Real Time Location System Market Size by Application 2022

The global real time location system (RTLS) Market is expected to exceed value USD 4 billion. It is a wireless location tracking system that helps in tracking and monitoring the objects location in real-time. RFID tags and readers are used in the RTLS to locate and track. Tags that are generally activated through RFID tags are driven by batteries to send RF signals to inform the location of a person or an object. Readers are components which can receive or send signals, read the data and transfers to the backup system such as a server. Tags send signals for every two to five seconds depending on their capacity, to track the precise location of objects and personnel in real-time.

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Increasing opportunities in process industries, healthcare sector, industrial manufacturing, and retail industries is expected to be the major driving factor for the global real time location system market. RTLS helps the industries to track their products or services flowin the entire value chain starting from the supplier to the end consumer. Need for enhanced resource utilization, and optimum workflow in several industries is anticipated to steer the overall market growth over the forecast period.

Technological advancements in the market are rapidly increasing owing to growing demand from the end consumers to ensure improved staff productivity and high operational efficiency. The leading industry player Zebra technologies have been playing a major role in the development of these solutions thereby increasing the market acceptance of RTLS globally. The company majorly focuses on offering RTLS solutions that support the standards to provide interoperability between various departments.

The standards governing RTLS systems is expected to act as a pathway to the global market. RTLS location information typically does not include complete or continuous navigation details such as speed, direction, or spatial orientation of tracked assets and persons.Standards governing RTLS include ISO/IEC 24730 standards series, which describes the systems used by a subset of vendors. These standards define two air interface protocols and a single application program interface (API) for real-time locating systems for use in product management and is anticipated to allow compatibility to encourage interoperability of products for the growing RTLS market.High cost of installation, ownership is expected to restraint the market growth particularly in medium and small firms. Privacy and security of the data is also anticipated to be the major challenge for the global market. RTLS may be seen as a threat to privacy when used to determine the location of people.

On the basis of technology, the global market has been segmented into RFID (Radio frequency identification), WI-FI, Ultra-Wide Band (UWB), Infrared, Ultrasound, and Zigbee. RFID is the widely used technology and is expected to dominate the global market over the forecast period. This technology uses electromagnetic fields to detect the location of the object automatically. It is being widely used in supply chain management owing to its accuracy and speed and ensures that right goods are available at right time. Less manual work, costs, improved visibility and planning are attributed to the market growth of this technology.

On the basis of application, the real time location system (rtls) market has been segmented into Healthcare, Transportation and Logistics, Industrial Manufacturing, Process Industries, Government and Defense, Retail, Education, and Hospitality. Transportation and logistics is expected to have the largest market revenue share and growth rate owing to Increasing need to improve efficiency and enhance the overall supply chain management by the market players. Healthcare is expected to witness significant growth rate owing to extensive use of RFID to automatically track and follow a patient's emergency room wait time, time spent in the operating room, and total time until discharge. This system can be used for process improvement and also helps in providing acute care to the patients.

North America real time location system (rtls) market is expected to have the highest market share owing to the increasing purchasing power, high adoption rate in RTLS among various industry sectors. Asia pacific real time location system (rtls) market is expected to witness high growth rate over the forecast period. Growing demand for innovative devices to make work convenient and increased awareness of the benefits in these technologies can be attributed as the major driving factors for the market growth in this region. Economies including China India and Japan are expected to witness high growth rate in both healthcare and Transportation thus leading the pathway for RTLS.

Key real time location system (rtls) market players in the industry are Zebra Technologies Corporation, TeleTrackingTechnologies, AeroScout, Inc. Savi Technology, Inc. Other industry participants include Ekahau, Inc., Ubisense Group Plc, Identec Group AG, Awarepoint Corporation and CenTrak, Inc.,Zebra technologies corp. is a leading company which also follows a strategy of new product introductions, and expansion of go-to-market channels. It is using retail as an important strategy for penetrating into the existing markets further. The company is dedicated towards significant investments with regards to its R&D operations and product development, in order to enhance the customer experience and to gain a strong and long-term position in the market.

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