Press Release

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 2019-2029provides 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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