Real Time Location System (RTLS) Market 2019 – Global Size, Trends, Opportunities and Industry Growth with 28.7% CAGR by Forecast 2028
Market Research Future published a research report on “Real-Time Location System (RTLS) Market Research Report – Global Forecast to 2028” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2028.
Pune, India – September 25, 2019 /MarketersMedia/ —
Market Highlights
The real-time location system market has been segmented based on type and application. The type segment has been further segmented as radio frequency identification (RFID), Wi-Fi, ultrasound, infrared, and ZigBee (Bluetooth Low Energy). RFID accounts for the largest market share, by type, with 46.5% in 2018 and is projected to register a CAGR of 26.7% during the forecast period. Furthermore, the applications segment has been segmented as healthcare, government and defense, transportation & logistics, industrial manufacturing, and retail. The healthcare industry holds the largest market due to high demand of the systems for tracking and monitoring devices and individuals.
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The increasing demand for RTLS in the healthcare industry is considered as a major factor for driving the market. RTLS has shown potential to transform hospital processes such as asset temperature monitoring, bed capacity management, patient/provider workflow, patient elopement, security, and other location-dependent applications. RTLS enables a more accurate assessment of the exact number, location, and functionality of medical devices which has enabled hospitals to focus on improving patient care and reduce capital expenses. These systems also identify and manage inefficient use of human resources. Moreover, the increasing demand for RTLS due to Industry 4.0 is another factor that drives the market growth. Industrial processes are increasingly getting automated due to the rapid development of technologies including IoT, artificial intelligence (AI), machine learning, and virtual reality. There is a rise in demand for asset tracking solutions such as RTLS in manufacturing due to the benefits it has offered in terms of providing full visibility of assets, processes, resources, and products.
According to Market Research Future analysis, the global Real Time Location System Market has reached USD 1.875 billion in 2018 and has been estimated to be valued at USD 23.9042 billion by 2028 at 28.7 % CAGR during the forecast period 2019–2028.
Market Segmentation
Based on type, the real-time location system (RTLS) market has been segmented into Radio Frequency Identification (RFID), Wi-Fi, ultrasound, infrared, and ZigBee (Bluetooth Low Energy). Real-time location systems are majorly used for tracking, locating, and monitoring the activity of people or equipment indoors. With RTLS technology, the location data is received and transmitted through active and passive asset tags for equipment and wearables for people. The technologies used in RTLS include ultrasound, radio frequency (RF), infrared (IR), Wi-Fi, and Bluetooth low energy (BLE).
RFID-based RTLS comprise both active and passive tags for transmission. Passive tags are highly affordable and can function without the need for a power source, such as batteries. Active RFID-based RTLS offer extensive capabilities for asset tracking. Active RFID-based RTLS use small battery powered tags for signal transmission. Active RFID tags are used for multiple use cases in warehouses and healthcare systems. Passive RFID-based RTLS is majorly used for people tracking applications such as patient safety solutions in healthcare.
Ultrasound-based RTLS offer ideal solutions for indoor applications in industries such as logistics, healthcare, and retail. Ultrasound-based RTLS use sound waves for transmission of location data to access points. Ultrasound offers physical advantages over light waves such as easy containment, high resolution, and near perfect reflections. Ultrasound-based RTLS offer easy installation, testing, certification, and maintenance.
Key Players
The key players of global real-time location system (RTLS) market are IBM Corporation, Zebra Technologies Corporation, STANLEY Healthcare, General Electric Company, Siemens AG, Airista Flow, Inc., Sonitor Technologies Inc., RF Technologies, Inc., IDENTEC SOLUTIONS, PLUS Location Systems USA, LLC, PINC Solutions, Radianse, Essensium, CenTrak, and TeleTracking Technologies, Inc.
Regional Analysis
The real-time location system (RTLS) market, by region, has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. North America accounted for the largest market value of USD 950.6 million in 2018; the market is expected to register a CAGR of 24.0% during the forecast period. Europe was the second-largest market in 2018, valued at USD 500.2 million; the market is projected to exhibit a CAGR of 30.8%. However, the market in Asia-Pacific is expected to register the highest CAGR of 34%. The presence of well-established IT infrastructure in China has increased the demand for RTLS solutions for monitoring and tracking vehicle activities on road. High adoption of industry 4.0 and IoT in manufacturing industries across China is driving the growth of real-time location system market in China. However limited data security offered by RTLS solutions is expected to hamper the growth of RTLS market in China. The Japanese real-time location system (RTLS) market is growing at a fast pace since it is amongst one of the early adopters and developers of the technology in Asia-Pacific. Well-established IT infrastructure offering seamless connectivity in Japan has positively impacted the growth of the real-time location system market in Japan. However, concerns regarding data privacy and security are expected to hamper the growth of the market in Japan.
The US real-time location system is quite matured with the early adoption of RTLS solutions among enterprises and individuals in the country. The healthcare sector in the US is one of the key contributors for the market growth in this country. Hospitals in the US are adopting RTLS solutions for asset management of solutions such as infusion pumps, oxygen cylinders, ventilators and wheelchairs. Walmart Inc., a retailer in the US, is one of the early adopters of RFID technology for real-time asset tracking and supply chain management.
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Key Developments
In April 2019, IBM signed a contract worth USD 2 million with the Department of Veterans Affairs (VA), Austin for real-time location system VISN 1. IBM will provide complete configuration, installation, and testing of Veterans Integrated Service Network (VISN)-wide RTLS for the VA owned asset tracking applications.
In April 2018, Siemens acquired Agilion GmbH, a supplier of industrial RTLS. With this acquisition, the company will be offering real-time locating solutions in the field of industrial identification and digital enterprise.
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