RTLS Market Growth Forecast 2020-2027
RTLS Market have become imperative for businesses requiring efficient technologies to track the location of inventory, equipment and staff. In manufacturing environments, RTLS can track products and provide the necessary traceability for quality control and improve customer confidence. These systems can also monitor the production environment and equipment as part of an Industry 4.0 installation.
With the proliferation of smartphones, IoT devices, and the Internet, the market is projected to garner enormous traction. In this regard, Market Research Future (MRFR) asserts that the real-time location system market is projected to garner a valuation of USD 23.9042 Billion by 2028, growing at a 28.7% CAGR throughout the review period (2019–2028).
Besides, real-time location systems can also be used to enhance the safety of the workforce. The global RTLS Market is growing continually. Additionally, the spurring rise in the retail and eCommerce sector, alongside the growing focus on customer satisfaction needs and adoption of technologies, drive the market growth. Advances in analytical capabilities in location detection, transactional data, and geographical information system boost the market size.
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Rising numbers of smart city and infrastructure development projects create the demand for RTLS solutions to monitor and track vehicle activities on the road. Increasing adoption of industry 4.0 and IoT in manufacturing industries worldwide influence the real-time location system market growth. Furthermore, the well-established IT sector globally increases the real-time location system market share, offering seamless connectivity.
The early adoption of RTLS solutions among individuals and enterprises impacts the growth of the market positively. The rapid uptake of RFID technology across industries for real-time asset tracking and supply chain management pushes the market growth. Moreover, rising IoT & IIoT technology developments and the proliferation of industry 4.0 are major real-time location system market trends.
Global Real-Time Location System Market – Segmentation
The RTLS Market report is segmented into types, applications, sales channels, and regions. The type segment is sub-segmented into Wi-Fi, RFID, ultrasound, ZigBee, and infrared. Among these, The RFID segment holds the largest market share. The application segment is further sub-segmented into healthcare, industrial & manufacturing, transportation & logistics, government & defense, retail, and others.
Of these, the healthcare segment accounts for the largest market share due to the extensive uses of RTLS technology to track, monitor, and manage medical equipment. The sales channel segment is bifurcated into direct channel and distribution channel. The region segment is sub-segmented into Americas, Asia Pacific, Europe, and Rest-of-the-World.
Real-Time Location System Market – Regional Analysis
North America dominates the global real-time location system market. The largest market share attributes to the growing industrial sector and the increasing numbers of small and medium-sized enterprises (SMEs) in the region. The region is home to advanced communication technology providers with strong data mapping and data integration services, impacting the regional market growth.
Besides, high investments in developing cloud-based solutions and other related technologies increase the real-time location system market share. The strong presence of medical device and equipment manufacturers in the region induces market expansion.
Europe is the second-largest market for real-time location systems. Factors such as the rising demand from the healthcare industry and manufacturing sector drive the market demand in the region. Moreover, strict regulations and considerable healthcare spending boost the real-time location system market size in the region.
Global Real-Time Location System Market – Competitive Analysis
Numerous players form a competitive landscape in the RTLS Market. These players adopt aggressive strategic initiatives such as innovation, mergers & acquisitions, and brand reinforcement. They continuously launch analytics and services in developing economies to take advantage of the economic growth in these regions.
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Major Players
Players leading the global RTLS Market include Zebra Technologies Corporation, STANLEY Healthcare, IBM Corporation, Siemens AG, Airista Flow Inc., General Electric Company, RF Technologies Inc., Identec Solutions, Sonitor Technologies Inc., PINC Solutions, Radiance, PLUS Location Systems USA, CenTrak, TeleTracking Technologies Inc, and Essensium.
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