Thursday January 23, 2020 0 comments
BOULDER -- Global annual revenue attributed to real-time location systems (RTLS) solutions is expected to grow from $450 million in 2019 to $5.5 billion in 2028, at a compound annual growth rate (CAGR) of 32.2%, according to a new report from Navigant Research.
The report examines the global market for RTLSs in the intelligent buildings space, providing forecasts for revenue through 2028.
In the coming decade, RTLSs are poised for strong growth across multiple commercial building types, the report notes. The technology has matured to a point where tracking physical assets or the movement of people can be a useful and affordable practice for corporate users.
“Location-aware systems can provide tremendous value,” said Neil Strother, Navigant’s principal research analyst.
“For instance, someone in an airport rushing to a new departure gate can receive the fastest route on a smartphone mapping app, or an office building manager can reduce energy costs by monitoring occupancy and dimming or turning off lights when not needed.”
Although vendors of RTLS products and services have made great strides in advancing the technology, the adoption of these solutions remains at an early stage, according to the report.
However, as deployments expand and the advantages become widely understood, the RTLS market is expected to grow alongside intelligent building retrofit projects and new construction.
The report, Real-Time Location Systems for Intelligent Buildings, analyzes the global market for RTLS solutions, with an emphasis on the hardware, software, and services involved in deploying this technology.
The study also provides overviews of how adoption is playing out in major regional markets. Global market forecasts for revenue extend through 2028. The report also features several case studies of organizations using RTLS technologies to improve their businesses.
The study analyzes emerging technologies that are likely to have a significant influence on the RTLS market, such as auto-commissioning, the latest BLE version, and 5G.
An Executive Summary of the report is available for free download on the Navigant website.