A coiled tubing deployment system includes an offshore rig having a reel positioned thereon and coiled tubing wound on the reel. A guide arch is positioned on the offshore rig to receive the coiled tubing from the reel, and a tubing guide receives the coiled tubing from the guide arch and directs the coiled tubing into water. A depth counter measures a length of the coiled tubing deployed from the reel and generate one or more length measurement signals, and a set of bend sensors is positioned on the tubing guide to measure real-time strain assumed by the coiled tubing as deployed into the water and thereby generate one or more bend sensor signals. A data acquisition system receives the length measurement signals and the bend sensor signals and provides an output signal indicative of real-time bending fatigue of the coiled tubing at select locations along the coiled tubing.