Global Real-time Location Systems (RTLS) Market Analysis Report 2023-2028: Ushering in a New Era in Real-Time Asset Management - The Advantages of UWB-based RTLS Solutions
DUBLIN, Sept. 18, 2023 /PRNewswire/ -- The "Real-time Location Systems Market by Hardware (Tags/Badges, Readers/Trackers), Technology (RFID, Wi-Fi, UWB, BLE, Infrared, Ultrasound, GPS, Zigbee), Application (Inventory/Asset Tracking, Personnel Monitoring), Vertical, Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global real-time location systems market size is expected to grow from USD 5.2 billion in 2023 to USD 16.2 billion by 2028, at a CAGR of 25.5% from 2023 to 2028
Real-time location systems (RTLS), also referred to as local positioning and tracking systems, are transformative technologies designed to automatically pinpoint the real-time location of objects and individuals across diverse environments and industries.
These systems employ RTLS tags or badges, which are affixed to objects or worn by people, enabling wireless communication with fixed receivers, readers, or access points strategically placed in the vicinity. RTLS leverages various wireless technologies, including radiofrequency identification (RFID), wireless fidelity (Wi-Fi), ultrasound, infrared (IR), ultra-wideband (UWB), and Bluetooth Low Energy (BLE), tailored to specific use cases and applications.
The escalating demand for RTLS solutions stems from the imperative need for real-time visibility and tracking of assets and personnel across a spectrum of industries. Moreover, the heightened focus on safety and security in these sectors drives the widespread adoption of RTLS technology. Industries ranging from healthcare and education to defense, oil & gas, and manufacturing all stand to benefit from the advantages offered by RTLS.
North America stands at the forefront of adopting cutting-edge technologies for real-time asset tracking and monitoring applications. While data centers, communications, education, sports, and emerging sectors are poised to embrace Wi-Fi-based RTLS solutions, established industries like healthcare and manufacturing are gravitating towards more advanced technologies such as UWB and BLE. Factors like declining prices of UWB tags and the potential for high returns on investment (RoI) are expected to fuel the adoption of UWB-based RTLS solutions across various verticals.
Key players in the RTLS market, including Securitas AB (Sweden), Zebra Technologies Corporation (US), Aruba Networks (US), Impinj, Inc. (US), Savi Technology (US), TeleTracking Technologies, Inc. (US), CenTrak, Inc. (US), and Ubisense Ltd. (UK), continually enhance their market presence through product nnovation, strategic partnerships, and acquisitions of smaller players. Other notable players in the industry include GE HealthCare Technologies Inc. (US), Alien Technology, LLC (US), AiRISTA Flow, Inc. (US), Sonitor Technologies (US), Midmark Corporation (US), among others.
Software segment is projected to grow at significant CAGR during the forecast period
Technological advancements in information technology have increased the demand for customized software platforms based on clients' requirements. Moreover, the penetration of enterprise resource planning (ERP) software for data processing applications in RTLS helps build a robust platform.
The factors mentioned above are expected to drive the growth of the market for software during the forecast period. RTLS software can be customized according to different applications and requirements of end-user industries. These software or software suites can use various technologies such as Bluetooth, UWB, and Wi-Fi, among others. These software suites also allow easy configuration and scaling of the RTLS network.
Healthcare vertical is expected to hold the largest share during the forecast period
A Real-Time Location System (RTLS) is used in the healthcare industry to track and manage patients, employees, and medical equipment in all kinds of healthcare infrastructure, such as hospitals and nursing homes, immediately or in real time.
The major factors driving the growth of the RTLS market in the healthcare industry are the need for inventory tracking and management, staff locating and monitoring, patient tracking, access control, and security. RTLS solutions are widely used in this vertical for various applications, such as tracking and monitoring assets, personnel, and patients, hand hygiene compliance, and environmental monitoring. Hospital operations have a continuous flow (in and out) of people and equipment as a part of the workflow process.
Several hospitals worldwide spend vast amounts on buying lost equipment and looking after medical equipment and people (staff and patients). These factors create the need for the adoption of RTLS solutions for tracking and monitoring people to increase the efficient workflow and enhance patient throughput.
Value Chain Analysis
Rtls Tag Price Comparison, by Technology
For more information about this report visit https://www.researchandmarkets.com/r/5ywcy5
For E.S.T Office Hours Call +1-917-300-0470
U.S. Fax: 646-607-1904
View original content:https://www.prnewswire.com/news-releases/global-real-time-location-systems-rtls-market-analysis-report-2023-2028-ushering-in-a-new-era-in-real-time-asset-management---the-advantages-of-uwb-based-rtls-solutions-301930316.html
SOURCE Research and Markets
Securing the Cloud
AstriCon/ITEXPO #TECHSUPERSHOW Networking Live Party