Product Code: 56132
The Real-Time Locating Systems (RTLS) Market was valued at over USD 3.35 billion in 2019, and it is expected to register a CAGR of 25.1% during 2020-2025. According to Cisco, 500 billion devices are expected to be connected to the Internet by 2030. With the increasing trend of IoT and wearables devices, organizations can easily get more things done, which will boost productivity and deliver insight for better user experiences and engagement.
- A real-time location system helps determine the current position of an object based on real-time information gathered through a wireless system. It helps in indoor tracking of the object as well. Because of the availability of indoor tracking, the healthcare sector is adopting this system and is expected to contribute to the growth of the RTLS market for the healthcare vertical.
- Moreover, to lower the risk of workplace accidents, industries are opting for RTLS. An RTLS helps to know the exact position of forklifts, vehicles, and operators at any given time. Based on the collected data, an RTLS analyzes the traffic and enables it to identify and eliminate workplace accidents eradicate workflow bottlenecks, saving time and money.
- RTLS can also be an effective way for hospitals to monitor their operations as insurance against potential lawsuits. Most hospitals have patient promises (for instance, how often staff checks up on patients and how often they receive medical attention). These are particularly common in cases where patients are in critical condition or suffer from various mental illnesses. RTLS can be used as insurance against such lawsuits.
- Moreover, the Bluetooth standard has been widely adopted worldwide. Bluetooth Low-Energy (BLE) solutions are cheaper and easier to integrate with existing systems and devices than other technologies. Moreover, RTLS that employ Bluetooth tags offers a detection accuracy of up to 1.5 meters (approximately 5 feet), making them suitable for diverse healthcare applications.
- The COVID-19 pandemic has made the importance of good hand hygiene practices clear globally, but enforcing compliance in hospitals can also protect patients from other infections. RTLS systems can be used to check that doctors and nurses always wash their hands between treating multiple patients, reducing the transfer of infections that are particularly dangerous for patients whose immune systems may already be weakened by their original condition.
- However, high initial set up cost and maintenance cost is hindering the growth of this market during the forecasted period.
Key Market Trends
Healthcare Industry Offers Potential Growth
- At present, hospitals are facing unprecedented challenges with the ongoing pandemic. Some of the other serious problems faced by the healthcare sector are aging populations and staff shortages that place enormous pressure on institutions, doctors, workers, patients, and communities.
- Many are looking for ways to cut costs, improve efficiency, but still provide the quality of care their patients need. As per the WHO, the shortage of global healthcare workers may rise to over 14 million in 2030, with clinicians expected to face ever-increasing workloads.
- As a result, there is a higher demand for services and support that may revamp the existing resources and methods. For these reasons, healthcare management teams are looking at real-time location systems (RTLS) to overcome some of their challenges. Moreover, the increasing trend of connected wearables is further boosting the market growth.
- According to the Joint Commission, 70% of medical errors are attributable to communication breakdowns. By integrating clinical mobility throughout their organizations, hospitals can improve staff communication, convert manual entry into electronic health records (EHR), and check the status of the sample given at the lab.
- According to Zebra's Future of Healthcare: 2022 Hospital Vision Study, hospitals have a particular focus on real-time location systems (RTLS) right now since: 96% of hospitals plan to expand the use of RTLS to track patients more effectively throughout treatment. Moreover, 95% are looking to RTLS to track medical devices, supplies, and specimens, while 83% want to leverage RTLS to improve operational efficiencies.
Asia-Pacific to Witness the Fastest Growth
- Asia-Pacific market is expected to grow at the fastest rate during the forecasted period because of the increasing number of the working population, and the booming healthcare industry in emerging economies of the world i.e. India and China.
- Moreover, according to the Indian Brand Equity Foundation, the manufacturing sector of India has the potential to reach USD 1 trillion by 2025 and India is expected to rank among the top three growth economies and manufacturing destinations of the world by the year 2020. This creates a huge opportunity for RTLS in warehouse management and during shipping and logistics.
- Further, Japan is hosting Summer Olympics 2021 which will require tracking of goods and authorized persons in real-time to ensure the smooth running of the events. This is anticipated to propel the growth of the real-time location system market during the forecast period.
The real-time location system market is highly fragmented. The major players include Zebra Technologies Corporation, Ubisense Group PLC, AeroScout Inc(Stanley Healthcare)., TeleTracking Technologies, Inc., Savi Technology, amongst others. The companies are seeing tremendous opportunities in developing regions, and thus they are strategizing their operation accordingly with mergers and acquisitions or product innovations. Some of the Key Developments in the Market are:
- In January 2020 - Silicon Labs and Quuppa collaborated to deliver a highly accurate indoor asset tracking solution based on the BLE direction finding feature with advanced angle-of-arrival (AoA) technology. It is designed for indoor positioning, navigation, and asset and people tracking applications for several industries, including hospitals.
- In September 2019 - Connexient announced a strategic partnership with Intelligent Locations to deliver enterprise-class Digital Wayfinding and RTLS services to healthcare customers. By joining forces, Connexient and Intelligent Locations may leverage a common BLE Beacon infrastructure. It deployed the Unified Location Architecture at all four hospitals in the Cone Health System (Greensboro, NC).
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
TABLE OF CONTENTS
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
- 4.1 Market Overview
- 4.2 Industry Attractiveness - Porter's Five Force Analysis
- 4.2.1 Bargaining Power of Suppliers
- 4.2.2 Bargaining Power of Buyers/Consumers
- 4.2.3 Threat of New Entrants
- 4.2.4 Threat of Substitute Products
- 4.2.5 Intensity of Competitive Rivalry
- 4.3 Key Stakeholder Analysis
- 4.4 Assessment of Impact of COVID-19 on the Global RTLS Market
5 MARKET DYNAMICS
- 5.1 Market Drivers
- 5.1.1 Need for Cost Reduction and Process Optimization
- 5.1.2 Rapid Growth in Adoption in the Healthcare Segment
- 5.1.3 Innovations in Tracking Technology and Recent Advancements in Fleet Tracking to Aid Growth
- 5.2 Market Challenges
- 5.2.1 Presence of Legacy Infrastructure across End Users
- 5.2.2 Privacy and Security Concerns
- 5.3 Market Opportunities
- 5.3.1 Automated Contact Tracing in Order to Mitigate the Spread of Community-related Diseases
6 IMPACT OF COVID-19 ON THE MARKET
7 MARKET SEGMENTATION
- 7.1 By End User Vertical
- 7.1.1 Healthcare
- 188.8.131.52 Major Applications
- 184.108.40.206 Segmentation by Technology
- 220.127.116.11.1 Bluetooth
- 18.104.22.168.2 Wi-Fi
- 22.214.171.124.3 RFID
- 126.96.36.199.4 Ultra-wideband (UWB)
- 188.8.131.52.5 InfraRed (IR)
- 7.1.2 Manufacturing
- 184.108.40.206 Major Applications
- 220.127.116.11 Segmentation by Technology
- 18.104.22.168.1 Bluetooth
- 22.214.171.124.2 RFID
- 126.96.36.199.3 Wi-Fi
- 188.8.131.52.4 UWB
- 7.1.3 Retail
- 184.108.40.206 Major Applications
- 220.127.116.11 Segmentation by Technology
- 18.104.22.168.1 Wi-Fi
- 22.214.171.124.2 UWB
- 126.96.36.199.3 Bluetooth
- 7.1.4 Transportation & Logistics
- 188.8.131.52 Major Applications
- 184.108.40.206 Segmentation by Technology
- 220.127.116.11.1 RFID
- 18.104.22.168.2 UWB
- 22.214.171.124.3 Bluetooth
- 7.1.5 Government & Defense
- 126.96.36.199 Major Applications
- 188.8.131.52 Segmentation by Technology
- 184.108.40.206.1 RFID
- 220.127.116.11.2 UWB
- 7.1.6 Oil & Gas
- 18.104.22.168 Major Applications
- 22.214.171.124 Segmentation by Technology
- 126.96.36.199.1 RFID
- 188.8.131.52.2 UWB
- 7.2 By Component
- 7.2.1 Hardware
- 7.2.2 Software and Services
- 7.3 Geography
- 7.3.1 North America
- 7.3.2 Europe
- 7.3.3 Asia-Pacific
- 7.3.4 Latin America
- 7.3.5 Middle East & Africa
8 COMPETITIVE LANDSCAPE
- 8.1 Company Profiles
- 8.1.1 Ubisense Group PLC
- 8.1.2 AeroScout, Inc.
- 8.1.3 TeleTracking Technologies, Inc.
- 8.1.4 Savi Technology
- 8.1.5 Zebra Technologies
- 8.1.6 CenTrak Healthcare company
- 8.1.7 Ekahau, Inc.
- 8.1.8 Midmark Corporation
- 8.1.9 Identec Group AG
- 8.1.10 Sonoitor Technologies, Inc.
- 8.1.11 Awarepoint Corporation (Centrak Inc.)
- 8.1.12 Kontact.io
- 8.1.13 Alien Technology
- 8.1.14 Stanley Healthcare
- 8.1.15 Impinj
9 INVESTMENT ANALYSIS
10 FUTURE OF THE MARKET