Real time Location Systems Market

Global Real-Time Location Systems Market Size (2024 to 2029)

The global real-time location systems market is expected to be worth USD 7.46 Billion in 2024. It is expected to grow at a CAGR of 24.58% during the forecast period and reach a value of USD 22.39 Billion by 2029.

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.

MARKET DRIVERS: 

The growing need for asset tracking, the proliferation of smartphones, the rapid adoption of business analytics solutions, and an increased awareness of the benefits of the real-time tracking system are 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 market for real-time location systems 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.

MARKET RESTRAINTS:

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.

Impact of COVID-19 on the 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 treatments 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.

REPORT COVERAGE:

This research report on the global real-time location systems market has been segmented and sub-segmented into the following categories.

Real-Time Location Systems Market – By Component

• Hardware
• Software
• Service

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.

Real-Time Location Systems Market - By Technology

• Ultra-Wideband
• Wi-Fi
• RFID
• ZigBee
• Infrared
• Others

Real-Time Location Systems Market - By Industry Vertical

• Transportation & Logistics
• Healthcare
• Retail
• Manufacturing & Processing
• Others

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.

Real-Time Location Systems Market - By Region:

• North America
• Europe
• Asia Pacific
• Middle East, Africa & Latin America 

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 rates, 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 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.

KEY MARKET PLAYERS:

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.

RECENT HAPPENINGS IN THE MARKET:

• Attendees of the Health Information Management Systems Society (HIMSS13) annual conference will have multiple opportunities to learn how Real-Time Tracking System (RTLS) technology positively impacts efficiency and safety in healthcare facilities, as well as the new wireless RTLS technology.
• Zebra Technologies Corporation declared Zebra Motion Works Warehouse, another area arrangement that modernizes stockroom activities by following resources, robotizing exchanges, improving worker efficiency, and lessening transporting mistakes.
• Silicon Labs (NASDAQ: SLAB), a main supplier of silicon, programming, and solutions for a more brilliant and more associated world, today reported the fulfillment of the securing of the Wi-Fi® and Bluetooth® business of Redpine Signals, a center point of creating in Hyderabad, India, and a broad patent portfolio for $ 308 million in real money.
• STANLEY Healthcare, a leading provider of visibility and analytics solutions for the healthcare industry, and InterSystems, a global leader in healthcare information technology, today announced the next step in the strategic integration of their partnership to enable new applications like Internet of Things (IoT) and healthcare.