The real time location system market was valued at USD 2.76 billion in 2020 and is expected to reach USD 10.44 billion by 2026, at a CAGR of 30.47% over the forecast period 2021 - 2026. According to Cisco, 500 billion devices are expected to be connected to the Internet by 2030. The increasing trend of IoT and wearables devices organizations can easily get more things done which will boost productivity and deliver insight for better user experiences and engagement.
- A real time location system helps in determining the current position of an object based on real time information gathered through a wireless system. It helps in indoor tracking of the object as well. Because of the availability of indoor tracking, the healthcare sector is adopting this system and expected to contribute to the growth of the RTLS market for the healthcare vertical.
- Moreover, to lower the risk of workplace accidents, industries are opting for RTLS. An RTLS helps to know the exact position of forklifts, vehicles, and operators at any given time. Based on the collected data, an RTLS analyzes the traffic and enables it to identify and eliminate workplace accidents eradicate workflow bottlenecks, saving time and money.
- However, high initial set up cost and maintenance cost is hindering the growth of this market during the forecasted period.
Key Market Trends
Mining Industry Offers Potential Growth
- The Census of Fatal Occupational Injuries, which has been conducted under the US Bureau of Labor Statistics, has established that workplace injuries have decreased by 25% in 10 years, due to the advent of various technologies in the workplace. This helps in boosting the real time location system market.
- With the increase in mining activity, across different regions, the production of any mine is heavily dependent on a safe interface between mining equipment and human beings. Therefore, the need arises for a wireless communication framework for mine safety, security, and its management that provides efficient, reliable, secure exchange and processing of relevant information. This creates huge market opportunities for RTLS during the forecasted period.
- In underground mining, RFID tags are mostly used because they are capable of communicating in both directions, so the miners can also communicate with the control station on the surface and vice versa.
- With the advancement in technology, different sensors are now attached with RTLS which helps in subsequently transmitting the information in real time to a monitoring station on the surface which creates the absolute critical visibility of the sub-terrestrial mining world which is used to predict immanent disasters. Even in case of disaster recovery, this real-time location information is critical for the prompt and effective rescue operation.
- Thus, with the implementation of RTLS, improvement in the mine safety can be seen which in result will create a market for RTLS during the forecasted period.
Asia-Pacific to Witness the Fastest Growth
- Asia-Pacific market is expected to grow at the fastest rate during the forecasted period because of the increasing number of the working population, and the booming healthcare industry in emerging economies of the world i.e. India and China.
- Moreover, according to the Indian Brand Equity Foundation, the manufacturing sector of India has the potential to reach USD 1 trillion by 2025 and India is expected to rank among the top three growth economies and manufacturing destinations of the world by the year 2020. This creates a huge opportunity for RTLS in warehouse management and during shipping and logistics.
- Further, Japan is hosting Summer Olympics 2020 which will require tracking of goods and authorized persons in real-time to ensure the smooth running of the events. This is anticipated to propel the growth of the real-time location system market during the forecast period.
The real time location system market is highly fragmented. The major players include Zebra Technologies Corporation, Ubisense Group PLC, AeroScout Inc(Stanley Healthcare)., TeleTracking Technologies, Inc., Savi Technology amongst others. The companies are seeing huge opportunities in developing regions and thus they are strategizing their operation accordingly with mergers and acquisitions or product innovations. Some Key Developments in the Market:
- April 2018 - Zebra Technologies Corporation collaborated with Capital Health to provide a comprehensive portfolio of advanced patient identification solutions to support the Capital Health's new Specialized Rehabilitation Hospital (SRH), a digitalization initiative in Abu Dhabi.
- January 2018 - Zebra Technologies Corporation has collaborated with the Dubai Health Authority (DHA) to provide new specialized healthcare technology solutions to enable the digital transformation of the emirate's healthcare sectors.
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