Authored By: Sarah
11 Jul 2024

 Real-Time Location Systems (Rtls) Market Size to grow by USD 28356.1 million between 2024-2028

According to a research report “ Real-Time Location Systems (Rtls) Market” by Application (Healthcare, Transportation and logistics, Retail, Government, Others) Solution (Systems, Tags) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 28356.1 million, at a CAGR of almost 37.54% during the forecast period. In today's business landscape, Real-Time Location Systems (RTLS) have gained significant traction across various industries, including logistics, automotive, construction, mining, oil and gas, retail, healthcare, sports, and education. RFID tags, a crucial component of RTLS, are extensively utilized for asset tracking and workforce management, leading to operational efficiency enhancements. The affordability of RFID tags is a major factor driving their widespread adoption, with passive RFID tags priced as low as USD1.5 per unit. Active RFID tags, which offer advanced features and functionality, are priced between USD0.10 and USD20+ depending on their ability to perform optimally in challenging environments and other key functionalities.

Browse market data tables, figures, and in-depth TOC on “Real-Time Location Systems (Rtls) Market” by Application (Healthcare, Transportation and logistics, Retail, Government, Others) Solution (Systems, Tags) Geography (North America, Europe, APAC, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Application, the Healthcare segment is projected to dominate the market size in 2024

In the realm of Real-Time Location Systems (RTLS) Market, the components segment is experiencing significant growth due to its essential role in RTLS implementation. This segment comprises critical elements, including location readers, sensors, network infrastructure, and application software/middleware. The expansion is primarily driven by the escalating adoption of RTLS across industries such as transportation and logistics, oil and natural gas, manufacturing, retail, healthcare, and the military. In healthcare, particularly in hospitals, RTLS systems are indispensable for enhancing patient and staff facilities, as well as augmenting the quality of healthcare services. Furthermore, advanced tracking systems' increasing usage in military applications for monitoring shipments and assets is anticipated to fuel the segment's growth during the forecast period.

By Solution, Systems  segment is expected to hold the largest market size for the year 2024

The healthcare sector is poised for substantial expansion in the Real-Time Location Systems (RTLS) market during the forecast period. This segment represents one of the most dynamic growth areas within the industry. The adoption of RTLS solutions has surged in hospitals due to their advantages, including real-time tracking and cost-effectiveness. These systems ensure the safety and security of both patients and assets, making them indispensable in healthcare facilities. Indoor Location-Based Services (LBS) are a key application of RTLS, providing real-time analytics data and seamless integration with clinical systems. By enhancing staff productivity and operational efficiency, Indoor LBS significantly contributes to cost savings and improved patient care.

North America is forecasted to hold the largest market size by region in 2024

Real-Time Location Systems (RTLS) market is experiencing significant growth due to the increasing demand for real-time asset tracking and workforce management solutions. RTLS technology enables businesses to optimize operations, enhance productivity, and improve customer service by providing accurate and timely location data. Key industries such as healthcare, manufacturing, and logistics are adopting RTLS to streamline processes, reduce costs, and gain a competitive edge. The market is expected to continue expanding as more businesses recognize the benefits of real-time location intelligence.

The Real-Time Location Systems (Rtls) Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • AiRISTA Flow Inc.
  • Alien Technology LLC
  • General Electric Co.
  • Halma Plc
  • Identec Group AG
  • Impinj Inc.
  • Inpixon
  • Leantegra Inc.
  • Litum Technologies Inc.
  • Mojix Inc.
  • Oracle Corp.
  • Qorvo Inc.
  • Savi Technology Inc.
  • Securitas AB
  • Silicon Laboratories Inc.
  • Sonitor Technologies AS
  • TeleTracking Technologies Inc.
  • Tracktio Group SL
  • Ubisense Ltd.
  • Zebra Technologies Corp.
.

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Research Analysis Overview

Real-Time Location Systems (RTLS) have gained significant traction in various industries due to their ability to provide real-time tracking and location information. In today's fast-paced business environment, workflow bottlenecks caused by traffic and manual processes can negatively impact productivity and efficiency. RTLS uses wireless systems, such as IoT-enabled wearable devices, to track the location of people and assets in real-time, improving workflow and safety compliance in industries like manufacturing, mining, oil & gas, healthcare, and logistics. Operators in hospitals, for instance, can use RTLS to locate nursing staff and biomedical engineering equipment, ensuring timely response to emergencies and reducing workplace accidents. In logistics and transportation, real-time tracking systems help courier services optimize their routes and improve delivery times. Navigation systems in mobile phones use RTLS for indoor tracking, making it easier for users to find their way around large buildings. Regulations and security are crucial considerations in implementing RTLS. Compliance with safety regulations and data security are essential to prevent potential risks and maintain trust with customers and stakeholders. RTLS is revolutionizing industries, from healthcare to manufacturing, by providing real-time location information, enhancing workflow, and ensuring safety compliance.

Market Research Overview

Real-Time Location Systems (RTLS) market is witnessing significant growth due to the increasing adoption of trackables, such as wearables, in various industries, including logistics, shipping, and warehouse management. RTLS finds extensive applications in defense industries, emerging economies, and communities with large working populations. Connected devices, Wi-Fi systems, and RFID technology are driving the market's growth. In healthcare, RTLS is crucial for improving patient safety by reducing misidentification of medication, patients, and blood transfusions, which can lead to adverse drug events, deaths, and lawsuits. RTLS is also essential for staff shortages and aging populations in the ongoing pandemic. RTLS market comprises hardware segments like readers, sensors, tags/badges, and wearable devices. Companies like Securitas AB and Zebra Technologies lead the market with their flexibility, reliability, and accuracy. RTLS finds extensive applications in healthcare, logistics, and manufacturing sectors. In healthcare, it is used for people and asset tracking, navigation, and indoor location. In logistics, it is used for real-time tracking of trucks, cranes, forklifts, and vehicles. In manufacturing, it is used for tracking manufacturing equipment and ensuring safety compliance. RTLS solutions use various technologies like Ultra-wideband (UWB), Wi-Fi, and Bluetooth standard. The initial setup and maintenance costs are high, but the benefits of real-time tracking, improved workflow, and safety compliance outweigh the costs. RTLS is essential for industries dealing with high-value assets, such as healthcare institutions, logistic companies, and transportation services. It is also crucial for ensuring safety regulations in industries like manufacturing, mining, and oil & gas. Wearable devices and IoT are the future of RTLS, with indoor tracking and wireless systems becoming increasingly popular. RTLS is a must-have for industries dealing with high traffic, workflow bottlenecks, and workplace accidents. In conclusion, RTLS is a crucial technology for various industries, from healthcare to logistics, manufacturing, and defense industries. It offers benefits like improved workflow, safety compliance, and real-time tracking, making it an essential investment for businesses looking to optimize their operations and save resources.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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