DUBLIN--(BUSINESS WIRE)--The "RTLS Market - Forecast from 2020 to 2025" report has been added to ResearchAndMarkets.com's offering.
The global real-time location system (RTLS) Market is estimated at US$2.821 billion for the year 2019, growing at a CAGR of 22.49% to reach the market size of US$9.528 billion by 2025.
The market growth of these real-time location systems is majorly attributed to the rising adoption on account of the capability of these systems to offer improved-real-time tracking of numerous assets of the organization is one of the key factors driving its adoption across the numerous industry verticals.
The growing adoption of these devices in various industries such as healthcare, manufacturing, and logistics among others, where the real-time location tracking of everything is highly essential in the vicinity is significantly driving the growth of the market throughout the forecast period.
Furthermore, the use of these systems also leads to increased efficiency, operational excellence, and productivity which is also leading to increased adoption of these systems. In addition, the growing focus of organizations to utilize their resources in an optimum manner coupled with the growing complexity and diversification of business processes is also anticipated to propel the market growth throughout the forecast period.
Moreover, the rising focus of healthcare providers coupled with a significant increase in the healthcare expenditure in major emerging economies also drives the growth of the market. Moreover, growing investments by companies in the form of mergers and acquisitions with an aim to expand the share in the market and gain a competitive edge over other players also show the rising competition in the market, thereby increasing the potential for the growth of the market for the next five years.
For instance, in October 2019, Gtx Corp, a company that develops miniaturized global positioning system tracking technology and RTLS assistive technology announced a collaborative agreement with Netobjex, Inc., a leading provider of intelligent and integrated automation platform for monitoring, tracing and tracking of assets for numerous industry verticals.
The growing e-commerce logistics industry is anticipated to drive the market growth
Increasing penetration of smartphones coupled with the availability of internet and the availability of numerous mobile applications for different e-commerce business owners is one of the primary factors to propel the growth of the logistics sector. This combined with increasing investments in the latest and advanced technologies is also anticipated to propel the growth opportunities for the market for the forecast period and beyond. Furthermore, this growing smartphone usage has led to multiple e-commerce service providers developing better mobile experiences for their users, thus further augmenting the e-commerce logistics growth.
Additionally, multiple local retailers are also developing mobile applications in order to account for changing consumer behaviors towards an increase in mobile-based purchases which is also driving the growth of the e-commerce logistics industry. Furthermore, increasing demand for consumer electronics coupled with additional benefits given by the e-commerce businesses is anticipating the customers to move towards online shopping.
Healthcare industry expected to rule the market
On the basis of industry vertical the global real-time location system market has been classified into healthcare, manufacturing, retail, logistics, and others. The healthcare segment is anticipated to hold a noteworthy share in the market due to the fact that high adoption of these systems by the healthcare services providers. The rising healthcare investments in major emerging economies coupled with the decent growth of the highly developed healthcare sector of the major developed economies are all the factors that are collectively contributing towards the growth of the market for the healthcare sector.
According to the World Bank Group, the per capita healthcare expenditure in the major growing economies such as India, China, and Indonesia is increasing on account of rising government support for uplifting the healthcare sectors of these countries. For instance, in India, the per capita healthcare expenditure increased to US$62.716 by 2016 from 29.652 in 2006. Similarly, in China, it increased from US$81.79 in 2006 to 398.332 in 2016.
real-time location system market
Furthermore, increasing investments by players in the market in the form of R&D and development of state-of-art technology solutions for the healthcare industry on account of burgeoning requirements are also expected to be one of the key factors for the growth of the real-time location systems market for the healthcare industry.
For instance, recently in 2020, Infor, a leading enterprise software company announced the acquisition of Intelligent Insites, a globally known company leveraging its real-time location system's software and services for the healthcare industry. The company aims to expand its portfolio of various RTLS services and solutions to healthcare organizations.
North America holds the significant market share
On the basis of geography, the global real-time location systems market is segmented into North America, South America, Europe, Middle East and Africa, and the Asia Pacific. The North American region is anticipated to hold a considerable share in the market on account of the presence of state-of-art healthcare infrastructure in countries such as the United States and Canada. The continuous increase in the investments for the development of healthcare infrastructure on a regular basis is also supplementing the growth of the market in this region.
Europe is anticipated to show good growth opportunities as the growing focus of the governments of various countries in major countries such as the UK, Germany, and France is leading to the growing investments in the healthcare sector. For instance, in Germany, as per the data from the Federal Statistical Office (Destatis), in 2018 the healthcare expenditure in Germany reached 387.7 billion euros with an increase of 3.1% from the previous year.
The Asia-Pacific region is projected to show good growth in the market throughout the forecast period due to rising government support in many countries for boosting the healthcare sector coupled with the rapidly rising trend of medical tourism. In addition, the presence of a considerably large population base along with the rising disposable income and economic growth and the presence of a strong manufacturing base is supplementing the growth of the manufacturing sector in countries like China, India and South Korea which is also projected to positively impact the growth of the market in the APAC region.
Key Topics Covered
1. Introduction
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
2.2. Assumptions
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Real-time Location System (RTLS) Market Analysis, By Offering
5.1. Introduction
5.2. Hardware
5.3. Software
5.4. Services
6. Real-time Location System (RTLS) Market Analysis, By Technology
6.1. Introduction
6.2. Infrared
6.3. RFID
6.4. WI-FI
6.5. GPS
6.6. Bluetooth
6.7. Others
7. Real-time Location System (RTLS) Market Analysis, By Industry Vertical
7.1. Introduction
7.2. Healthcare
7.3. Manufacturing
7.4. Retail
7.5. Logistics
7.6. Others
8. Real-time Location System (RTLS) Market Analysis, By Geography
8.1. Introduction
8.2. North America
8.3. South America
8.4. Europe
8.5. Middle East & Africa
8.6. Asia-Pacific
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles
10.1. Ubisense
10.2. TeleTracking Technologies Inc.
10.3. Zebra Technologies Corporation
10.4. Stanley Healthcare
10.5. Midmark Corporation
10.6. Savi Technology Inc.
10.7. Identec Group AG
10.8. CenTrak Inc.
10.9. Ekahau Inc.
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