Real-Time Location System (RTLS) Market 2021 Emerging Industries, Share, Remarkable Developments, Business Strategies, Demand, Regional Growth and Key Players Analysis with Global Future Prospects 2030

In a recent published report, Kenneth Research has updated the market report for Real-Time Location System (RTLS) Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Real-Time Location System (RTLS) Market products.

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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.

Market Snapshot

The Global Real-Time Location System (RTLS) Market is Expected to grow at a 28.7% CAGR during the forecast period 2018–2028.Real-time location systems (RTLS) have applications in various industries such as healthcare, industrial manufacturing, retail, government and transportation & logistics, as these systems offers asset management, high efficiency, and enhanced workflow. Moreover, these systems provide the information in real-time, and are used for tracking, locating, and monitoring the activity of people or equipment indoors. The global real-time location management systems market accounted for a market share of 1,875.2 Million in 2018 and is estimated to register a CAGR 28.7% during the forecast period 2019–2028, with a market value of 23,094.2 Million in 2028.

The Final Report will cover the impact analysis of COVID-19 on this industry:

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The increasing demand for RTLS in healthcare industry is considered as a major factor for driving the market. RTLS has shown potential to transform hospital processes such as asset temperature monitoring, bed capacity management, patient/provider workflow, patient elopement, security, and other location-dependent applications.

Based on type, the real-time location system (RTLS) market has been segmented into Radio Frequency Identification (RFID), Wi-Fi, ultrasound, infrared, and ZigBee (Bluetooth Low Energy).  Real-time location systems are majorly used for tracking, locating, and monitoring the activity of people or equipment indoors. With RTLS technology, the location data is received and transmitted through active and passive asset tags for equipment and wearables for people. The technologies used in RTLS include ultrasound, radio frequency (RF), infrared (IR), Wi-Fi, and Bluetooth low energy (BLE).

RFID-based RTLS comprise both active and passive tags for transmission. Passive tags are highly affordable and can function without the need for a power source, such as batteries. Active RFID-based RTLS offer extensive capabilities for asset tracking. Active RFID-based RTLS use small battery powered tags for signal transmission. Active RFID tags are used for multiple use cases in warehouses and healthcare systems. Passive RFID-based RTLS is majorly used for people tracking applications such as patient safety solutions in healthcare.

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Ultrasound-based RTLS offer ideal solutions for indoor applications in industries such as logistics, healthcare, and retail. Ultrasound-based RTLS use sound waves for transmission of location data to access points. Ultrasound offers physical advantages over light waves such as easy containment, high resolution, and near perfect reflections. Ultrasound-based RTLS offer easy installation, testing, certification, and maintenance. These make use of alkaline batteries, which are cheaper and easier to recycle, thereby lowering the overall environmental impact of the system.

The lower power consumption due to the physics of ultrasound allows for extended battery life. Wi-Fi-based RTLS use tags to transmit signals to multiple access points installed throughout the building or structure. These systems use differential-time-of-arrival methods and received signal strength (RSSI) for locating tags installed on assets.

These systems use Wi-Fi networks which use signal strength readings and triangulation to determine asset locations. Wi-Fi-based systems offer higher accuracy compared to proximity-based RTLS systems as they use time-of-flight (TOF) measurements with a relatively wide bandwidth. However, the energy requirement and associated costs are higher for Wi-Fi-based RTLS. Infrared-based RTLS require extensive infrastructure, which makes the deployment of these systems complex. These systems are more expensive as compared to other systems. Infrared systems offer high accuracy indoors as infrared waves do not penetrate walls. These systems offer reduced cases of false positives, which are prevalent in the case of radio based RTLS. Infrared systems require large power sources for the transmission of infrared signals. Infrared-based RTLS is ideal for asset tracking in warehouses.

Companies Covered

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.

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Regional Analysis

The real-time location system (RTLS) market, by region, has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. North America accounted for the largest market value of USD 950.6 million in 2018; the market is expected to register a CAGR of 24.0% during the forecast period. Europe was the second-largest market in 2018, valued at USD 500.2 million; the market is projected to exhibit a CAGR of 30.8%. However, the market in Asia-Pacific is expected to register the highest CAGR of 34%. The presence of well-established IT infrastructure in China has increased the demand for RTLS solutions for monitoring and tracking vehicle activities on road. High adoption of industry 4.0 and IoT in manufacturing industries across China is driving the growth of real-time location system market in China.

However limited data security offered by RTLS solutions is expected to hamper the growth of RTLS market in China. The Japanese real-time location system (RTLS) market is growing at a fast pace since it is amongst one of the early adopters and developers of the technology in Asia-Pacific. Well-established IT infrastructure offering seamless connectivity in Japan has positively impacted the growth of the real-time location system market in Japan. However, concerns regarding data privacy and security are expected to hamper the growth of the market in Japan.

The US real-time location system is quite matured with the early adoption of RTLS solutions among enterprises and individuals in the country. The healthcare sector in the US is one of the key contributors for the market growth in this country. Hospitals in the US are adopting RTLS solutions for asset management of solutions such as infusion pumps, oxygen cylinders, ventilators and wheelchairs. Walmart Inc., a retailer in the US, is one of the early adopters of RFID technology for real-time asset tracking and supply chain management.

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Key Developments 

In April 2019, IBM signed a contract worth USD 2 million with the Department of Veterans Affairs (VA), Austin for real-time location system VISN 1. IBM will provide complete configuration, installation, and testing of Veterans Integrated Service Network (VISN)-wide RTLS for the VA owned asset tracking applications.

In December 2016, STANLEY Healthcare launched a set of managed services to help its customers manage their RTLS solutions. These enable the tracking of the status of asset tags and regular reviews of life-safety based technology such as infant protection.In June 2017, GE Healthcare, a subsidiary of General Electric, introduced Encompass, a cost-effective solution for hospitals that helps them to manage mobile asset inventory, reduce the cost of ownership, and achieve better capital allocation.

In April 2018, Siemens acquired Agilion GmbH, a supplier of industrial RTLS. With this acquisition, the company will be offering real-time locating solutions in the field of industrial identification and digital enterprise.In October 2017, Airista Flow signed an agreement with in Technology, a value-added distributor, to increase its product reach of real-time location system technology across Asia-Pacific.

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Market Segmentation

By Type—RFID, Wi-Fi, ultrasound, infrared, and ZigBee.

By Application—healthcare, transportation and logistics, industrial manufacturing, government & Défense, and retail

By Sales Channel—direct channel and distribution channel.

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?

About Kenneth Research

Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation

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