Companies across industries are increasingly focusing on adopting digital technologies such as internet of things (IoT) to create better strategies and to optimize business operations to reduce cost, which in turn is contributing to the growth of RTLS market.
Real-time location system (RTLS) is a type of positioning system used to identify, locate, and track objects in real-time through automatic and continuous feedback. RTLS solutions uses software location engine that calculates the location of tag attached to an item by using Angle of Arrival (AoA), Time Difference of Arrival (TDoA) and/or Radio Signal Strength Indicator (RSSI). RTLS solutions can be deployed through various communication technologies such as UWB, RFID, WiFi, and others. Choosing appropriate technology is largely dependent on the type of application, use environment, and compliance requirements.
Applications of RTLS
The demand for RTLS solutions is anticipated to increase significantly due to various factors which includes rising focus on optimizing operational performance across the value chain, increasing reliance on analytics solutions along with increasing focus on smart workflow optimization, and consistent demand for RTLS solutions from hospitals and other healthcare settings including long-term care facilities.
However, data security, privacy concerns, and high initial cost along with complexity in integrating with the existing infrastructure are the key factors identified as restraints likely to deter the progression of global RTLS market. Additionally, factors such as rise of digital manufacturing, integration of RTLS with blockchain technology, and proliferation of IoT solutions across industries is anticipated to create new business opportunities for vendors present in the global RTLS market.
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RTLS technology has been popular in the healthcare industry for more than a decade, the consistent demand for RTLS solutions in healthcare settings is significantly contributing to the growth of the overall RTLS market. Currently, hospital administrators are focusing on exploring options to move from partial RTLS deployments that primarily focused on pharmacy tracking applications to wider ranges of RTLS applications to create automated workflow environment which enhances patient safety and eliminates manual efforts. Additionally, by automating the workflow, healthcare facilities can significantly reduce the overall operating cost by eliminating the cost associated with the manual process and theft & equipment losses. Moreover, by leveraging RTLS solutions healthcare organizations can satisfy compliance requirements and can improve patient volume by enhancing patient experience.
The global RTLS market is segmented on the basis of component, technology, industry vertical, region and country. In terms of technology, the market is segmented into WiFi, UWB, RFID, Infrared (IR), Ultrasound, Bluetooth, GPS, and Others. Among other technology segments, the UWB segment is identified as the fastest growing segment and is expected to contribute more than 25% of market share by 2024. By component, the RTLS market is segmented into hardware, software, and services. By industry vertical, the RTLS market is segmented into Healthcare, Retail, Transportation & Logistics, Manufacturing, Government, Education, Sports & Entertainment, Oil & Gas, and Others.
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Regionally, Americas was the dominant region in the global RTLS market in 2017 followed by Europe. Asia Pacific is identified as the fastest growing region in the RTLS market due to increasing adoption of digital technologies across industries to eliminate manual process and investments on asset management solutions by organizations across various industry verticals are contributing to the growth of RTLS market in Asia Pacific.
Some of the prominent vendors in the global RTLS market includes Zebra Technologies Corporation, Stanley Black & Decker, Inc. (STANLEY Healthcare), Hewlett Packard Enterprise Development LP (Aruba Networks), Airista Flow, Inc., Siemens AG, Sonitor Technologies, CenTrak, Sewio Networks s.r.o, Midmark Corporation, and Litum Technologies.
Sr Research Analyst
Semiconductors & Electronics