Real-Time Location System (RTLS) Market Research Depth Study and Forecast 2028
Posted by Akash Sangshetti on February 18th, 2020
The Global Real-Time Location System (RTLS) Market is Expected to grow at a 28.7% CAGR during the forecast period 2018–2028.
Real-time location systems (RTLS) have applications in various industries such as healthcare, industrial manufacturing, retail, government and transportation & logistics, as these systems offers asset management, high efficiency, and enhanced workflow. Moreover, these systems provide the information in real-time, and are used for tracking, locating, and monitoring the activity of people or equipment indoors. The global real-time location management systems market accounted for a market share of 1,875.2 Million in 2018 and is estimated to register a CAGR 28.7% during the forecast period 2019–2028, with a market value of 23,094.2 Million in 2028. The increasing demand for RTLS in 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.
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.
The global Real-Time Location System (RTLS) Market has been segmented on the basis of type, application, sales channel and region. The global Real-Time Location System (RTLS) Market, by type, has been segmented into RFID, Wi-Fi, ultrasound, infrared, and ZigBee.
The RFID segment accounted for the largest market share of USD 872.5 million in 2018 and is expected to register a CAGR of 26.7% during the forecast period. The ultrasound segment is expected to register the highest CAGR of 31.0% during the forecast period.
By application, the global real-time location system market has been segmented into healthcare, transportation and logistics, industrial manufacturing, government & defense, and retail.
The healthcare sector offers a large number of applications for real-time location systems. Hospitals and clinics make use of this technology for tracking, monitoring, and managing assets such as medical equipment through real-time access to location data and status of equipment. RTLS helps hospitals reduce inventory costs, reduce the time taken by nurses, technicians and other healthcare professionals to locate missing equipment, reduce the number of thefts of expensive medical equipment, and automate the maintenance process. The healthcare segment accounted for the largest market share of USD 1.1252 billion in 2018 and is expected to register a CAGR of 26.8% during the forecast period. The industrial manufacturing segment is expected to register the highest CAGR of 31.9% during the forecast period.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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.
TABLE OF CONTENTS
1 Executive Summary
1.1 Market Attractiveness Analysis
1.1.1 Global Real-Time Location System (RTLS) Market, By Type
1.1.2 Global Real-Time Location System (RTLS) Market, By Application
1.2 Global Real-Time Location System (RTLS) Market, By Region
2 Market Introduction
2.2 Scope Of The Study
2.3 Market Structure
3 Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
3.5 Forecast Vertical
3.6 List Of Assumptions
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About the AuthorAkash Sangshetti
Joined: October 1st, 2019
Articles Posted: 322
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