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
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
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.
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, and Ultra-Wide Band (UWB)
· By application covers: Fleet Tracking, Navigation, Inventory & Asset Tracking, Personal Tracking, and Network Security
· On the basis of end user industry covers: Healthcare, Manufacturing, Logistics & Transport, Education, Oil & Gas, Government & Defense, Sports & Entertainment, and Others
· Segmentation based on region covers: North America, South America, Europe, Asia-Pacific, and Middle East & Africa with individual country-level analysis
Key Companies Covered
· Zebra Technologies Corp.(Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
· HID Global Corporation/ASSA ABLOY AB.
· STANLEY Healthcare
· Hewlett Packard Enterprise Development LP
· Airista Flow, Inc.
· Juniper Networks, Inc.
· CenTrak, Inc.
· Cisco Systems, Inc.
· Midmark Corporation
· Sonitor Technologies
· Other Key Companies
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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
· Wireless Fidelity (Wi-Fi)
· Ultra-Wide Band (UWB)
Real Time Location System (RTLS) Market, by Application
· Fleet Tracking
· Inventory & Asset Tracking
· Personal Tracking
· Network Security
Real Time Location System (RTLS) Market, by End User Industry
· Logistics & Transport
· Oil & Gas
· Government & Defense
· Sports & Entertainment
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Real Time Location System (RTLS) Market, by Region
· South Korea
· Rest of Asia-Pacific
· The Netherlands
· Rest of Europe
Middle East and Africa
· Saudi Arabia
· Rest of Middle East & Africa
· Rest of South America
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