LONDON--(BUSINESS WIRE)--The real-time location systems (RTLS) market is expected to grow by USD 19.03 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
RFID tags are broadly used across numerous sectors, such as logistics, automotive, construction, mining, oil and gas, retail, healthcare, sports, and education, for asset tracking and workforce management. These tags help these sectors to enhance efficiency and effectiveness across various operations. Moreover, the cost of RFID tags is declining exponentially due to the increase in its adoption rate and competition among vendors in the industry. At present, the cost of active RFID tags ranges from USD 20 to USD 100+ based on the tag’s ability to overcome challenging circumstances and other key functional features of the tag. Passive RFID inlays (such as dry inlays, wet inlays, and paper face tags) are the low-priced RFID tags. They are priced at USD 0.12 per tag in high volumes. When the demand is in bulk, the buyer gets more concessions depending on the volume. Therefore, the rapid decline in the cost of RFID tags is encouraging more SMEs and hospitals to implement RTLS solutions for various applications.
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As per Technavio, the rising demand for RTLS in transportation and logistics will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Real-Time Location Systems (RTLS) Market: Rising Demand for RTLS in Transportation and Logistics
In the current competitive scenario, delays and errors in the transportation of goods from the source to destination can adversely affect the quality of service (QoS). The implementation of RTLS tags in the logistics and transportation industry is hence, increasing as they can improve supply chain efficiency. RTLS tags and readers enhance security through loss and theft detection. These systems also increase productivity and agility and reduce labor and fuel costs. Moreover, the increased use of RTLS in transportation and logistics has resulted in the development of new products. Vendors are launching RTLS that feature cloud-based software, and Bluetooth beacons and receivers. Thus, the demand for RTLS in transportation and logistics is expected to increase, thereby driving the growth of the market.
“Factors such as the growing use of RTLS tags in healthcare sector, and the emergence of RTLS with analytical features will have a significant impact on the growth of the RTLS market value during the forecast period,” says a senior analyst at Technavio.
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Real-Time Location Systems (RTLS) Market: Segmentation Analysis
This market research report segments the real-time location systems market by solution (systems and tags), application (transportation and logistics, healthcare, government, retail, and others.), and geography (North America, Europe, APAC, South America, and MEA).
The North America region led the real-time location systems (RTLS) market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North America region is expected to register the highest incremental growth due to the high adoption of RFID tags and RTLS solutions in industries such as transportation and logistics, hospitals, enterprises, retailers, and automobile.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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