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The real-time location systems (RTLS) market size is forecast to increase by USD 13.84 billion, at a CAGR of 28% between 2022 and 2027. The market's growth relies on various factors. Firstly, the healthcare sector's increasing adoption of Real-Time Location System (RTLS) tags drives market expansion, enhancing asset tracking and patient monitoring capabilities. Secondly, the transportation and logistics industry's rising demand for RTLS solutions further propels market growth, optimizing supply chain operations and improving efficiency. Additionally, the affordability of Radio Frequency Identification (RFID) tags contributes significantly to market expansion, making RTLS technology accessible to a wider range of industries and applications. These factors collectively drive innovation and adoption, shaping the market landscape and fostering broader implementation of RTLS solutions across diverse sectors. As industries continue to recognize the benefits of real-time tracking and monitoring, the market is poised for sustained growth, fueled by increasing demand and ongoing technological advancements.
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The market is experiencing robust growth across various sectors, including biomedical engineering, oil & gas, and mining. With a focus on safety compliance and regulations, industries are increasingly adopting RTLS solutions equipped with real-time tracking systems and navigation systems to enhance operational efficiency and mitigate risks. Utilizing technologies like IoT and wireless systems, RTLS enables indoor tracking and seamless monitoring of assets and personnel, reducing workplace accidents and addressing workflow bottlenecks. Logistic companies and the healthcare industry are among the key adopters of RTLS, leveraging wearable devices and mobile phones for efficient management and resource optimization.
This market forecasting report extensively covers market segmentation by application (healthcare, transportation and logistics, retail, government, and others), solution (systems and tags), and geography (North America, Europe, APAC, South America, and the Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The market share growth by the healthcare segment will be significant during the forecast period. In the RTLS market, this segment is one of the fastest growing. There has been a substantial increase in patient monitoring and asset tracking in hospitals due to advantages such as low cost and real-time tracking offered by RTLS, which guarantee the security of patients and assets. RTLS solutions are mostly used in hospitals to enhance operational efficiency and lower the cost of monitoring assets.
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The healthcare segment was valued at USD 592.43 million in 2017. Hospitals integrate data analytics software to track par levels of infusion pumps, perform real-time tracking of temperature levels of refrigerators used in medical facilities, and monitor patients. Also, the software supports the hospital team to extract large datasets and get real-time information to gain a better understanding. For instance, Stanley Healthcare has incorporated visual data analytics software from Tableau Software with Wi-Fi RTLS. In addition, this system allows hospitals to track par levels of infusion pumps so that they can be refilled. Hospitals and healthcare institutions are adopting VPNs to enable data security and establish a seamless connection between staff and patients. Many hospitals are creating indoor applications based on floor maps to deliver location-based searches to track patients, staff, and equipment. There has been a rise in the trade of commodities and pharma products worldwide because of globalization. Such development may propel the growth of the global market focus during the forecast period.
The systems segment includes significant elements, such as location readers, location sensors, network infrastructure, and application software/middleware. Due to the increasing uptake of RTLS by transportation and logistics, oil and natural gas, manufacturing, retail, healthcare, and other industries, the segment is expected to grow. Further, the rising usage of advanced tracking systems in military applications for tracking shipments and assets is anticipated to further boost the growth of the segment. Expanding advantages associated with RTLS are driving the players operating in the healthcare sector to incorporate the RTLS system into their business process, which is anticipated to augment the growth of the global market focus during the forecast period.
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North America is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In North America, the RTLS is expected to increase. In the region, the US contributes the maximum revenue to the real-time location systems market due to the high adoption of RFID tags and RTLS solutions. Furthermore, most transportation and logistics, hospitals, enterprises, retailers, and automobile companies are installing RTLS to gain seamless operations. For instance, Zebra Technologies and STANLEY Healthcare are the major RTLS market providers in this region. To track their assets, many vendors are using RTLS solutions.
Moreover, the major countries with the highest demand for the RTLS market are Mexico and Canada which increases the real-time location systems market demand. In Canada and Mexico, the demand for RFID tags will further increase due to the upsurge in the adoption of tags in SMEs and hospitals in these regions. It is essential to note that an average user spends a significant portion of his/her time indoors. Therefore, indoor positioning and tracking play a critical role in delivering efficient customer assistance. As most customers can access real-time data via digitized services, marketers are focusing on proximity-based advertising to promote brands, offers, and deals. Hence, such factors are expected to drive the market in the region during the forecast period.
In the realm of the market, nursing staff efficiency and patient care are significantly enhanced through the implementation of real-time tracking systems. With solutions like the Orion Real-Time Location System, hospitals streamline operations and improve response times. Courier services and logistics companies optimize their workflows using RTLS, bolstered by wireless systems for seamless communication. Enhanced visibility of operators and resources mitigates congestion and traffic concerns, ensuring smoother operations in diverse environments.
The growing use of RTLS tags in the healthcare sector is driving market growth. Many hospitals are deploying RTLS tags to enhance operations and profitability in the healthcare sector. RFID tags cater to a broad range of applications. RTLS is used for the fast finding of equipment such as wheelchairs, ventilators, oxygen cylinders, hospital beds, and infusion pumps in asset management. Also, hospitals use RTLS tags to observe sensitive equipment, violent patients, and hospital staff, including doctors and nurses. In healthcare applications., high-frequency (HF) tags and ultra-high frequency (UHF) RFID tags are generally used and their demand will have a positive impact on the market growth.
However, HF is used to tag blood samples, tissue samples, and other critical fluids. In addition, UHF RFID tags are used for long-range purposes such as tracking and finding essential medical devices, managing inventory, and tracking and identifying patients. Tracking surgical instruments and other reusable medical equipment with RTLS solutions helps automate the sterile processing workflow. The process involves cleaning; sterilizing; and distributing medical equipment, surgical and dental instruments, and critical supplies. Hence, the healthcare sector delivers an extensive possibility for the RTLS companies, which may drive market growth during the forecast period.
The increasing popularity of LBM is an emerging trend shaping market growth. The right communication between patients and hospital staff is an essential element in the healthcare sector. On the other hand, improper or poor communication leads to patient delays, and sometimes it becomes crucial and leads to patient death. The hospital staff lost 46 minutes on average on each working day due to this outdated technology. Hence, to enhance efficiency and reduce costs, most hospitals are using location-based messaging (LBM). Further, this technology is predominantly used for patient communications, patient help button alerting, and staff safety alerting. With the advent of new technology and innovation such as Wi-Fi RFID badge tags come with a text display screen.
Moreover, for LBM purposes, they are widely adopted among hospitals. A display tag provides accurate details at the right place and at the right time such as if a patient stops, assets are missing, or a patient enters a danger zone. The Wi-Fi RFID badge tags send a message to the concerned person, either a doctor or a nurse. Hence, the LBM technology operates hospital workflow appropriately and transmits context-aware messages for only appropriate messages to reach the destination which also saves time and reduces alarm fatigue, which in turn will drive market growth during the forecast period.
The lack of well-defined technology standards is a significant challenge hindering the market growth. This technology is still in its initial phase with no well-defined technology standards. Also, the implementation of such technology in the system, which is in its nascent stage of development, can cause operational issues. This, in turn, is impeding their growth. Indoor positioning and tracking apps receive data from the user's location. Thus, the performance and precision of the application are greatly impacted by varying data sampling rates of various devices. Owing to the existence of open-source OS technology, developers are free to make customized changes and enhancements to their own devices. Important delays happen while pre-processing, which is acquired from third-party sensors, as such data is mostly outdated.
As a result, the creation of many variants of the same app runs on various smart devices. Fixing the issues that crop up due to inconsistencies in app versions is a massive challenge for developers. Further, technology standards for RTLS lack clarity, and this prompts companies to use different standards for the systems. Crude standards will create incompatibility among different applications which leads to high implementation costs for enterprises which may have an adverse impact on the market growth. Hence, the low RTLS technology standards may hinder market growth during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market forecast report includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AiRISTA Flow Inc. - The company offers location-tracking hardware, software and mobile phone applications.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2023 to 2027, as well as historical data from 2017 to 2022 for the following segments.
In the evolving landscape of the market, hand hygiene compliance and infection control are paramount, particularly in healthcare settings like the Reading Hospital. Such solutions leverage UWB (Ultra-Wideband) and BLE (Bluetooth Low Energy) technologies to ensure accuracy, reliability, and flexibility in indoor location and people tracking. From manufacturing equipment to vehicles like forklifts and trucks, safety regulations drive the adoption of RTLS for efficient operations. Beyond cost-effectiveness and installation expenses, RTLS addresses crucial aspects of patient safety, mitigating risks of medication errors, adverse drug events, and misidentification. As wearables and trackables gain traction, RTLS contributes to enhancing the quality of care while optimizing resources in various industries and communities.
Further, in the dynamic realm of real-time tracking system, addressing infections and enhancing safety protocols is paramount, especially in sectors like healthcare, where the Health department plays a pivotal role. RTLS solutions, utilizing Ultra-wideband (UWB) and Bluetooth standard, offer precise detection accuracy and facilitate real-time tracking of assets and personnel, mitigating risks associated with incorrect blood transfusion and specimen misidentification. While initial setup costs and maintenance costs are considerations, RTLS provides invaluable benefits, from improving warehouse management to optimizing shipping processes. As industries adapt to changing demographics and emerging technologies, RTLS serves as a cornerstone for operational efficiency and safety compliance across various sectors.
Market Scope |
|
Report Coverage |
Details |
Page number |
171 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 28% |
Market growth 2023-2027 |
USD 13.84 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
27.23 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 39% |
Key countries |
US, China, Japan, Germany, and the UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AiRISTA Flow Inc., Alien Technology LLC, General Electric Co., Halma Plc, Identec Group AG, Impinj Inc., Inpixon, Leantegra Inc., Litum Technologies Inc., Mojix Inc., Oracle Corp., Qorvo Inc., Savi Technology Inc., Securitas AB, Silicon Laboratories Inc., Sonitor Technologies AS, TeleTracking Technologies Inc., Tracktio Group SL, Ubisense Ltd., and Zebra Technologies Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Solution
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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