Real-time positioning system (RTLS) solutions are used to track the location of a target in real-time. RTLS is different from Radio Frequency Identification (RFID), although they are generally considered to be the same solutions. RFID uses the transmission of signals between two or more devices to locate the target. RTLS, then again, consequently distinguishes the objective and tracks its area progressively. Moreover, RTLS can follow target development when upheld by a PC application.
The market for real-time location frameworks is in a two-fold digit development stage. Most arising innovations experience this when they truly begin to take off. This phase is characterized by an aggressive proliferation of new competitors and innovation and is sometimes accompanied by strong consolidation. The requirement for solid and exact asset tracking and area information at the correct time for the perfect individuals is quickening the development of this market.
· Zebra Technologies Corporation declared Zebra MotionWorks Warehouse, another area arrangement that modernizes stockroom activities by following resources, robotizing exchanges, improving worker efficiency, and lessening transporting mistakes.
Drivers and Restraints of Real-Time Location Systems Market:
The growing need for asset tracking, the proliferation of smartphones, the rapid adoption of business analytics solutions, as well as an increased awareness of the benefits of the real-time tracking system is the main factors driving the growth of the systems market for real-time tracking. However, operational challenges and high upfront costs are expected to hamper the growth of the Real-time Tracking Systems market. Rather, technological advancements and the combination of technologies from key vendors to deliver efficient RTLS applications are expected to provide lucrative opportunities for market growth during the forecast period.
The lack of real interoperability between different systems is one of the main concerns of user industries. RTLS suppliers seem, by all accounts, to be tending to this test by adding adaptability to their item contributions and offering open stage arrangements that advance interoperability with guides and other business frameworks.
On a component basis, the hardware segment dominated the overall market for real-time tracking systems in 2018 and is expected to maintain its dominant position over the forecast period. This is attributed to the abundant availability of sensors at affordable prices, the growing awareness of the benefits of RTLS technology, the increasing adoption of Wi-Fi in various end-user sectors, the widening of the implementation of existing RTLS in industries, which mainly stimulates growth in real-time market monitoring of systems solutions.
By Industry Vertical
Right now, hospitals are facing unprecedented challenges with the ongoing pandemic. Some of the other serious problems facing the health sector are an aging population and a shortage of personnel, which puts enormous pressure on institutions, doctors, workers, patients, and communities. Many are looking for ways to cut costs, improve efficiency, and provide the quality of care their patients need. The global shortage of healthcare workers could reach more than 14 million by 2030, according to the WHO, as doctors face an increasing workload. As a result, there is an increased demand for services and support that can reorganize existing resources and methods. Therefore, medical services supervisory groups are looking to real-time location systems (RTLS) to defeat a portion of their difficulties. Likewise, the developing pattern of associated wearable gadgets is further driving business sector development.
Marked Segmentation based on the region:
In 2018, North America accounted for the largest market share for real-time tracking systems, due to the growth of RTLS applications in the healthcare, manufacturing and processing industries, the presence of 'a large number of vendors in the market rtls and the adoption of mobility solutions, which is driving the growth of the real-time location systems market in this region.
The Asia Pacific market is expected to grow at the fastest rate during the forecast period due to the increasing number of workforce and the boom of the healthcare sector in the emerging economies of the world, namely India and China. Furthermore, according to the Indian Brand Equity Foundation, India's manufacturing sector has the potential to reach $ 1 trillion by 2025 and India is expected to rank among the top three growing economies and manufacturing destinations in the world for 2020 a great opportunity for RTLS in warehouse management and during shipping and logistics. In addition, Japan is hosting the 2021 Summer Olympics, which will require real-time uploading and authorized person tracking for events to run smoothly. This is expected to drive the growth of the real-time tracking systems market during the forecast period.
a. Middle East
Key Players of Market:
The key players operating in the global real-time location system market analysis include Stanley Healthcare Solutions (AeroScout, Inc.), Redpine Signals, Zebra Technologies Corp., Versus Technology, Inc., Lockheed Martin Corporation, Sonitor Technologies AS, TeleTracking Technologies, Inc., CenTrak, DecaWave Limited, and Ubisense Group PLC Inc.
IMPACT OF COVID-19 ON REAL TIME LOCATION SYSTEMS MARKET:
The COVID-19 pandemic has highlighted the importance of good hand hygiene practices globally, but enforcing compliance in hospitals can also protect patients from other infections. RTLS systems can be used to verify that doctors and nurses always wash their hands between treatment of multiple patients, reducing the transfer of infections that are particularly dangerous for patients whose immune systems may already be weakened from their original state. However, high initial installation and maintenance costs hamper the growth of this market during the forecast period.
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Reall-Time Location System Market, By Component
6.1.4 Market Size Estimations & Forecasts (2021-2026)
6.1.5 Y-o-Y Growth Rate Analysis
6.1.6 Market Attractiveness Index
6.2 Reall-Time Location System Market, By Technology
6.2.6 Market Size Estimations & Forecasts (2021-2026)
6.2.7 Y-o-Y Growth Rate Analysis
6.2.8 Market Attractiveness Index
6.3 Reall-Time Location System Market, By Industrial vertical
6.3.1 transportation and logistics
6.3.4 manufacturing & processing
6.3.5 Market Size Estimations & Forecasts (2021-2026)
6.3.6 Y-o-Y Growth Rate Analysis
6.3.7 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Component
7.2.3 By Technology
7.2.4 By Industrial vertical
7.3.1 By Country
22.214.171.124 Rest of Europe
7.3.2 By Component
7.3.3 By Technology
7.3.4 By Industrial vertical
7.4 Asia Pacific
7.4.1 By Country
126.96.36.199 South Korea
188.8.131.52 South East Asia
184.108.40.206 Australia & NZ
220.127.116.11 Rest of Asia-Pacific
7.4.2 By Component
7.4.3 By Technology
7.4.4 By Industrial vertical
7.5 Latin America
7.5.1 By Country
18.104.22.168 Rest of Latin America
7.5.2 By Component
7.5.3 By Technology
7.5.4 By Industrial vertical
7.6 Middle East and Africa
7.6.1 By Country
22.214.171.124 Middle East
7.6.2 By Component
7.6.3 By Technology
7.6.4 By Industrial vertical
8. Key Player Analysis
8.1 Stanley Healthcare Solutions (AeroScout, Inc.)
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Redpine Signals
8.3 Zebra Technologies Corp.
8.4 Versus Technology, Inc.
8.5 Lockheed Martin Corporation
8.6 Sonitor Technologies AS
8.7 TeleTracking Technologies, Inc.
8.9 DecaWave Limited
8.10 Ubisense Group PLC Inc
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures