COVID19: Real Time Location System (RTLS) Market is estimated to reach USD 16.3 Billion by 2027

Real Time Locating System (RTLS) Market: Summary

The Global Real Time Location System (RTLS) Market is estimated to reach USD 16.3 Billion by 2027 at a CAGR of 21.3%, says forencis research (FSR).

Real time location system (RTLS) system or indoor positioning system (IPS) mainly used for indoor applications such as tracking, monitoring, and locating the activity of peoples and things. In this technology, location data is received from the location transmitter devices attached to walls or ceilings and transmitted via Wi-Fi or other wireless technologies to asset tags for equipment and wearables for people. Then this location data can be accessed through cloud-based application program interfaces, integrated CRM software, and mobile applications. RTLS is mainly used in healthcare, manufacturing, smart warehouses, educations, hospitality, and other industries.

Real Time Location System (RTLS) Market: Drivers & Restraints

Market Drivers:

Increasing Global Smartphone Market

The smartphone is the most dominant portal of information and communication technology. Increasing population in developing countries has led to an increase in the demand for the smartphone. The use of smart phone for emergency management and incident response is totally based on RTLS technology to track the object location and people in real time. This is usually done within a building or other encloused area. The locating data mostly accessed by mobile application and hence it is expected to drive the real time location system (RTLS) market during the forecast period.

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High Industrial Growth

Growing healthcare, manufacturing, and defense markets is expected to boost the real time location system (RTLS) market during the forecasted period. In recent years, government and defense sectors are increased rapidly, thus, to fulfill the security demand and locating important assets in the supply chain management in addition to prisoners and personnel will be expected to grow the real time location system (RTLS) market during the forecast period. In Healthcare, the security of electronic health records and the safety of patients, and valuable assets have also resulted in higher demand for real time location system (RTLS) market.

Market Restraints:

System Incompatibility Issues

According to MGM Solutions, RTLS tracking fails 40% of the time while in use due to connectivity issues and Wi-Fi or other technology failures while sending the location data. Due to this, the company can suffer from various problems such as loss of data, wasting operational time, and money. Moreover, RTLS system cannot always penetrate through thick walls, leaving the tracking system at a significant loss. Hence, systems incompatibility issues such as connectivity problems, loss of data, and technology failure are expected to restrain the market growth during the forecast period.

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Real Time Location System (RTLS) Market: Key Segments

  • Segmentation based on type covers: ZigBee, RFID, Infrared, WhereNet, Wireless Fidelity (Wi-Fi), Bluetooth, andUltra-Wide Band (UWB)

Key Companies Covered

  • Zebra Technologies Corp.(Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)

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Real Time Location System (RTLS) Market: Report Segmentation

For the scope of report, In-depth segmentation is offered by Forencis Research

Real Time Location System (RTLS) Market, by Type

  • ZigBee

Real Time Location System (RTLS) Market, by Application

  • Fleet Tracking

Real Time Location System (RTLS) Market, by End User Industry

  • Healthcare

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Real Time Location System (RTLS) Market, by Region

Asia-Pacific

  • China

North America

  • US

Europe

  • Germany

Middle East and Africa

  • Saudi Arabia

South America

  • Brazil

About Forencis Research

Forencis Research is a B2B market research, intelligence and advisory firm engaging in market research and consulting services across leading industries, globally. Our robust and meticulous research team provides high growth and niche syndicated reports, customized reports and consulting reports to the diverse global fortune clientele and intellectual institutions. Forencis Research database is a constantly evolving pool of reports and white paper studies which helps companies to foster accelerated revenue growth in global and regional markets. Forencis Research delivers market research and consulting reports on high growth markets to help companies dominate their competition and set themselves apart by attaining increased revenue growth. To enable exclusive insights around the target market, Forencis Research employs robust research Methodology & Design which includes data acquisition, data synthesis and data correlation, through Primary and Secondary Research. Through the obtained data, Top-down and bottom-up methods are exercised to attain and verify data sanity within the entire market. This market data is yet again correlated with Forencis Research’s internal database before presenting it in any of our final publications. These methods of data correlation and amalgamation benefit us to put forward accurate market estimates enabling our clients to transform their business, markets and most importantly their “REVENUES”.

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