The global real-time location services applications market size is projected to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the improved accuracy of information.
RTLS stands for Real Time Location Systems, and it refers to any system that can properly detect the location of an item or a person. RTLS is a goal that may be achieved with a variety of methods for finding and managing assets, rather than a single type of system or technology. The time at which assets are tracked is an essential component of RTLS, and this data may be used in a variety of ways depending on the application. Some RTLS applications, for example, simply require timestamps when an item passes through a specific region, but others require far more detailed visibility and require time data to be updated on a regular basis. An excellent Real Time Location System can precisely identify, monitor, and manage assets, products, or people, and assist businesses in making informed decisions based on location data acquired.
RTLS is utilized in a variety of sectors for purposes such as personnel tracking and tracking of high-value assets. These applications may be found in a variety of industries, including manufacturing and mining, but they are most prevalent in the healthcare sector. A transponder, a receiver, and software to interpret the data from each will be included in all RTLS applications. The quantity of hardware and software necessary to construct the perfect RTLS is determined by the system's complexity, selected technology, and scope of the application. The read ranges and capabilities of RTLS vary depending on the technology and configuration. Because the receivers are satellites circling the Earth, the system with the longest read range, GNSS (GPS), can provide an item's real-time location everywhere on the planet. Other technologies, such as UHF Passive RFID, can offer location within a building or zone with lower read ranges.
The many degrees of coverage that can be achieved using RTLS are listed below. It's worth noting that the granularity of each of these coverage choices varies based on the technology used, the number of receivers and/or tags used, and the type of positioning technique used. Locating an object or person on a worldwide scale using global coordinates is referred to as wide area coverage. Locating cargo containers traveling by sea or land that carry expensive gear is an example of such application. Local Area Coverage refers to locating an object or person within a networked building or facility. Locating an IT asset within a company's facility is an example of an application. Zonal Coverage refers to setting up hardware at intervals based on read range and read barriers to locate an object or person inside a defined zone (i.e., room, workplace in a wider region). Locating a high-value oxygen tank within a hospital is an example of such application. Choke Points refers to areas through which goods or people must pass in order to perform routine business (for example, doorways, hallways, and entrances/exits). In order to fit the read ranges of various technologies, they are usually narrower in width. Determining where a pallet of produced goods is housed at a warehouse is an example of an application.
Market Trends, Drivers, Restraints, and Opportunities
- Real-time and precise tracking in different manufacturing and business processes are factors boosting the market growth during the forecast period.
- Increasing adoption of RTLS solutions in various industries is projected to drive the market growth during the forecast period.
- Growing demand for enhanced workflow optimization and resource efficiency in a variety of sectors, as well as technical advancements and market standards are expected to boost the market growth during the forecast period.
- New features provided by real-time location services applications systems, such as cost savings, improved quality of care, and greater efficiency are estimated to push the market growth during the forecast period.
- Improved workflow and asset management throughout the business, lower RTLS component pricing, and government support are main factors fueling the market growth during the forecast.
- High initial costs in the deployment of these RTLS solutions is anticipated to hamper the market growth during the forecast period.
- Increasing privacy issues and operational challenges are key factors that can hamper the market growth during the forecast period.
- Range and power consumption concerns, as well as a complex trade-off between accuracy and range is estimated to impede the market growth.
- Extensive focus on R&D activities and technological advancements are expected to create lucrative opportunities for the market players.
- Several untapped potentials in healthcare application are projected to offer significant opportunities for the market players in the coming years.
Scope of the Report
The report on the global real-time location services applications market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Real-Time Location Services Applications Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Products (Service, Software and Hardware), Technology (Wi-Fi, RFID, Ultra-wideband, Ultrasound, Infrared, and ZigBee), Applications (Inventory/Asset Tracking & Management, Personnel/Staff Locating & Monitoring, Access Control & Security, Environmental Monitoring, Yard, Dock, Fleet, & Warehouse Management & Monitoring, Supply Chain Management & Operational Automation/Visibility, and Others), Vertical (Healthcare, Manufacturing & Automotive, Retail, Transportation & Logistics, Government & Defense, Education, Oil & Gas, Mining, Sports & Entertainment, and Others)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Tele Tracking Technologies Inc.; AeroScout Inc.; Ubisense Group Plc; Motorola Solutions Inc.; PINC Solutions Corporation; Skytron LLC; Axcess International; Zebra Technologies Corporation; Sonitor Technologies AS; Versus Technology Inc.; and Awarepoint Corporation
Market Segment Insights
Hardware segment is expected to account for a key share
Based on products, the real-time location services applications market is segmented into service, software, and hardware. The hardware segment is expected to account for a key share of the market during the forecast period owing to increased availability of sensors at affordable price, increased usage of Wi-Fi, growing awareness about the benefits of RTLS technology, scaling the existing RTLS across industries
Wi-Fi and RFID segment is expected to hold a key share
Based on technology, the real-time location services applications market is segmented into Wi-Fi, RFID, ultra-wideband, ultrasound, infrared, and ZigBee. The Wi-Fi and RFID segment is expected to hold a key share of the market during the forecast period owing to their increased usage for data sharing by vendors worldwide. On the other hand, the ultra-wideband and ZigBee segment is anticipated to expand at a rapid pace during the forecast period.
Inventory/asset tracking & management segment is expected to constitute a key share
Based on application, the real-time location services applications market is segmented into inventory/asset tracking & management, personnel/staff locating & monitoring, access control & security, environmental monitoring, yard, dock, fleet, & warehouse management & monitoring, supply chain management & operational automation/visibility, and others. The inventory/asset tracking & management segment is expected to constitute a key share of the market during the forecast period as asset and inventory tracking and management systems using RTLS technologies are often utilized in many sectors to make better use of existing resources and decrease wastage of time during operations. Major industries that use RTLS systems for inventory and asset tracking and management include healthcare, manufacturing, automotive, and retail.
Education segment is expected to represent a key share
Based on vertical, the real-time location services applications market is segmented into healthcare, manufacturing & automotive, retail, transportation & logistics, government & defense, education, oil & gas, mining, sports & entertainment, and others. The education segment is expected to represent a key share of the market during the forecast period owing to growing concerns about the security and safety of students and teachers at educational facilities. This would increase demand for RTLS solutions in the education sector, where BLE- and Wi-Fi-based RTLS solutions might see increased demand during the projection period.
North America is anticipated to dominate the market
On the basis of regions, the real-time location services applications market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market CAGR during the forecast period. The regional market growth can be attributed to increasing demand for RTLS solutions from healthcare sector. Furthermore, higher buying power and rising use of RTLS solutions in various sectors in this region is anticipated to further drive the market growth.
On the other hand, Asia Pacific is expected to exhibit a rapid growth rate in the coming years due to increased demand from nations such as Singapore, Japan, and South Korea, Asia Pacific is expected to dominate the market.
Segments Covered in the Report
The global real-time location services applications market has been segmented on the basis of
- Ultra-wideband (UWB)
- Inventory/Asset Tracking & Management
- Personnel/Staff Locating & Monitoring
- Access Control & Security
- Environmental Monitoring
- Yard, Dock, Fleet, & Warehouse Management & Monitoring
- Supply Chain Management & Operational Automation/Visibility
- Manufacturing & Automotive
- Transportation & Logistics
- Government & Defense
- Oil & Gas, Mining
- Sports & Entertainment
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Tele Tracking Technologies Inc.
- AeroScout Inc.
- Ubisense Group Plc
- Motorola Solutions Inc.
- PINC Solutions Corporation
- Skytron LLC
- Axcess International
- Zebra Technologies Corporation
- Sonitor Technologies AS
- Versus Technology Inc.
- Awarepoint Corporation
Key players competing in the real-time location services applications market includes Tele Tracking Technologies Inc.; AeroScout Inc.; Ubisense Group Plc; Motorola Solutions Inc.; PINC Solutions Corporation; Skytron LLC; Axcess International; Zebra Technologies Corporation; Sonitor Technologies AS; Versus Technology Inc.; and Awarepoint Corporation.
Some of the key business strategies employed by companies includes mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase/enhance their market shares.