New York, US, Sept. 29, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Real-Time Location System Market information by Type, by Sales Channel, by Application and Region – forecast to 2028” market valuation was reached USD 1.875 Billion in 2018; it is expected to reach USD 23.9042 Billion by 2028, registering a 28.7% CAGR.
Competitive Analysis:
The global real-time location system market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches, and more.
Dominant Key Players on Real-Time Location System Market Covered Are:
- Zebra Technologies Corporation
- IBM Corporation
- STANLEY Healthcare
- Siemens AG
- General Electric Company
- Airista Flow Inc.
- RF Technologies Inc.
- Sonitor Technologies Inc.
- Identec Solutions
- PINC Solutions
- PLUS Location Systems USA
- Radiance
- CenTrak
- Essensium
- TeleTracking Technologies Inc.
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RTLS Market Drivers
Technological Advancements to Boost Market Growth
Technological advancements such as RFID, Internet of Things, and Wi-Fi, among other technologies in the healthcare sector may boost market growth over the forecast period.
Opportunities
Rising Popularity of Ultra-wideband Technology-Based RTLS Solutions to offer Robust Opportunities
The rising popularity of ultra-wideband technology-based RTLS solutions will offer robust opportunities in the market over the forecast period.
Besides, other factors adding market growth include the high adoption of RTLS solutions in various industry verticals, in emerging cases, and governmental sector, the emergence of innovative startups and market competitiveness, the growing awareness about the perks of real time location systems, growing need for asset tracking, the proliferation of smartphones, the growing adoption of business analytics solutions, the rise in security concerns, and the growing need for contact-tracing solutions owing to COVID-19 pandemic.
Restraints
Limited Data Security to act as Market Restraint
The limited data security and lack of awareness may act as market restraints over the forecast period.
Challenges
High Installation & Maintenance Cost to act as Market Challenge
The high cost of installation & maintenance may act as market challenge over the forecast period.
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Segmentation of Market covered in the research:
The global real-time location systems market is segmented based on sales channel, application, and type.
By type, the RFID segment will lead the market over the forecast period. It is predicted to grow at a 26.7% CAGR by 2027.
By application, the healthcare segment will dominate the market over the forecast period. It is predicted to grow at a 26.8% CAGR by 2027.
By sales channel, the real-time location systems market is segmented into distribution channel and direct channel.
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Regional Analysis
North America to Command Real-Time Location System Market
North America will command this market in the forecast period. It is predicted to develop at a 24.0% CAGR by 2027. Growing industrial sector, increasing numbers of SMEs, high demand from the healthcare sector, large number of senior living facilities & hospitals in the US using RTLS solutions for different apps, growth of RTLS applications in manufacturing and processing sectors, and healthcare, the presence of several RTLS market vendors, and wide scale adoption of mobility solutions are adding to the global real-time location system market growth in the region. Besides, high technological awareness, the growing trend in the adoption of real-time locating systems in government applications and other industries, the presence of a well-established economy, huge investment by government and private organizations in new technologies, high purchasing power of people, and the early adoption of this technology, are also adding market growth.
Europe to Have Admirable Growth in Real-Time Location System Market
Europe will have admirable growth in the market over the forecast period. Growing demand from the manufacturing sector and healthcare industry, considerable healthcare spending, as well as strict regulations is adding to the global real time location system market growth in the region.
COVID-19 Impact on the Global Real-Time Location System Market
The COVID-19 pandemic has possessed a positive effect on the real-time location system market, increasing the demand for digital freight solutions. The novel coronavirus vaccine transport created a substantial demand for pharmaceutical logistics hardware and software. The massive undertaking of this transport may encourage freight-tech companies in responding to the pandemic how they shaped the goods movement markets. Several innovative industry players are actively creating an emerging cold chain solution and surging interest in pharmaceutical logistics, ramping up temperature-tracking technologies and GPS for deploying in vaccine transport and beyond. The COVID-19 vaccine has hastened innovation in several freight tech companies that offer temperature monitoring, now figuring out how to do it on a larger scale.
The COVID-19 crisis has made the significance of good hand hygiene practices clear worldwide, yet enforcing compliance in hospitals are also protecting patients from other infections. RTLS systems can be utilized for checking that nurses and doctors wash their hands always between treating multiple patients, thus reducing the transfer of infections which are dangerous for patients whose immune systems are already weakened by their original condition.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
