The market for the services segment is expected to grow at the highest CAGR during the forecast period.
The services segment mainly comprises deployment and integration services, support and maintenance, and consulting, which are necessary for the successful operation of a Real-time Location Systems Market. These services help deliver and implement solutions at customer sites and provide the required maintenance after implementation. Services are a critical part of the overall RTLS implementation, which can affect the budget of an enterprise significantly if ignored. The services cost includes installation and regular maintenance, which result in higher expenditure.
The access control & security application is projected to grow at a significant CAGR from 2023 to 2028.
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. Real-time Location Systems 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.
North America is expected to hold the largest share of the real-time location systems market during the forecast period.
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 Real-time Location Systems 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 Real-time Location Systems 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.
The major players in this market include Securitas AB (Sweden), Zebra Technologies Corporation (US), Aruba Networks (US), TeleTracking Technologies, Inc. (US), CenTrak, Inc. (US), Impinj, Inc. (US), and Savi Technology (US).
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