constantly.

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Europe is projected to grow at a significant CAGR during the forecast period. The tremendous growth of the automotive and manufacturing industries in Europe is the major driving factor for developing the RTLS market in this region. The UK, Germany, and France are the major countries spending the highest on RTLS solutions in Europe. Additionally, the other European markets are slowly gaining traction with the gradual increase in the adoption of RTLS solutions. RTLS solutions will gain traction in the coming years as companies seek to integrate these solutions to improve their processes further and drive growth. Europe is one of the significant regions for research and development (R&D) in location-based solutions. Most of the individual customers or enterprises in Europe extensively use location-based and mapping services, driving the growth of the RTLS market in Europe.

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