Real Time Location Systems In Transportation And Logistics Global Market
Overview and Scope
Real-time location systems (RTLS) in transportation and logistics refer to technologies and solutions that track, monitor, and manage the real-time location of assets, vehicles, and personnel within the transportation and logistics industry. These systems provide accurate and up-to-date information about the whereabouts and movements of assets throughout the supply chain, enabling logistics organizations to optimize routing, improve fleet efficiency, and enhance overall transportation operations.
Sizing and Forecast
The real time location systems in transportation and logistics market size has grown rapidly in recent years. It will grow from $5.30 billion in 2023 to $5.99 billion in 2024 at a compound annual growth rate (CAGR) of 13.03%. The growth in the historic period can be attributed to increasing demand for supply chain visibility, growing need for efficient fleet management, regulatory requirements, and rising adoption of the Internet of Things (IoT).
The real time location systems in transportation and logistics market size is expected to see rapid growth in the next few years. It will grow to $9.88 billion in 2028 at a compound annual growth rate (CAGR) of 13.3%. The growth in the forecast period can be attributed to the expansion of e-commerce, integration of AI and machine learning, embrace of autonomous vehicles, shift towards green logistics, and rise in global trade. Major trends in the forecast period include increased use of blockchain for secure tracking, the emergence of 5G technology for faster data transmission, adoption of edge computing for real-time analytics, implementation of augmented reality for enhanced navigation, growth of predictive analytics for proactive decision-making.
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Segmentation & Regional Insights
The real time location systems in transportation and logistics market covered in this report is segmented –
1) By Type: Systems, Tags
2) By Deployment: On-Premises, Cloud Based
3) By Application: Asset And Inventory Tracking, Personnel Tracking, Fleet Management, Other Applications
4) By End-User: Logistics And Transportation Companies, Retailers, Manufacturing Companies, Other End Users
North America was the largest region in the real time location systems in transportation and logistics market in 2023. The regions covered in the real time location systems in transportation and logistics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The adoption of automation in the manufacturing sector is expected to propel the growth of real-time location systems in the transportation and logistics market. Automation in manufacturing refers to using technology and machinery to perform tasks traditionally carried out by humans, aiming to increase efficiency, productivity, and consistency in production processes. The increase in the adoption of automation in manufacturing is due to the improved productivity, quality, flexibility, and cost-efficiency that automation technologies offer in a competitive and rapidly evolving market landscape. Automation in the manufacturing sector creates opportunities for synergy with real-time location systems in transportation and logistics, enabling more efficient and responsive supply chain operations to meet the demands of modern manufacturing processes. For instance, in September 2023, the International Federation of Robotics, a Germany-based non-profit organization, reported in the World Robotics Report 2023 that there were 553,052 industrial robot installations in factories worldwide, which is 5% higher than in 2022. Therefore, the adoption of automation in the manufacturing sector is driving the growth of real-time location systems in the transportation and logistics market.
Key Industry Players
Major companies operating in the real time location systems in transportation and logistics market are Zebra Technologies Corporation, Trimble Transportation, Samsung Networks, Geotab Inc., Samsara, Omnitracs LLC, Transporeon GmbH, Descartes Systems Group, CalAmp Corporation, Spireon, ORBCOMM Inc., Teletrac Navman, Verizon Connect, Lojack Corporation, Tyco Security Products, I.D. Systems Inc., Fleet Complete, Convergence Systems Limited, FourKites Inc., ThingMagic Inc., Geoforce Inc., Ubisense, Mojix, Airista Flow Inc., DecaWave Ltd., Essensium NV, CSR Group, Awarepoint Corporation, BeSpoon SAS, TrackX Holdings Inc.
The real time location systems in transportation and logistics market report table of contents includes:
1. Executive Summary
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