BOULDER, Colo.--(BUSINESS WIRE)--A new report from Navigant Research examines the global market for real-time location systems (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 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. Click to tweet: According to a new report from @NavigantRSRCH, global annual revenue attributed to 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%.
“Location-aware systems can provide tremendous value,” says Neil Strother, principal research analyst at Navigant Research. “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 Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Guidehouse, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of clean, intelligent, mobile, and distributed energy. Additional information about Navigant Research can be found at www.navigantresearch.com.
Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges with a focus on markets and clients facing transformational change, technology-driven innovation and significant regulatory pressure. Across a range of advisory, consulting, outsourcing, and technology/analytics services, we help clients create scalable, innovative solutions that prepare them for future growth and success. Headquartered in Washington DC, the company has more than 7,000 professionals in more than 50 locations. Guidehouse is led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.
* The information contained in this press release concerning the report, Real-Time Location Systems for Intelligent Buildings, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.