Market Research Future published a research report on “RTLS Industry Research Report - Global Forecast to 2028” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2028.
The RTLS Industry 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 RTLS Industry 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.
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 Systems Market, by type, has been segmented into RFID, Wi-Fi, ultrasound, infrared, and ZigBee.
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.
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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
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