ID: MRFR/ICT/6574-CR | June 2019 | Region: Global | 158 pages
The real-time location system market is driven by the rising demand for indoor applications in logistics, healthcare, and retail industries. Besides, the increasing use of ultrasound-based RTL systems for installation, testing, certification, and maintenance applications provides tremendous market growth opportunities.
Innovative industry players are actively building on emerging cold chain solutions and burgeoning interest in pharmaceutical logistics, ramping up GPS and temperature-tracking technologies to deploy in vaccine transport and beyond. The vaccine has hastened innovation in many freight tech companies that already provide temperature monitoring, now figure out how to do it on a much larger scale.
The real-time location system market outlook appears promising, demonstrating tremendous opportunities. Rising numbers of well-established infrastructures and smart cities create the demand for RTLS solutions to monitor and track vehicle activities on the road. Besides, the high adoption of industry 4.0 and IoT in manufacturing industries worldwide drive the real-time location system market growth.
Besides, the well-established IT sector globally increases the real-time location system market share, offering seamless connectivity. The early adoption of RTLS solutions in enterprises and individuals, alongside the presence of technology developers, positively impact real-time location system market statistics.
Additionally, the rapid uptake of RFID technology in various industries for real-time asset tracking and supply chain management influence market growth. Rising development in IoT & IIoT technology and the proliferation of industry 4.0, and the advent of 5.0 are major real-time location system market trends that foster growth.
Advent of Industry 5.0 to Present Robust Opportunities, Especially in Emerging Nations
Industrial automation substantiates the integration of machine-to-machine communication (M2M) and the internet of things (IoT) to allow improved communication between self-monitoring devices and production machines. Emerging markets present untapped opportunities for RTL technology.
The adoption of automation in manufacturing sectors across developing regions is expected to propel the market growth, witnessing strong demand from several industries like healthcare and automotive. It is seen that the significant demand from manufacturing industries in emerging countries would offer a host of opportunities to global firms in the future.
Restraints & Challenges:
Data Privacy and Security Concerns to Restrain Real-Time Location System Market Growth
Nowadays, various smart devices and electronics products have network embedded systems interconnected to devices to transmit useful measurement information and control instructions via distributed real-time location system networks. The limited data security offered by RTLS solutions restrains the market growth, presenting data privacy and security concerns.
Cumulative Growth Analysis:
The RTTLS Market Share to Expand at a Strong Rate
The industrial landscape is characterized by unprecedented levels of volatility, uncertainty, complexity, and ambiguity. Resultantly, the operational effectiveness of RTL systems and lower cost and enhanced security has become important for both machineries and personal devices. RTL technology and its advancements are playing a major role in maintaining industrial operations competitive and efficient. Resultantly, the global real-time location system market is expected to witness exponential growth over the next few years.
The type segment is sub-segmented into RFID, Wi-Fi, ultrasound, infrared, and ZigBee. Among these, The RFID segment accounts for the largest market share. In 2018, the segment created a value of USD 872.5 million, which is expected to grow further at 26.7% CAGR during the forecast period. On the other hand, the ultrasound segment is expected to register a 31.0% CAGR during the forecast period.
Healthcare is the Largest Applications Segment:
The application segment is further bifurcated into healthcare, transportation & logistics, industrial & manufacturing, government & defense, retail, and others. Among these, the healthcare segment accounts for the largest market share. In 2018, the healthcare segment created a valuation of USD 1.1252 billion, growing further at 26.8% CAGR during the review period.
Simultaneously, the industrial & manufacturing segment is expected to register a 31.9% CAGR during the review period. Real-time location systems find a large number of applications in the healthcare sector.
Hospitals and clinics use RTLS technology to track, monitor, and manage medical equipment through real-time access to location data and equipment status. RTLS also helps hospitals to reduce inventory costs and the time to locate misplaced equipment, counter expensive medical equipment thefts, and automate the maintenance process.
The sales channel segment is sub-segmented into direct channel and distribution channel. By region, the market is bifurcated into Americas (US, Canada, Mexico, Rest-of-North America), Europe (Germany, UK, France, Italy, and Rest-of-Europe), Asia Pacific (China, Japan, India, South Korea, and Rest-of-the-APAC), and Rest-of-the-World. Among these, North America accounts for the largest market share, followed by Europe and the APAC region, respectively.
North America has always been the market leader and could continue to maintain its winning streak throughout the assessment period. The growing industrial sector and the increasing numbers of small and medium-sized enterprises (SMEs) in the region drive real-time location system market growth. In 2018, the region accounted for a value of USD 950.6 million, which is expected to grow further at 24.0% CAGR during the anticipated period.
The strong presence of medical device manufacturers in the region induces market expansion. In 2018, the European market was valued at USD 500.2 Million, which is projected to grow at a 30.8% CAGR during the assessment period.
The real-time location system market appears extremely competitive, considering the strong presence of established industry players. Global vendors are increasingly facing fierce rivalry from each other and from local firms, who are growing aware of the industry's regulations and suppliers. Therefore, eminent players seek opportunities to deeply integrate across the extended value chain while focusing on the expansion of production facilities, R&D investments, and M&A activities to gain impetus.
RF Technologies Inc. is an us-based leading provider of safety and security solutions for the healthcare, hospitality, and education sectors, leveraging radio frequency identification (RFID) and PinPoint® real-time locating system (RTLS) technologies. For over decades, the company has been setting safety & security standards, developing technologically advanced solutions that improve individuals' safety and security in hospital and senior living environments.
This report examines the demand-supply scenario, pricing structure, profit margins, production, and value chain analysis influencing the RTLS market growth. Regional assessment explained in this report unlocks a plethora of untapped opportunities in regional and domestic market places. Detailed company profiling in the region enables users to evaluate company shares analysis, emerging product lines, the scope of the product in new markets, pricing strategies, innovation possibilities, and much more.
By Sales Channel:
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, By Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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.|
|Key Market Opportunities||Regional assessment explained in this report unlocks a plethora of untapped opportunities in regional and domestic market places.|
|Key Market Drivers||The real-time location system market outlook appears promising, demonstrating tremendous opportunities. Rising numbers of well-established infrastructures and smart cities create the demand for RTLS solutions to monitor and track vehicle activities on the road.|
Frequently Asked Questions (FAQ) :
2018–2028 is the growth period of the market.
The increasing demand for RTLS in healthcare industry is the major factor driving the market.
Asia-Pacific region stands as the second biggest market with a CAGR of 34%.
IBM, STANLEY Healthcare, Zebra Technologies Corporation, General Electric Company companies are leading the market with growth perspective.
North America, Europe, Asia-Pacific are the key regions grossing the highest market share.