Real-Time Location System Market Size, Share Value, Growth Drivers and Forecast to 2027
The RTLS 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.
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.
Some of the Prominent Players in the 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.
According to Market Research Future analysis, the global real-time location system (RTLS) 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.
The MRFR analysis offers a comprehensive understanding of market dynamics. The global real-time location system (RTLS) market is analyzed across key geographies, namely North America, Europe, Asia-Pacific, and the rest of the world. The media and entertainment market in North America is expanding due to the presence of key market players and their investments in countries including the US and Canada.
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.
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