Global Real-time Location System (RTLS) Market - Segmented by Component (Tags or Signal Transmitter, Wi-fi Networks), End-user Verticals (Aerospace and Defense, Automotive, Healthcare), and Region - Growth, Trends, and Forecast (2018 - 2023)
The real-time location system market was valued at USD 1.62 billion in 2017 and is expected to reach USD 8.01 billion by 2023, at a CAGR of 30.45% over the forecast period (2018-2023). The scope of the report includes insights on the solutions offered by major players, including providers of hardware, professional services, and integration solutions. The regions included in this study are North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The study also emphasizes on various end-user verticals such as aerospace & defense, automotive, healthcare, etc.
An RTLS provides real-time tracking of objects using RFID, Wi-Fi, GPS, IR, and other systems. RTLS uses tags assigned to objects or personnel for tracking. These systems do real-time monitoring of tags, which continuously transfer data among the peers and network. Depending on the type of tag and systems, the data exchange could be continuous or periodic.
Accurate and Real-time Location Identification is Driving the Demand
RTLS makes inventory management and lost object tracking very easy and reliable. With advancements in technology, the systems are getting smarter and appealing to consumers. Government offices are also employing these systems to track important documents and to maintain confidentiality.Owing to recent advancements in technology, many industries are willing to adopt new systems to improve efficiency. With the advent of networked, cloud, and Internet of Things systems, industries, now have the opportunity to automate their systems. In addition, with advancements in advanced analytics and big data systems, the management of systems has become easier. Thus, increased adoption in industries and technological advancements are driving the growth of RTLS. However, lack of awareness in many developing countries is hindering the growth of these systems. In addition, most of the organizations in need of these systems are very small. The high initial investment involved in installing RTLS and maintenance is restraining the growth of the RTLS market.
Regional Demand is the Highest in North America
North America holds the largest share in the RTLS market, followed by Asia-Pacific and Europe. High concentration of the manufacturing and processing industry is propelling the growth of RTLS in the United States. High demand from healthcare and retail industries is increasing the popularity of these systems. Asia-Pacific is also growing at a high growth rate in this market. Growing economies and adoption of smart systems are causing a huge surge in demand. However, high costs are likely to affect the market growth in the coming years. Europe is also showing positive signs of growth and is expected to have a steady demand. Latin America and MEA are still in the starting stage of adoption; however, the scenario is expected to change and growth is expected to be accelerated in these markets in the coming years.
Key Developments in the Market