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By 2030, it is estimated that around 500 billion devices will be connected all over the globe via the internet. This estimation is upholding on account of the increasing trend of IoT and wearables devices lately, with only improvement and enhancements on the charts to follow. One such emerging system which is increasingly used in industries is the RTLS.
Real-Time Location System (RTLS), also known as real-time tracking system is a technology used to automatically recognize and track the current location of items or persons based on real time through wireless nodes which are usually tags or badges which emit signals. Real-time locating systems applications include fleet tracking, inventory & asset tracking, navigation, personnel tracking, and network security with the use of RFID tags, sensors, readers, and trackers etc.
This technology is mostly used in large building structures or other contained structures and are embedded in products, which include navigational systems and mobile phones. It helps in indoor tracking of moving objects as well when it is supported by a computer application and is accordingly adopted by the healthcare industry vastly.
The global RTLS market is estimated to grow at a highly robust CAGR in the coming years.
The growth of this market is attributed towards major relying factors which include but are not limited to; the high adoption of RTLS solutions in various industry verticals, governmental sector and in emerging use cases, emergence of innovative startups and market competitiveness, rise in awareness about the benefits of real time location systems, rise in need for asset tracking, proliferation of smartphones, surge in adoption of business analytics solutions, increasing popularity of ultra-wideband technology-based RTLS solutions, rise in security concerns, growing need for contact-tracing solutions due to COVID-19 pandemic.
Additionally, RTLS provides highly accurate real time monitoring, and is immensely useful for tracking patients, equipments and hospital staffs, machines. These also prove to be tremendously handy at the time of emergency evacuation procedures in buildings. All these factors fuel their demand and in turn boost the growth of the market.
Moreover, to lower the risk of workplace accidents, industries such as manufacturing are adopting RTLS as it helps to determine the exact position of forklifts, vehicles, operators and others at specified times also. This makes them massively useful and increasingly desirable by organizations worldwide. Furthermore, factors such as technological advancements and product enhancements by key vendors to offer effective RTLS applications, increasing adoption of RTLS owing to reduced RTLS component prices, benefits such as improved accuracy, operational efficiency and workflow management contribute to the growth of the global real-time location systems market.
However, high initial set up cost and maintenance costs, operational challenges, lack of awareness about RTLS solutions and expert workforce in developing countries, growing privacy concerns, vulnerability to cyber and malware attacks when connected to less secured networks are a few factors which hinder the growth of the market.
REAL-TIME LOCATION SYSTEMS SEGMENTATION:
By Industry Vertical:
The North American region is currently the largest regional market for RTLS and is projected to continue its dominance over the next few years owing to the higher purchasing power of people, high demand from the healthcare sector, early adoption of this technology, large number of hospitals and senior living facilities, presence of major vendors in this region, growth of RTLS applications in healthcare, and manufacturing & processing sectors.
This region is to be followed by the European region owing to the presence of well-established players in the developed economies of the region including the U.K, Germany, Spain, and France.
The Asia Pacific region is the fastest growing regional market for RTLS and is to maintain its position in the forthcoming years. This can be well attributed to the increasing awareness and application of real time location systems in the healthcare and industrial sectors, increasing number of the working population, the booming healthcare industry in emerging economies, the untapped applications of RTLS solutions in different industries, the major shifting of technological prowess in this region. Major contributors in the region include India, China, Japan and South Korea.
FEW KEY PLAYERS IN REAL-TIME LOCATION SYSTEMS MARKET:
Timeline Considered for Analysis:
- 2019: Base Year
- 2020 to 2025: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global real-time location systems market by the following segments:
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Key Questions Answered in the Global Real-Time Location Systems Industry Report
The report offers a comprehensive insight on the Real-Time Location System Market share, competitor landscape, market trends, growth, revenue, and key driver’s analysis with coverage of key players, top geographies, product types and end user.
Exhaustive secondary research and in-depth primary interviews with industry experts has been conducted to present qualitative and quantitative insights in the report.
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