Real-time location systems Market is expected to grow at a CAGR of 23.39%
According to TechSci Research report, “Real-time location systems Market
- Global Industry Size, Share, Trends, Opportunity, and Forecast 2019-2029”,
the Global Real-time location systems Market is expected to register robust
growth during the forecast period.
A real-time location system helps determine the current
position of an object based on real-time information gathered through a
wireless system. It helps in indoor tracking of the thing as well. Therefore,
owing to the availability of indoor tracking, the healthcare sector is adopting
this system, which is expected to contribute to the growth of the Real-time location system market
for the healthcare vertical. For instance, according to Cisco, 500 billion
devices are expected to be connected to the Internet by 2030. With the
increasing trend of IoT and wearable devices, organizations can quickly get
more things done, boosting productivity and delivering insight for better user
experiences and engagement.
Industries are opting for RTLS to lower
the risk of workplace accidents. 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, enabling it to identify and eliminate
workplace accidents and eradicate workflow bottlenecks, saving time and money. RTLS
can also be an effective way for hospitals to monitor their operations as
insurance against potential lawsuits. Most hospitals have patient promises (for
instance, how often staff checks up on patients and how often they receive
medical attention). These are particularly common in patients with critical
conditions or various mental illnesses. RTLS can be used as insurance against
such lawsuits.
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Based on End User Vertical, the Healthcare segment is
expected to dominate the market during the forecast period. With the increasing
population and patients worldwide, patient safety has become a paramount and
critical public health concern. According to WHO, medication errors are
expected to cause one death per one million people in 2023. A population of 447
million equals 163,000 deaths per year in the EU. According to statistics from
Spain, Germany, and the United States, between 60,000 and 131,000 people die in
Europe yearly.
Numbers from the World Health
Organization state that there is a 1 out of 300 chance of a patient being
harmed in healthcare due to medical errors. Most medical errors are attributed
to adverse drug events, specimen misidentification, and incorrect blood
transfusion, mainly caused by the misidentification of patients and medication.
The Food and Drug Administration (FDA) has estimated that half of the medical
errors caused by misidentification are preventable by introducing integrated IT
infrastructure. At present, hospitals are facing unprecedented challenges with
the ongoing pandemic. The other serious challenges the healthcare sector faces
are aging populations and staff shortages that place enormous pressure on
institutions, doctors, workers, patients, and communities.
Doctors, hospitals, and clinics are
looking for ways to cut costs and improve efficiency while still providing the
quality of care their patients require. According to the WHO, the global
healthcare workforce shortage could reach 14 million by 2030, with clinicians
expected to face ever-increasing workloads. In addition to the financial
challenges, there are safety challenges. In a hectic hospital environment, it
cannot be guaranteed that every patient may be monitored at any time, leading
to patients going unnoticed in dangerous situations. Hence, the demand for
real-time location systems may grow in the coming years to manage and monitor
patients in real time.
Based on Region, Asia Pacific is
projected to dominate the market throughout the forecast period. The
Asia-Pacific market is expected to grow at the fastest rate during the forecast
period because of the increasing working population and the booming healthcare
industry in emerging economies of the world, i.e., India and China.
The growing adoption of Industry 4.0 and
IoT in manufacturing in the Asia-Pacific region has fueled the implementation
of RTLS systems. The healthcare, transportation and logistics, industrial
production, government, and defense industries are at the edge of radio
technology based RTLS implementation. The Indian Brand Equity Foundation
estimates that India's manufacturing sector has the potential to reach USD 1
trillion by 2025. As a result, RTLS has a huge opportunity in warehouse
management, shipping, and logistics. According to Cisco Systems, in 2022,
wearables used in Asia-Pacific are forecast to account for approximately 28.7%
of the wearable 5G connections globally. Therefore, the increasing demand for
wearables drives the growth of the real-time location system market.
Key market players in the Global Real-time
location systems Market are: -
- Zebra
Technologies
- Ubisense
Group PLC
- AeroScout
Inc.
- TeleTracking
Technologies Inc.
- Savi
Technology
- CenTrak
Healthcare company
- Ekahau
Inc.
- Midmark
Corporation
- Identec
Group AG
- Sonoitor
Technologies Inc.
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“The Global Real-Time Location Systems
(RTLS) market is driven by several key factors. The rising demand for efficient
asset tracking and management across diverse industries, including healthcare,
manufacturing, and logistics, is a major driver. The integration of advanced
technologies, such as RFID, GPS, and Bluetooth Low Energy (BLE), contributes to
the continuous evolution of RTLS solutions, enhancing their accuracy and
capabilities. In healthcare, RTLS is pivotal for patient tracking and improving
operational workflows. The growth of e-commerce and the need for optimized
supply chain operations further fuel the adoption of RTLS in logistics and
retail. Industry 4.0 initiatives, emphasizing smart manufacturing, propel the
integration of RTLS into automated and intelligent production processes. These
drivers collectively underscore the increasing significance of RTLS in
enhancing operational efficiency, safety, and overall business intelligence on
a global scale.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“Real-time location systems Market -
Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By End-user
Vertical (Healthcare, Manufacturing, Retail, Transportation and Logistics,
Government and Defense, and Oil and Gas), Component (Hardware, and Software and
Services), By Region, and By Competition 2019-2029” provides statistics & information on
market size, structure, and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global Real-time
location systems Market.
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