Real-Time Location System (RTLS) Market Size to Reach USD 23
BANGALORE, India, May 29, 2020 /PRNewswire/ -- RTLS is used to automatically identify and monitor the real-time position of objects or individuals, typically in a building or other enclosed space. The RTLS consists of a tag attached to objects or individuals, and the signals transmitted from this tag are analyzed with respect to a fixed reference point, which helps to find the exact position of the person or entity.
The global Real-time Location System market size was valued at USD 2.83 Billion in 2018 and is projected to reach USD 23.13 Billion by 2026, growing at a CAGR of 30.2 percent between 2019 and 2026.
The COVID -19 pandemic has spread to nearly 100 countries across the globe since the outbreak in December 2019. The global impacts of the 2019 coronavirus disease (COVID-19) are already starting to be felt and will affect the RTLS Market size significantly in 2020.
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TRENDS INFLUENCING THE RTLS MARKET SIZE:
- An increase in the need for asset tracking, smartphone proliferation, an increase in the adoption of business analytics solutions, as well as a rise in awareness about the benefits of real-time location systems are the main factors driving the growth of RTLS market size.
- The demand for RTLS solutions has been boosted by regulatory enforcement across industries, including healthcare, oil & gas, mining, education, and manufacturing. The emergence of creative startups, the attractiveness of the industry, and the availability of personalized solutions, and the high return on investment are factors that are expected to drive the growth of RTLS market size.
- The increase in smartphone use across all the regions has fuelled the growth of the RTLS market size. The use of smartphones for crisis response & emergency management is based on the RTLS system, which can be used to identify and monitor people's position in real-time. Furthermore, RTLS is also used by Mobile applications, such as gaming apps, business & communication apps, health & wellness apps, etc.
- Additionally, industries are opting for RTLS to lower the risk of workplace accidents. An RTLS helps to know the exact location at any given time of a vehicle as well as the operators. Based on the data collected, an RTLS analyzes the traffic and enables it to recognize and avoid workplace incidents that remove bottlenecks in the workflow, saving both time and money. Due to this feature, RTLS is widely implemented in warehouses, correctional facilities, and retail stores, among others, which in turn is increasing the RTLS market size,
- With the increase in mining operations, every mine's output across different regions is heavily dependent on a secure interface between mining equipment and people. Therefore, the need arises for a wireless communication framework that can efficiently manage the efficient and reliable processing of relevant information. This need can be fulfilled using RTLS, making it the ideal choice for such an environment.
- Increased government funding to promote RTLS solutions is expected to have a favorable impact on the growth of the RTLS market size over the forecast period.
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RTLS MARKET SHARE ANALYSIS
- The hardware segment holds the largest RTLS market share in 2018 based on components and is expected to retain its dominance over the forecast period. This dominance of the hardware segment can be attributed to the abundance of affordably priced sensors, increased understanding of the benefits of RTLS technology, and increased Wi-Fi adoption across various end-user industries.
- Healthcare has become the leading industry to adopt RTLS solutions and is projected to continue to retain a major chunk of the RTLS market share over the forecast period. This is due to the early adoption of RTLS-based technologies for a wide variety of healthcare applications such as asset tracking and monitoring, workers, and patients; handheld hygiene compliance; and environmental monitoring. These factors, along with the growth of IoT in healthcare, have made healthcare to be a key vertical in the RTLS market.
- In terms of region, due to high technological awareness, North America is expected to hold a substantial RTLS market share over the forecast period. Furthermore, the growing trend in the adoption of real-time location systems in government applications and several other industries is also expected to boost the region's RTLS market share.
- Due to the untapped applications of RTLS solutions in various industries in APAC, the APAC market is expected to grow at the highest CAGR during the forecast period.
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KEY MARKET SEGMENTS
By Industry Vertical
- Transportation & Logistics
- Manufacturing & Processing
Key Market Players
- DecaWave Limited
- Lockheed Martin Corporation
- Redpine Signals, Inc.
- Sonitor Technologies
- Stanley Black & Decker, Inc.
- TeleTracking Technologies, Inc.
- Ubisense Ltd.
- Versus Technology, Inc.
- Zebra Technologies Corp
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