DUBLIN--(BUSINESS WIRE)--The "Real-Time Location Systems Market (RTLS) with COVID-19 Impact Analysis by Offering (Hardware, Software, Services), Technology, Vertical (Healthcare, Manufacturing, Retail, Education, Govt., Sports), Application/Use case, Geography- Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The Real-Time Location Systems (RTLS) Market is Expected to Grow at a CAGR of 24.8% from 2020 to 2025, to reach USD 10.3 Billion by 2025 from USD 3.4 Billion in 2020.
Availability of cost-effective RTLS solutions; increasing regulations in various industries to improve safety, workflow, and security; and increasing popularity of ultra-wideband technology-based RTLS solutions are a few of the key driving factors for the RTLS market growth. However, concerns regarding data security and privacy, and hindrance in the RTLS supply chain due to COVID-19 are a few of the factors hindering the growth of the RTLS market.
Healthcare vertical to dominate the RTLS market, in terms of size, during the forecast period
The RTLS market for healthcare vertical is expected to hold a dominant position during the forecast period. The leading position of the healthcare vertical can be attributed to the early adoption of RTLS-based solutions for a wide range of applications in healthcare, especially in the US. The need to ensure the safety of patients and security of electronic health records and valuable assets have also resulted in higher demand for RTLS solutions in healthcare.
Inventory/asset tracking & management segment to hold the largest share of RTLS market and witness significant growth from 2020 to 2025
In terms of market size, the inventory/asset tracking & management application segment is expected to dominate the RTLS market during the forecast period and is likely to witness significant growth in the said market from 2020 to 2025. RTLS technologies are predominantly used in asset and inventory tracking and management applications in various industries to make better utilization of available resources and reduce wastage of time during operations. Healthcare, manufacturing, automotive, and retail are major verticals that are using RTLS solutions for inventory and asset tracking and management.
APAC to witness the highest growth in the market during the forecast period
APAC is expected to witness the highest growth in the RTLS market during the forecast period. China, Japan, Australia, and South Korea are a few major countries expected to accelerate the growth of the RTLS market in APAC. Healthcare, manufacturing & automotive, and retail are the key verticals in the APAC RTLS market.
Market Dynamics
Drivers
- Rise in Market Competitiveness Leading to Availability of Cost-Effective RTLS Solutions
- High Return on Investment
- Increasing Regulations in Various Industries to Improve Safety, Workflow, and Security to Drive RTLS Market
- Increasing Popularity of Ultra-Wideband Technology-Based RTLS Solutions
- Ability of RTLS Solutions to Help Healthcare Organizations Check Spread of COVID-19
Restraints
- Concerns Regarding Data Security and Privacy Inhibit Adoption of RTLS
- High Cost of Installation and Maintenance Restricts RTLS Market Growth
- Unsatisfactory Results and Negative Feedback from RTLS End-users
Opportunities
- Growing Need for Contact-Tracing Solutions Due to COVID-19 Pandemic
- Need for Resource Utilization and Workflow Optimization to Boost Demand for RTLS: COVID-19 Expected to Hinder Penetration in the Short Run
- Growing Trend of Hybrid RTLS Solution
- Focus on Industry 4.0, IoT, and Smart Manufacturing
- Emerging Applications/Use Cases of RTLS
- Soaring Demand for RTLS Solutions in Developing Regions
Challenges
- Designing RTLS Solutions That Fulfill High Accuracy, High Range, and Low Power Consumption Requirements
- System Incompatibility and Lack of Uniform Standards and Interoperability
- Lack of Awareness About RTLS Solutions and Expert Workforce Restricting Market Growth
- Hindrance in RTLS Market Supply Chain Due to COVID-19
Companies Mentioned
- Airista
- Alien Technology
- Aruba Networks (Hp Enterprise)
- Centrak
- Cerner Corporation
- Decawave
- GE Healthcare
- Identech Group
- Impinj
- Infinite Leap
- Leantegra
- Litum Technologies
- Openrtls
- Redpine Signals
- Savi Technology
- Sonitor Technologies
- Stanley Black & Decker
- Teletracking Technologies
- Tracktio
- Ubisense Group
- Visible Assets
- Zebra Technologies
For more information about this report visit https://www.researchandmarkets.com/r/2eekkk
