Real-time Location Systems Market (RTLS) worth $12.7 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Jan. 18, 2022 /PRNewswire/ -- According to the new research report the "Real-time Location Systems Market (RTLS) with Covid-19 impact analysis by Offering (Hardware, Software, Services), Technology, Vertical (Healthcare, Manufacturing, Retail, Education, Govt, Sports), Application Use Case & Region - Global Forecast to 2026", published by MarketsandMarkets™, the RTLS market is estimated to be valued at USD 3.9 billion in 2021 and reach USD 12.7 billion by 2026, at a CAGR of 26.5%. The increasing regulations in various industries to improve safety, workflow, and security and increasing popularity of ultra-wideband technology-based RTLS solutions are the key factors that will accelerate the growth of the RTLS market during the forecast period. Likewise, growing need for contact-tracing solutions due to COVID-19 pandemic and growing trend of hybrid RTLS solution are expected to create lucrative opportunities for the players in the RTLS market. However, high cost of installation and maintenance and stringent government rules and regulation are expected to restraint market growth.
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Healthcare vertical is expected to dominate in the RTLS market during the forecast period
The healthcare vertical is expected to continue to account for the largest market size during the forecast period. The growth of the healthcare vertical can be attributed to the early adoption of RTLS-based solutions for a wide range of applications in healthcare, especially in the US. The growing usage of IoT devices in the healthcare sector is also expected to contribute to the growth of the RTLS market in the healthcare vertical. Concerns over the safety of patients and security of electronic health records and valuable assets have also encouraged the adoption of RTLS solutions in healthcare.
Supply chain management & operational automation/visibility application expected to witness the highest CAGR in the RTLS display market during the forecast period
The supply chain management & operational automation/visibility application is expected to witness the highest CAGR in the RTLS market during the forecast period. RTLS solutions are gaining popularity for locating inventory in warehouses, as well as throughout the supply chains. RTLS technologies allow better visualization of supply chain dynamics in real-time. As companies move toward Industry 4.0, they demand greater visibility for faster decision-making. Real-time data of supply chain oprations allows quicker response times to make any alterations in normal operations.
UWB Technology is expected to grow at the highest CAGR in 2026
The market for UWB-based RTLS solutions is expected to grow at the highest CAGR of 33% during the forecast period. UWB technology-based RTLS solutions provide more accurate data than RTLS solutions based on other technologies. UWB technology can support locating objects down to the range of a few centimeters. This is highly beneficial in high-intensity operations in the healthcare and manufacturing verticals. The rapid decline in the prices of UWB tags has also resulted in the increased implementation of these tags in RTLS solutions. The manufacturing and logistics industries are likely to be the major contributors to the growth of the market for UWB-based RTLS solutions in the coming years.
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APAC is attributed to grow at the highest CAGR in RTLS market during the forecast period (2021-2026)
APAC is expected to grow at the highest CAGR in the overall RTLS market. The RTLS for Healthcare market in APAC is growing primarily due to rise in the rising number of smartphone & tablet users, partnerships between RTLS players and hospitals, and the presence of supportive government policies.
Advancements in technology have always had major impact in the field of medicine. Smartphone is one of the most dynamic and ubiquitous trends in communication and real-time location tracking. Moreover, these devices are primarily used in the RTLS solutions for tracking and monitoring patients, staff, as well as medical equipment. Mobile phones can also be used for communicating through different platforms such as email, performing Internet searches, and various other applications. Smartphones are one of the fastest growing sectors in the technology industry, and its impact in medicine has already been observed significantly. Smartphones aren't just making it easier in terms of day-to-day chores; the technology is also streamlining care for both physicians and patients.
Asset Management System Market With Covid-19 Impact by Solution (GPS, RFID, RTLS, Barcode), Asset Type (Electronic Assets, Returnable Transport Assets, In-Transit Equipment, Manufacturing Assets, Staff), Industry, Geography - Global Forecast to 2025
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