The key players operating in the global Real-time Location Systems Market are real-time location systems (RTLS) market size is expected to grow from USD 5.2 billion in 2023 to USD 16.2 billion by 2028, at a CAGR of 25.5% from 2023 to 2028. RTLS solutions improve productivity by shortening the time they take to locate an asset, which is particularly helpful for transportation, biomedical engineering, and nursing staff. Equipment searches and paperwork related to assets translate into delays in the overall process, adversely impacting productivity in several verticals. RTLS systems minimize that timeframe and provide real-time data about all these assets with precise locations, which leads to better productivity. , DRIVERS: Increasing need to ensure safety and security compliance in various industries. , There are several regulations in healthcare, oil & gas, mining, manufacturing, and other industries related to workers’ safety, workflow, and security. The need to ensure compliance with various industry-specific regulations about safety, workflow, and security improvement is likely to speed up the deployment of RTLS solutions. For example, in healthcare, by deploying RTLS, management can track whether staff members comply with regulations regarding proper disinfection, hand hygiene, and others; compliance with hand hygiene protocol in hospitals can significantly minimize the risk of infections. RTLS can also be used to monitor assets/environments that require temperature range compliance. Similarly, RTLS improves workplace safety in manufacturing by tracking hazardous materials and situations. , Moreover, manufacturing industries use vehicles such as forklifts, cranes, and trucks to be remotely controlled and put under speed supervision. RTLS helps supervise manufacturing equipment, vehicles, and their speed and tracking workers nearby. Thus, RTLS assists in maintaining safety regulations in the manufacturing industry. , RESTRAINTS: High maintenance and installation costs. , The cost of an RTLS system at the time of installation can be very high. The cost varies from industry to industry and depends on the installation area. The installation cost of Wi-Fi-based RTLS is less than UWB-enabled systems; however, the hardware installation cost for Wi-Fi-based RTLS is higher than UWB-enabled systems. The maintenance costs of Wi-Fi- and RFID-based solutions are costlier compared with methods based on other technologies such as UWB and BLE. Furthermore, many RTLS companies are facing issues in terms of deployment and technology since many projects are failing due to the requirement of lots of engineering efforts and on-site preferences. Hence, the costs and steps involved in RTLS deployments could restrain market growth. , OPPORTUNITIES: Growing demand for hybrid RTLS solutions. , The RTLS market is witnessing a rise in demand for hybrid RTLS solutions. A range of hybrid solutions is available in the market, intending to overcome some of the challenges associated with an RTLS system based on a single technology. Hybrid RTLS solutions combine multiple technologies to achieve higher accuracy, reliability, flexibility, and cost-effectiveness than systems that use any single technology. This is because each technology has its own strengths and weaknesses, and by combining them, the weaknesses of one technology can be offset by the strengths of another. For example, Wi-Fi-based RTLS systems are typically very accurate, but they can be unreliable in areas with poor Wi-Fi signal strength. By combining Wi-Fi with another technology, such as Bluetooth, the accuracy and reliability of the system can be improved. This makes them ideal for a wide range of industries, including manufacturing, automotive, logistics, healthcare, and retail. By combining multiple technologies. , CHALLENGES: Lack of uniform standards and interoperability. , One of the major concerns of the RTLS market is standardization protocols. There is a lack of uniform standards due to which various solutions are available, making it difficult for end users to choose and integrate with the system. As many hardware products and software are available, the end user faces incompatibility issues in infrastructure, thus resulting in the interoperability of the complete solution. Companies such as Zebra Technologies (US) and Securitas AB (US) provide RTLS solutions that support more than one protocol; however, most market players primarily focus on a single protocol. Since different technologies operate on different protocols and frequency bands, there is a lack of interoperability between various RTLS solutions. Hence, the customer has to opt for a single vendor for its system, due to which the overall cost may increase. , Hardware segment is expected to hold the largest market share during the forecast period. , RTLS solutions consist of hardware components such as tags/badges affixed to an asset or individual for tracking purposes. RTLS badges, tags, and sensory networks are designed to work in the background, communicating the locations of people and equipment automatically and accurately. These tags periodically transmit information to readers or trackers. A reader communicates with a tag and collects and processes tag signals, subsequently sending them to the application software platform, which analyzes and correlates this data to provide the exact location in real-time. There is a growing trend of using hybrid solutions, which may involve using a single tag or reader that can perform many functions. These factors would further boost the ever-increasing demand for hybrid RTLS solutions from specific verticals such as healthcare and manufacturing. , The market for UWB technology is projected to grow at the highest CAGR during the forecast period. , In the RTLS market, ultra-wideband (UWB) is one of the most dynamic and fastest-growing technologies, and the RTLS market for UWB technology stores enormous potential for growth during the forecast period. This technology functions similarly to active RFID, wherein the tag continuously sends RF energy into the environment for receivers to pick up. UWB-based RTLS solutions operate in a large bandwidth spectrum in larger environments with many tags; receivers are placed at larger intervals with sub-receivers in between to improve accuracy. The signals from the tags are concise and obtain the unique ID of the tag. UWB is highly accurate on a room- and zone-level basis and can calculate the location within a few centimeters due to its short, narrow transmissions. , The market in Asia Pacific is projected to grow at the highest CAGR from 2023 to 2028. , The growing manufacturing sector in China is generating massive demand for RTLS solutions to improve operational efficiency and lower operational costs by tracking equipment, goods, materials, work orders, assembly lines, and distribution in manufacturing facilities, which is anticipated to drive market growth in the country. In addition, the high adoption of RTLS technologies in Japan, South Korea, China, and Australia to improve healthcare quality and patient safety and reduce healthcare costs is expected to drive the RTLS market in Asia Pacific for the healthcare vertical. , Recent Developments , In November 2022, Impinj, Inc. announced the Impinj M780 and M781 RAIN RFID tag chips. These tag chips can support enterprises in managing product shelf life, reducing waste, and complying with regulations. , In December 2021, Securitas AB announced the acquisition of the Stanley Security business division from Stanley Black & Decker Inc. By this acquisition, the company aims to expand its intelligent security solutions offering. , In May 2019, Savi Technology announced their new sensor Savi Locate, which is developed to operate with 4G, 3G, and 2G cellular networks. The sensor, when coupled with Savi Visibility software, the user will be able to mitigate the risk and cost of the shipments which are delayed. , KEY MARKET SEGMENTS , By Offering: , Hardware , Tags/Badges , Readers/Trackers/Access Points , Other Hardware , Software , Services , Consulting , Support and Maintenance , Deployment and Integration , By Technology: , RFID , Wi-Fi , UWB , BLE , Infrared , Ultrasound , GPS , Other technologies , By Application: , Inventory/Asset Tracking & Management , Personnel Locating & Monitoring , Access Control & Security , Environmental Monitoring , Yard, Dock, Fleet, & Warehouse Management & Monitoring , Supply Chain Management & Automation , Other applications , By Vertical : , Healthcare , Manufacturing & Automotive , Retail , Transportation & Logistics , Government & Defense , Education , Oil & Gas and Mining , Sports & Entertainment , Other verticals , By Region , North America , US , Canada , Mexico , Europe , Germany , UK , France , Rest of Europe , Asia Pacific , China , Japan , Australia , South Korea , Rest of Asia Pacific , Rest of the World , Middle East , South America & Africa, KEY MARKET PLAYERS , Securitas AB , Zebra Technologies Corporation , Aruba Networks , Impinj, Inc. , Savi Technology , TeleTracking Technologies, Inc. , CenTrak, Inc. , GE HealthCare Technologies Inc. , Ubisense Ltd. , Alien Technology, LLC , AiRISTA Flow, Inc. , Sonitor Technologies , Midmark Corporation.
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