Published Date: 30-Apr-22
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According to a new report, published by KBV research, 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.
The RFID segment dominated the Global Real-time Location Systems Market by Technology in 2020, thereby, achieving a market value of $4.0 billion by 2027. This is because RFIDs are broadly accepted and employed. They offer various advantages over other wireless communication technologies such as Wi-Fi, such as low maintenance costs, high precision, and long battery life.
Manufacturing & Processing segment is showcasing a CAGR of 25.8% during (2021 - 2027). Real-time location systems provide asset monitoring and positioning capabilities in manufacturing & production environments, allowing facilities to determine the existence, exact location, and condition of equipment and items. There are numerous use cases where firms advantage substantially from the capacity to monitor and identify the location of assets, whether its inventory, machinery, tools, cars, or people. Manufacturing has its own set of issues that necessitate real-time location awareness. In so many facilities, for instance, extensive customization of the manufacturing workflow is required on-the-fly.
The Hardware segment acquired maximum revenue share in the Global Real-time Location Systems Market by Component in 2020, thereby, achieving a market value of $8.4 billion by 2027. This is owing to the increased availability of low-cost sensors, more knowledge of the advantages of RTLS technology, and rising Wi-Fi adoption across many end-user sectors. Furthermore, the expansion of the hardware market is fueled by the spread of smartphones.
The North America is the fastest growing region in the Global Real-time Location Systems Market by Region in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $7.3 billion by 2027. The Europe market is estimated to witness a CAGR of 25.7% during (2021 - 2027). Additionally, The Asia Pacific market would experience a CAGR of 27.1% during (2021 - 2027).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Impinj, Inc., Zebra Technologies Corporation, Stanley Black & Decker, Inc., Cerner Corporation, Lockheed Martin Corporation, Hewlett Packard Enterprise Company, General Electric (GE) Co., Alien Technology, LLC, Tracktio, and Savi Technology, Inc.
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