The Global Real-time Location Systems Market size is expected to reach $18. 5 billion by 2027, rising at a market growth of 26. 2% CAGR during the forecast period. A real-time location system (RTLS) tracks the location of objects, assets, vehicles, and items in real-time.
With an expanding quantity of players entering the market with unique RTLS features for clients, the market for RTLS technology has seen significant expansion. In the RTLS market, there are more than 150 competitors, with the top five accounting for over half of the market share. These top companies have developed industry-specific solutions for the retail, and manufacturing, healthcare industries. Start-ups & smaller companies in the industry, on the other hand, provide customized solutions and develop their customer base in fresh industries such as agriculture, livestock, sports, education, and aerospace & defense, resulting in increased growth and market share year after year. As a result of the intense rivalry in the RTLS market, RTLS companies are compelled to provide their clients with application-specific tailored goods at reasonable prices.
High demand of Asset Tracking and Smart Phones.
Asset tracking is gaining interest in a variety of industries, including healthcare, defense, and manufacturing, to track assets. Medical equipment, tools, containers and trailers, and containers are among these assets. Furthermore, as per the Stockholm International Peace Research Institute (SIPRI), global military spending has reached an all-time high. The United States, China, Saudi Arabia, India, and France were the top five spending countries in 2020, accounting for more than half of worldwide military spending. As a result, the global real-time location systems market is expected to grow even faster as military spending rises.