Real-time locating systems (RTLS) are used to automatically track and identify the location of objects or people in real-time. Wireless RTLS tags are attached to objects or worn by people and in most RTLS fixed reference points receive wireless signals from tags to determine their location. RTLS is used in various commercial and industrial applications such as transportation and logistics, healthcare, hospitality and retail, government and defense, manufacturing and process industries, and others.
The global real time location systems (RTLS) market is expected to surpass US$ 33,937.6 Mn in terms of value by the end of 2028.
Declining prices of RTLS components and government support is expected to drive growth of the global real time location systems (RTLS) market during the forecast period. Tracking of assets is a long-standing and major concern in the healthcare industry as it is directly related to the efficiency of staff and operational costs associated with the healthcare facility. An average hospital in the U.S. loses around US$ 4,000 per day due to time spent searching for expensive and shared assets such as intravenous (IV) pumps and ICU ventilators etc. Furthermore, healthcare industry is a major shareholder in the RTLS market because most hospitals worldwide incur losses due to large volumes of missing equipment and also purchase 10% to 20% extra (more than required) equipment for an efficient workflow. RTLS enables such enterprises to minimize additional expenses by tracking equipment in real time. Hospitals could considerably reduce capital investment and operational costs by tracking and monitoring assets in real time using RTLS. The pervasiveness of the Internet and the continued decline in RTLS component costs such as RFID tags are expected to boost the demand for RTLS in the near future.
Key players in the market are focused on the deployment of RTLS, in order to enhance the overall performance. For instance, in March 2013, the Oregon State University (U.S.) deployed AeroScout’s Asset Tracking and Management Solution and RTLS system. The system is expected to help Oregon University reduce costs through improved inventory utilization. In February 2013, Skytron announced the deployment of clinical-grade RTLS solutions with advanced applications for asset management and tracking across six major hospitals in Michigan.
Global Real Time Location Systems (RTLS) Market: Recent Developments
Key players in the market are focused on product launches, in order to enhance the product portfolio. For instance, in May 2020, Zebra Technologies Corporation introduced Zebra MotionWorks Warehouse, a location solution that streamlines warehouse operations by tracking assets.
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Operational challenges related to acceptance of RTLS solutions is expected to hamper the global real time location systems (RTLS) market growth over the forecast period. People, especially in the healthcare industry, hesitate to adopt RTLS solutions as they perceive it to be intrusive on privacy. It has been observed that healthcare staff prefer personal beepers over RTLS solutions. Most governments across the world are considering this issue and regulations are being implemented to resolve privacy issues. In March 2013 for instance, the U.S. government introduced the Geolocation Privacy and Surveillance Act (GPS Act) to set up instructions for tracking people at the workplace. It is expected that various countries across the globe will implement similar acts to resolve privacy concerns.
Global Real Time Location Systems (RTLS) Market - Impact of Coronavirus (Covid-19) Pandemic
The outbreak of COVID-19 pandemic has negatively impacted the global real time location systems (RTLS) market. Following the lockdown, majority of the countries across the globe adopted strict lockdown policies, which eventually led to disruption in supply chain activities. With significant economic slowdown and temporary suspension of manufacturing activities, the global real time location systems (RTLS) market witnessed sharp decline in growth during 2020. However, key market players are focused on regaining the lost traction by offering improved performance with higher accuracy and flexibility in RTLS solutions. Furthermore, rapid shift towards connected world and technological advancements is expected to support the market growth in the near future.
On the basis of regions, North America is expected to hold dominant position in the global real time location systems (RTLS) market during the forecast period. This is owing to increasing implementation of RTLS solutions in government and defense verticals. Furthermore, high growth of mining and oil & gas sectors is expected to boost the regional market growth over the forecast period.
Among regions, Asia Pacific is expected to register a robust growth rate in the global real time location systems (RTLS) market over the forecast period. This is owing to high growth of transportation & logistics sector. RTLS solutions play a crucial role in the transportation & logistics sector. Furthermore, increasing the implementation of RTLS in manufacturing & automotive sector is expected to boost the regional market growth never over the forecast period.
Key players operating in the global real time location systems (RTLS) market are AeroScout, Inc., Motorola Solutions Inc., Skytron LLC, PINC Solutions Corporation, Axcess International, Inc., Ubisense Group plc, Zebra Technologies Corporation, Awarepoint Corporation, and Sonitor Technologies AS.
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