Chicago, July 31, 2024 (GLOBE NEWSWIRE) -- The global real-time location systems (RTLS) market size is expected to grow from USD 5.2 billion in 2023 to USD 16.2 billion by 2028, at a CAGR of 25.5% from 2023 to 2028.
RTLS solutions improve productivity by shortening the time they take to locate an asset, which is particularly helpful for transportation, biomedical engineering, and nursing staff. Equipment searches and paperwork related to assets translate into delays in the overall process, adversely impacting productivity in several verticals. RTLS systems minimize that timeframe and provide real-time data about all these assets with precise locations, which leads to better productivity.
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Major RTLS Companies Include:
- Securitas AB (Sweden),
- Zebra Technologies Corporation (US),
- Aruba Networks (US),
- Impinj, Inc. (US),
- Savi Technology (US),
- TeleTracking Technologies, Inc. (US),
- CenTrak, Inc. (US),
- GE HealthCare Technologies Inc. (US),
- Ubisense Ltd. (UK),
- Alien Technology, LLC (US),
- AiRISTA Flow, Inc. (US),
- Sonitor Technologies (US), and
- Midmark Corporation (US).
RTLS Market Segmentation Analysis:
Hardware segment is expected to hold the largest market share during the forecast period.
RTLS solutions consist of hardware components such as tags/badges affixed to an asset or individual for tracking purposes. RTLS badges, tags, and sensory networks are designed to work in the background, communicating the locations of people and equipment automatically and accurately. These tags periodically transmit information to readers or trackers. A reader communicates with a tag and collects and processes tag signals, subsequently sending them to the application software platform, which analyzes and correlates this data to provide the exact location in real-time. There is a growing trend of using hybrid solutions, which may involve using a single tag or reader that can perform many functions. These factors would further boost the ever-increasing demand for hybrid RTLS solutions from specific verticals such as healthcare and manufacturing.
The RTLS market for UWB technology is projected to grow at the highest CAGR during the forecast period.
In the RTLS market, ultra-wideband (UWB) is one of the most dynamic and fastest-growing technologies, and the RTLS market for UWB technology stores enormous potential for growth during the forecast period. This technology functions similarly to active RFID, wherein the tag continuously sends RF energy into the environment for receivers to pick up. UWB-based RTLS solutions operate in a large bandwidth spectrum in larger environments with many tags; receivers are placed at larger intervals with sub-receivers in between to improve accuracy. The signals from the tags are concise and obtain the unique ID of the tag. UWB is highly accurate on a room- and zone-level basis and can calculate the location within a few centimeters due to its short, narrow transmissions.
The RTLS market in Asia Pacific is projected to grow at the highest CAGR from 2023 to 2028.
The growing manufacturing sector in China is generating massive demand for RTLS solutions to improve operational efficiency and lower operational costs by tracking equipment, goods, materials, work orders, assembly lines, and distribution in manufacturing facilities, which is anticipated to drive market growth in the country. In addition, the high adoption of RTLS technologies in Japan, South Korea, China, and Australia to improve healthcare quality and patient safety and reduce healthcare costs is expected to drive the RTLS market in Asia Pacific for the healthcare vertical.
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Market Dynamics
Opportunities: Growing demand for hybrid RTLS solutions.
The RTLS market is witnessing a rise in demand for hybrid RTLS solutions. A range of hybrid solutions is available in the market, intending to overcome some of the challenges associated with an RTLS system based on a single technology. Hybrid RTLS solutions combine multiple technologies to achieve higher accuracy, reliability, flexibility, and cost-effectiveness than systems that use any single technology. This is because each technology has its own strengths and weaknesses, and by combining them, the weaknesses of one technology can be offset by the strengths of another. For example, Wi-Fi-based RTLS systems are typically very accurate, but they can be unreliable in areas with poor Wi-Fi signal strength. By combining Wi-Fi with another technology, such as Bluetooth, the accuracy and reliability of the system can be improved. This makes them ideal for a wide range of industries, including manufacturing, automotive, logistics, healthcare, and retail. By combining multiple technologies.
Challenges: Lack of uniform standards and interoperability.
One of the major concerns of the RTLS market is standardization protocols. There is a lack of uniform standards due to which various solutions are available, making it difficult for end users to choose and integrate with the system. As many hardware products and software are available, the end user faces incompatibility issues in infrastructure, thus resulting in the interoperability of the complete solution. Companies such as Zebra Technologies (US) and Securitas AB (US) provide RTLS solutions that support more than one protocol; however, most market players primarily focus on a single protocol. Since different technologies operate on different protocols and frequency bands, there is a lack of interoperability between various RTLS solutions. Hence, the customer must opt for a single vendor for its system, due to which the overall cost may increase.
