DUBLIN--(BUSINESS WIRE)--The "Real-Time Locating Systems (RTLS) Market by Offering (Hardware, Software, Services), Technology (RFID, W-Fi, UWB, BLE), Vertical (Healthcare, Manufacturing, Retail, Education, Govt, Sports), Application/Use case & Geography - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The global real-time location system (RTLS) market is expected to grow from USD 3.19 billion in 2018 to USD 8.79 billion by 2023, at a CAGR of 22.5% between 2018 and 2023.
The market growth is driven by the high adoption of RTLS solutions in the healthcare, retail, and manufacturing and automotive verticals. The regulatory compliance across industries including healthcare, oil & gas, mining, education, and manufacturing have also boosted the demand for RTLS solutions. The emergence of innovative startups, market competitiveness, and availability of customized solutions and high return on investment are the factors driving the growth of RTLS market.
Concerns regarding data security and privacy; unsatisfactory results and negative feedback from RTLS end users; and the high cost of acquisition and maintenance would be the major factors restraining the market growth.
The hardware segment held the largest market share in 2017; however, organizations using RTLS solutions are expected to spend a significant amount on support and maintenance services on a regular basis. Hence, the RTLS market for services is expected to grow at the highest CAGR during the forecast period.
The market for UWB technology-based RTLS solutions is expected to grow at the highest CAGR during the forecast period. The UWB technology can support locating a large number of objects down to the range of few centimeters. The declining prices of UWB tags is likely to boost the demand for UWB technology-based RTLS solutions from various verticals such as manufacturing, transportation, and logistics in the coming years. UWB technology is expected to surpass the market for all other RTLS technologies by 2023.
The market in APAC is expected to grow at the highest CAGR during the forecast period owing to the untapped applications of RTLS solutions in different industries in APAC. Japan is the early adopter of RTLS solutions and has witnessed the highest growth in the RTLS market in the past. Countries such as South Korea, China, and Australia are also expected to witness high growth in the RTLS market in APAC.
The emergence of new applications/use cases and untapped/unexplored industries and applications in the APAC and RoW regions are likely to provide opportunities to RTLS vendors in the coming years. Additionally, emerging trends such as IoT, Industry 4.0, and the development of hybrid solutions as a result of technological advancements are also expected to present lucrative opportunities to RTLS vendors in the next few years. The growing IoT applications devised with healthcare requirements are expected to contribute to the growth of the RTLS market for the healthcare vertical. The education vertical is expected to witness the highest CAGR in the RTLS market during the forecast period owing to the rising concern for the security and safety of students and faculty at educational premises.
Stanley Healthcare (US), Zebra Technologies (US), Aruba Networks (HP Enterprise, US), IMPINJ (US), Savi Technology (US), TeleTracking Technologies (US), Ubisense Group (UK), AiRISTA (US), Awarepoint (US), Identec Group (Liechtenstein), and Alien Technology (US) are a few leading players in the RTLS market.
Some key innovators in the RTLS market are as follows: DecaWave (Ireland), Redpine Signals (US), Visible Assets (US), Litum Technologies (Turkey), Mojix (US), Tracktio (Spain), CenTrak (US), Leantegra (US), and OpenRTLS, while Cerner Corp. (US), GE Healthcare (US), Cisco Systems (US), Sonitor Technologies (Norway), and STATSports Technologies (UK) are some other prominent players in the RTLS market.
Market Dynamics
Drivers
- Emergence of Innovative Startups, Market Competitiveness, and Availability of Customized Solutions
- High Return on Investment
- Regulatory Compliance Across Industries Including Healthcare, Oil & Gas, Mining, Education, and Manufacturing
Restraints
- Concerns Regarding Data Security and Privacy
- Unsatisfactory Results and Negative Feedback From RTLS End Users and High Cost of Acquisition and Maintenance
Opportunities
- Need for Resource Utilization and Workflow Optimization
- Development of Hybrid RTLS Solution
- Focus on Industry 4.0, IoT, and Smart Manufacturing
- Emergence of New Applications/Use Cases, and Untapped/Unexplored Industries and Applications in APAC and RoW
- Emerging Opportunities in Government and Defense Sectors
Challenges
- Designing RTLS Solutions Fulfilling All Requirements - High Accuracy, High Range, and Low Power Consumption
- System Incompatibility and Lack of Uniform Standards and Interoperability
- Less Awareness Among End Users and Lack of Expert Workforce
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Global RTLS Market, By Offering
8 Global RTLS Market, By Technology
9 Global RTLS Market, By Application/Use Case
10 Global RTLS Market, By Vertical
11 Geographic Analysis
12 Competitive Landscape
13 Company Profiles
- Airista
- Alien Technology
- Aruba Networks (HP Enterprise)
- Awarepoint
- Centrak
- Cerner Corp.
- Cisco
- Decawave
- GE Healthcare
- Identec Group
- Impinj
- Leantegra
- Litum Technologies (Litum IoT & Sanitag)
- Mojix
- Openrtls
- Redpine Signals
- Savi Technology
- Sonitor Technologies
- Stanley Healthcare
- Statsports
- Teletracking Technologies
- Tracktio
- Ubisense Group
- Visible Assets
- Zebra Technologies
For more information about this report visit https://www.researchandmarkets.com/research/w6b3c6/8_79bn_realtime?w=4
