The Real-time location system market (RTLS) forecasts to grow from USD 3,186 million in 2018 and to reach USD 8,792 million by 2023, at a CAGR of 22.5% during the forecast period. The market growth is driven by the high adoption of RTLS solutions in the healthcare, retail, and manufacturing and automotive verticals. The regulatory compliance across industries including healthcare, oil & gas, mining, education, and manufacturing have also boosted the demand for RTLS solutions. The emergence of innovative startups, market competitiveness, and availability of customized solutions and high return on investment are the factors driving the growth of RTLS market.
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“Services segment to exhibit highest CAGR in global RTLS market during the forecast period ”
The hardware segment held the largest market share in 2017; however, organizations using RTLS solutions are expected to spend a significant amount on support and maintenance services on a regular basis. Hence, the RTLS market for services is expected to grow at the highest CAGR during the forecast period
“Healthcare is expected to hold the largest share of the RTLS market during the forecast period”
Healthcare has been the major industry for RTLS solutions and is expected to continue to hold a major share during the forecast period. The largest market share of the healthcare vertical is attributed to the early adoption of RTLS-based solutions for a wide range of healthcare applications such as tracking and monitoring assets, personnel, and patients; hand hygiene compliance; and environmental monitoring. Several hospitals across the world spend a huge amount on buying lost equipment and looking after medical equipment and people (staff and patients). These factors, along with the growth of IoT in healthcare, have led to a huge market opportunity for RTLS market solutions in healthcare industry.
“UWB technology to account for largest size of RTLS market by 2023”
The market for UWB technology-based RTLS solutions is expected to grow at the highest CAGR during the forecast period. The UWB technology can support locating a large number of objects down to the range of few centimeters. The declining prices of UWB tags is likely to boost the demand for UWB technology-based RTLS solutions from various verticals such as manufacturing, transportation, and logistics in the coming years. UWB technology is expected to surpass the market for all other RTLS market technologies by 2023.
“RTLS market in APAC to register highest CAGR during the forecast period”
The market in APAC is expected to grow at the highest CAGR during the forecast period owing to the untapped applications of RTLS solutions in different industries in APAC. Japan is the early adopter of RTLS solutions and has witnessed the highest growth in the RTLS market in the past. Countries such as South Korea, China, and Australia are also expected to witness high growth in market APAC.
The emergence of new applications/use cases and untapped/unexplored industries and applications in the APAC and RoW regions are likely to provide opportunities to RTLS vendors in the coming years. Additionally, emerging trends such as IoT, Industry 4.0, and the development of hybrid solutions as a result of technological advancements are also expected to present lucrative opportunities to RTLS vendors in the next few years. The growing IoT applications devised with healthcare requirements are expected to contribute to the growth for the healthcare vertical. The education vertical is expected to witness the highest CAGR in the RTLS market during the forecast period owing to the rising concern for the security and safety of students and faculty at educational premises.
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