Real-Time Location System (RTLS) Market Size to Reach USD 23.13 Billion by 2026 - Valuates Reports

BANGALORE, India, May 29, 2020 /PRNewswire/ -- RTLS is used to automatically identify and monitor the real-time position of objects or individuals, typically in a building or other enclosed space. The RTLS consists of a tag attached to objects or individuals, and the signals transmitted from this tag are analyzed with respect to a fixed reference point, which helps to find the exact position of the person or entity.

The global Real-time Location System market size was valued at USD 2.83 Billion in 2018 and is projected to reach USD 23.13 Billion by 2026, growing at a CAGR of 30.2 percent between 2019 and 2026.

The COVID -19 pandemic has spread to nearly 100 countries across the globe since the outbreak in December 2019. The global impacts of the 2019 coronavirus disease (COVID-19) are already starting to be felt and will affect the RTLS Market size significantly in 2020.

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    --  An increase in the need for asset tracking, smartphone proliferation, an
        increase in the adoption of business analytics solutions, as well as a
        rise in awareness about the benefits of real-time location systems are
        the main factors driving the growth of RTLS market size.
    --  The demand for RTLS solutions has been boosted by regulatory enforcement
        across industries, including healthcare, oil & gas, mining, education,
        and manufacturing. The emergence of creative startups, the
        attractiveness of the industry, and the availability of personalized
        solutions, and the high return on investment are factors that are
        expected to drive the growth of RTLS market size.
    --  The increase in smartphone use across all the regions has fuelled the
        growth of the RTLS market size. The use of smartphones for crisis
        response & emergency management is based on the RTLS system, which can
        be used to identify and monitor people's position in real-time.
        Furthermore, RTLS is also used by Mobile applications, such as gaming
        apps, business & communication apps, health & wellness apps, etc.
    --  Additionally, industries are opting for RTLS to lower the risk of
        workplace accidents. An RTLS helps to know the exact location at any
        given time of a vehicle as well as the operators. Based on the data
        collected, an RTLS analyzes the traffic and enables it to recognize and
        avoid workplace incidents that remove bottlenecks in the workflow,
        saving both time and money. Due to this feature, RTLS is widely
        implemented in warehouses, correctional facilities, and retail stores,
        among others, which in turn is increasing the RTLS market size,
    --  With the increase in mining operations, every mine's output across
        different regions is heavily dependent on a secure interface between
        mining equipment and people. Therefore, the need arises for a wireless
        communication framework that can efficiently manage the efficient and
        reliable processing of relevant information. This need can be fulfilled
        using RTLS, making it the ideal choice for such an environment.
    --  Increased government funding to promote RTLS solutions is expected to
        have a favorable impact on the growth of the RTLS market size over the
        forecast period.

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    --  The hardware segment holds the largest RTLS market share in 2018 based
        on components and is expected to retain its dominance over the forecast
        period. This dominance of the hardware segment can be attributed to the
        abundance of affordably priced sensors, increased understanding of the
        benefits of RTLS technology, and increased Wi-Fi adoption across various
        end-user industries.
    --  Healthcare has become the leading industry to adopt RTLS solutions and
        is projected to continue to retain a major chunk of the RTLS market
        share over the forecast period. This is due to the early adoption of
        RTLS-based technologies for a wide variety of healthcare applications
        such as asset tracking and monitoring, workers, and patients; handheld
        hygiene compliance; and environmental monitoring. These factors, along
        with the growth of IoT in healthcare, have made healthcare to be a key
        vertical in the RTLS market.
    --  In terms of region, due to high technological awareness, North America
        is expected to hold a substantial RTLS market share over the forecast
        period. Furthermore, the growing trend in the adoption of real-time
        location systems in government applications and several other industries
        is also expected to boost the region's RTLS market share.
    --  Due to the untapped applications of RTLS solutions in various industries
        in APAC, the APAC market is expected to grow at the highest CAGR during
        the forecast period.

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By Component

    --  Hardware
    --  Software
    --  Service.

By Technology

    --  Ultra-Wideband
    --  Wi-Fi
    --  RFID
    --  ZigBee
    --  Infrared
    --  Others.

By Industry Vertical

    --  Transportation & Logistics
    --  Healthcare
    --  Retail
    --  Manufacturing & Processing
    --  Others.

Key Market Players

    --  CenTrak
    --  DecaWave Limited
    --  Lockheed Martin Corporation
    --  Redpine Signals, Inc.
    --  Sonitor Technologies
    --  Stanley Black & Decker, Inc.
    --  TeleTracking Technologies, Inc.
    --  Ubisense Ltd.
    --  Versus Technology, Inc.
    --  Zebra Technologies Corp
    --  Others.

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? Real-Time Location System (RTLS) Solutions Market Report

Real-time positioning system (RTLS) senses and monitors the real-time geographic location of people and objects. This consists of a wireless tag connected to objects or individuals, and the signals transmitted from this tag are interpreted in relation to a fixed reference point, which helps to locate the exact location of the person or entity.

This report provides full quantitative data and qualitative analysis for the global Real-Time Location System (RTLS) Solutions market. The size of the market is analyzed by region, type of product, application, and competitors. Expanded coverage includes further breakdowns in the end-user industry and in-depth profiles of producers.

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