PUBLISHER: The Business Research Company | PRODUCT CODE: 1392860
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392860
“Real-Time Location Systems (RTLS) Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on real-time location systems (rtls) market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for real-time location systems (rtls)? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The real-time location systems (rtls) market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Real-time Location Systems (RTLS) are systems designed for the automatic recognition and tracking of the real-time location of various entities, ranging from vehicles and products to individuals. RTLS finds applications in fleet tracking, navigation, inventory and asset tracking, personnel tracking, and network security.
The main components of real-time location systems (RTLS) include hardware, software, and services. In RTLS hardware, transmitters are attached to individuals or assets, emitting wireless signals that provide identification and location data to receivers. RTLS receivers, placed throughout the facility, capture signals from tagged assets, identifying their location. Location detection can occur through proximity to receivers or through trilateration, a mathematical technique based on the wireless technology used. Various technologies are employed in RTLS, such as RFID, Wi-Fi, ultra-wideband (UWB), Bluetooth Low Energy (BLE), ultrasound, infrared (IR), GPS, among others. RTLS is utilized in inventory and asset tracking, personnel monitoring, access control and security, environmental monitoring, supply chain management, and operational automation or visibility. It is implemented across various verticals, including transportation and logistics, healthcare, retail, manufacturing and processing, among others.
The real-time location systems (RTLS) market research report is one of a series of new reports from The Business Research Company that provides real-time location systems (RTLS) market statistics, including real-time location systems (RTLS) industry global market size, regional shares, competitors with a real-time location systems (RTLS) market share, detailed real-time location systems (RTLS) market segments, market trends and opportunities, and any further data you may need to thrive in the real-time location systems (RTLS) industry. This real-time location system (RTLS) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The real-time location systems (rtls) market size has grown exponentially in recent years. It will grow from $9. 22 billion in 2023 to $11. 9 billion in 2024 at a compound annual growth rate (CAGR) of 29. 1%. The growth observed in the historical period can be attributed to factors such as the increasing demand for improving manufacturing, logistics, and supply chain efficiency, enhancing retail inventory management, prioritizing employee safety and productivity, and an increased focus on patient care in the healthcare sector.
The real-time location systems (rtls) market size is expected to see exponential growth in the next few years. It will grow to $32. 52 billion in 2028 at a compound annual growth rate (CAGR) of 28. 6%. The anticipated growth in the forecast period can be attributed to factors such as the expansion of retail for improved customer experience, the demand for social distancing solutions, a focus on sustainability, utilization in sports and entertainment, and government initiatives for public safety. Major trends expected in the forecast period include the adoption of indoor navigation solutions, growth in logistics and supply chain applications, the adoption of ultra-wideband (UWB) technology, the integration of cloud-based RTLS solutions, considerations related to privacy and ethics, and the integration with data analytics and artificial intelligence (AI).
The anticipated surge in smartphone demand is poised to drive the growth of the real-time location system (RTLS) market in the foreseeable future. Smartphones, serving as portable electronic devices with cellular connectivity, have become integral tools for communication, internet access, and various applications. The global population's increasing reliance on smartphones has resulted in a heightened demand for real-time location system (RTLS) innovations. This technology, utilized for incident response and emergency management, automatically identifies and tracks objects or individuals in real-time. As of 2021, the worldwide smartphone user count reached 3. 8 billion, representing 48. 33% of the global population. Consequently, the escalating demand for smartphones significantly propels the growth of the RTLS market.
The expansion of the healthcare sector is a significant catalyst for the growth of the real-time location system (RTLS) market. The healthcare sector, encompassing a diverse range of organizations and professionals dedicated to providing medical services, has witnessed widespread adoption of RTLS solutions. These solutions, implemented in healthcare facilities like hospitals and clinics, contribute to improved patient care, streamlined operations, and efficient asset management. Real-time tracking of medical equipment, patients, and healthcare personnel enhances operational efficiency, reduces wait times, and ensures heightened patient safety. The emphasis on enhancing patient experiences and meeting regulatory requirements has further fueled the demand for RTLS solutions. Notably, India's public healthcare expenditure rose to 2. 1% of GDP in 2021-22, while the USA's healthcare expenditure as a percentage of GDP increased from 16. 68% in 2019 to 18. 82% in 2020, as per the World Health Organization. This growth in the healthcare sector substantiates the driving force behind the RTLS market's expansion.
Technological advancements are a pivotal trend shaping the real-time location system (RTLS) market. Leading companies in the RTLS sector are actively engaged in developing technological solutions for real-time asset and employee tracking. For example, Inpixon, a US-based technology company, introduced the Inpixon asset tag in June 2021. This small, active radio frequency (RF) tag utilizes chirp radio-frequency technology for long-range asset tracking within real-time location systems (RTLS). The tag's distinctive performance profile, combining precision, extended operating range, and interference resilience, underscores the role of technological innovation in advancing the capabilities of RTLS.
Major players in the RTLS market are concentrating on innovative product development to drive market revenues. These innovations involve cutting-edge tracking and monitoring solutions utilizing advanced technologies to deliver real-time, accurate, and versatile location information. Mirion Technologies Inc., a US-based company specializing in radiation detection solutions, launched the Orion real-time location system in September 2021. The Orion RTLS system integrates radiological and location data to enhance work path efficiency, worker safety, asset location, and dosage management in environments facing challenges related to radiation exposure and asset tracking.
In July 2022, Securitas AB, a Sweden-based security services company, acquired Stanley Black and Decker Inc. for $3. 2 billion. This acquisition positions Securitas to offer enhanced safety solutions globally. Stanley Black and Decker Inc., a US-based company, is recognized for providing real-time location system (RTLS) solutions, further consolidating the market's strength.
Major companies operating in the in the real-time location systems (rtls) market report are Zebra Technologies Corp., Stanley Healthcare, CenTrak Inc., Ubisense Group PLC, TeleTracking Technologies Inc., Sonitor Technologies AS, AeroScout Industrial, DecaWave Limited, Midmark Rtls Solutions Inc., AiRISTA Flow Inc., Savi Technology, Lockheed Martin Corporation, GE HealthCare Technologies Inc., Impinj Inc., Identec Group AG, Ekahau, Securitas AB, Aruba Networks, Alien Technology LLC, Mirion Technologies, Axcess International Inc., Awarepoint Corporation, Cerner Corporation, Elpas Solutions, Infor Inc., Intelligent InSites Inc., Mojix Inc., Navis, PLUS Location Systems, Redpine Signals Inc., RF Technologies Inc.
North America was the largest region in the real-time location systems (RTLS) in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the real-time location systems (rtls) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the real-time location systems (rtls) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The realtime location center market includes revenues earned by entities by showing real time tracking status of objects and providing data-based insights. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.