The recent report by Market Research Future (MRFR) asserts that the global RTLS market 2020 is slated to acquire a substantial market valuation at a moderate CAGR over the review period.
Drivers and Restraints
The growing demand for RTLS in the healthcare industry is considered a significant factor for driving the market. Furthermore, the increasing demand for real time location system (RTLS) due to Industry 4.0 is another factor that fuels market development. Industrial processes are progressively getting automated owing to the rapid development of technologies including artificial intelligence (AI), IoT, machine learning, and virtual reality. There is an increase in demand for asset tracking solutions such as RTLS in manufacturing due to the profits it has offered in terms of providing full visibility of processes, assets, resources, and products.
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The key players of global real-time location system (RTLS) market are IBM Corporation, Zebra Technologies Corporation, STANLEY Healthcare, General Electric Company, Siemens AG, Airista Flow, Inc., Sonitor Technologies Inc., RF Technologies, Inc., IDENTEC SOLUTIONS, PLUS Location Systems USA, LLC, PINC Solutions, Radianse, Essensium, CenTrak, and TeleTracking Technologies, Inc.
The global Real-Time Location System Market, based on the type, has been segmented into RFID, Wi-Fi, infrared, ultrasound, and ZigBee.
The RFID segment accounted for the most significant market share of USD 872.5 million in 2018 and is anticipated to register a CAGR of 26.7% during the review period. The ultrasound segment is expected to register the highest CAGR of 31.0% during the forecast period.
Based on the application, the global real-time location system market has been segmented into healthcare, transportation and logistics, industrial manufacturing, government & defense, and retail. The healthcare segment accounted for the leading market share of USD 1.1252 billion in 2018 and is anticipated to record a CAGR of 26.8% during the forecast period. The industrial manufacturing segment is expected to register the highest CAGR of 31.9% during the forecast period.
The geographical overview global market has been conducted in four major regions, namely Europe, the Asia Pacific, North America, and the rest of the world (including Latin America and the Middle East and Africa).
North America accounted for the most significant market value of USD 950.6 million in 2018; the market is estimated to register a CAGR of 24.0% during the review period. The US real-time location system is quite matured with the initial adoption of RTLS solutions among enterprises and individuals in the nation. The healthcare sector in the developed economy of the U.S. is one of the key contributors to the market growth in this country. Hospitals in the US are implementing RTLS solutions for asset management of solutions such as ventilators, oxygen cylinders, infusion pumps, and wheelchairs. Walmart Inc., a retailer in the US, is one of the adopters of RFID technology for real-time asset tracking and supply chain management. Europe was the second-largest market in 2018, assessed at USD 500.2 million; the market is anticipated to exhibit a CAGR of 30.8%. On the other hand, the market in Asia-Pacific is estimated to register the highest CAGR of 34%. The existence of well-established IT infrastructure in China has augmented the demand for RTLS solutions for monitoring and tracking vehicle activities on the road. Significant adoption of industry 4.0 and IoT in manufacturing industries across China is fueling the development of the real-time location system market in China. On the other hand, restricted data security offered by RTLS solutions is anticipated to impede the growth of the RTLS market in China. The real-time location system (RTLS) market in Japan is rising at a fast pace since it is among one of the early adopters and creators of the expertise in Asia-Pacific. Well-established IT infrastructure offering continuous connectivity in Japan has positively impacted the growth of the real-time location system market in Japan. On the other hand, concerns regarding data privacy and security are expected to hamper the growth of the market in Japan.
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Key questions addressed by the report
- What was the historic market size (2017)?
- Which segmentation (Type / Application / Sale Channel) is driving market?
- What will be the growth rate by 2028?
- Who are the key players in this market?
- What are the strategies adopted by key players?
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