Real-Time Location Systems Market Size 2024-2028

The real-time location systems market size is projected to increase by USD 28.35 billion at a CAGR of 37.54% between 2023 and 2028. RTLS works by using tags such as RFID to track and monitor assets and individuals in real time. Market growth is driven by the healthcare sector's adoption of RTLS for asset tracking and remote patient monitoring, the transportation and logistics industry's demand for supply chain optimization, and the affordability of RFID tags. These factors foster broader implementation and ongoing technological advancements, shaping the market landscape.

What will be the Size of the Real-Time Location Systems Market During the Forecast Period?

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Real-Time Location Systems Market Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

AiRISTA Flow Inc. - The company offers location-tracking hardware, software and mobile phones applications.

Market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak. The market growth and forecasting report includes key player's detailed analyses of the competitive landscape of the market and information about key companies, including AiRISTA Flow Inc., Alien Technology LLC, General Electric Co., Halma Plc, Identec Group AG, Impinj Inc., Inpixon, Leantegra Inc., Litum Technologies Inc., Mojix Inc., Oracle Corp., Qorvo Inc., Savi Technology Inc., Securitas AB, Silicon Laboratories Inc., Sonitor Technologies AS, TeleTracking Technologies Inc., Tracktio Group SL, Ubisense Ltd., and Zebra Technologies Corp.

Real-Time Location Systems Market Segmentation 

By Application 

The market share growth by the healthcare segment will be significant during the forecast period. In the RTLS market, this segment is one of the fastest growing. There has been a substantial increase in the use of patient monitoring and asset tracking in hospitals due to advantages such as low cost and real-time tracking offered by RTLS, which guarantee the security of patients and assets. RTLS solutions are mostly used in hospitals to enhance operational efficiency and lower the cost of monitoring assets.

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The healthcare segment was valued at USD 741.50 million in 2018. Hospitals integrate data analytics to track par levels of infusion pumps, perform real-time tracking of temperature levels of refrigerators used in medical facilities, and monitor patients. Also, the data analytics software supports the hospital team to extract large datasets and get real-time information to gain a better understanding. For instance, Stanley Healthcare has incorporated visual data analytics software from Tableau Software with Wi-Fi RTLS. In addition, this system allows hospitals to track par levels of infusion pumps so that they can be refilled. Hospitals and healthcare institutions are adopting VPNs to enable data security and establish a seamless connection between staff and patients. Many hospitals are creating indoor applications based on floor maps to deliver location-based searches to track patients, staff, and equipment. There has been a rise in the trade of commodities and pharma products worldwide because of globalization. Such development may propel the growth of the global market focus during the forecast period.

By Solution 

The systems segment includes significant elements, such as location readers, location sensors, network infrastructure, and application software/middleware. Due to the increasing uptake of RTLS by transportation and logistics, oil and natural gas, manufacturing, retail, healthcare, and other industries, the segment is expected to grow. Further, the rising usage of advanced tracking systems in military applications for tracking shipments and assets is anticipated to further boost the growth of the segment. Expanding advantages associated with RTLS are driving the players operating in the healthcare sector to incorporate the RTLS system into their business process, which is anticipated to augment the growth of the global market focus during the forecast period.

By Region

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North America is estimated to contribute 38% to the growth of the global market during the forecast period. 
Technavio's analysts have provided an extensive insight into the market forecast, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period.

In North America, the RTLS is expected to increase. In the region, the US contributes the maximum revenue to the real-time location systems market due to the high adoption of RFID tags and RTLS solutions. Furthermore, most transportation and logistics, hospitals, enterprises, retailers, and automobile companies are installing RTLS to gain seamless operations. For instance, Zebra Technologies and STANLEY Healthcare are the major RTLS market providers in this region. To track their assets, many vendors are using RTLS solutions.

Moreover, the major countries with the highest demand for the RTLS market are Mexico and Canada which increases the real-time location systems market demand. In Canada and Mexico, the demand for RFID tags will further increase due to the upsurge in the adoption of tags in SMEs and hospitals in these regions. It is essential to note that an average user spends a significant portion of his/her time indoors. Therefore, indoor positioning and tracking play a critical role in delivering efficient customer assistance. As most customers can access real-time data via digitized services, marketers are focusing on proximity-based advertising to promote brands, offers, and deals. Hence, such factors are expected to drive the market in the region during the forecast period.

Real-Time Location Systems Market Dynamics 

In the realm of the market, nursing staff efficiency and patient care are significantly enhanced through the implementation of real-time tracking systems. With solutions like the Orion Real-Time Location System, hospitals streamline operations and improve response times. Courier services and logistics companies optimize their workflows using RTLS, bolstered by wireless systems, and Navigation systems for seamless communication. Enhanced visibility of operators and resources mitigates congestion and traffic concerns, ensuring smoother operations in diverse environments.  In the dynamic and interconnected world of modern industries, Real-Time Location Systems (RTLS) have emerged as a crucial technology for various sectors, including biomedical engineering, oil and gas, mining, and logistics companies. RTLS utilizes wireless systems, such as IoT and wearable devices, to provide real-time indoor tracking and navigation solutions. This technology is particularly valuable in industries prone to workplace accidents and workflow bottlenecks, like mining and oil and gas.

Key Real-Time Location Systems Market Driver - Growing Use of RTLS Tags

The growing use of RTLS tags in the healthcare sector is driving market growth. Many hospitals are deploying RTLS tags to enhance operations and profitability in the healthcare sector. RFID tags cater to a broad range of applications. RTLS is used for the fast finding of equipment such as wheelchairs, ventilators, oxygen cylinders, hospital beds, and infusion pumps in asset management. Also, hospitals use RTLS tags to observe sensitive equipment, violent patients, and hospital staff, including doctors and nurses. In healthcare applications., high-frequency (HF) tags and ultra-high frequency (UHF) RFID tags are generally used and their demand will have a positive impact on the market growth.

However, HF is used to tag blood samples, tissue samples, and other critical fluids. In addition, UHF RFID tags are used for long-range purposes such as tracking and finding essential medical devices, managing inventory, and tracking and identifying patients. Tracking surgical instruments and other reusable medical equipment with RTLS solutions helps automate the sterile processing workflow. The process involves cleaning; sterilizing; and distributing medical equipment, surgical and dental instruments, and critical supplies. Hence, the healthcare sector delivers an extensive possibility for the RTLS companies, which may drive market growth during the forecast period.

Significant Real-Time Location Systems Market Trends - Increasing Popularity of LBM

The increasing popularity of LBM is an emerging trend shaping market growth. The right communication between patients and hospital staff is an essential element in the healthcare sector. On the other hand, improper or poor communication leads to patient delays, and sometimes it becomes crucial and leads to patient death. The hospital staff lost 46 minutes on average on each working day due to this outdated technology. Hence, to enhance efficiency and reduce costs, most hospitals are using location-based messaging (LBM). Further, this technology is predominantly used for patient communications, patient help button alerting, and staff safety alerting. With the advent of new technology and innovation, such as Wi-Fi RFID badge tags come with a text display screen. 

Moreover, for LBM purposes, they are widely adopted among hospitals. A display tag provides accurate details at the right place and at the right time such as if a patient stops, assets are missing, or a patient enters a danger zone. The Wi-Fi RFID badge tags send a message to the concerned person, either a doctor or a nurse. Hence, the LBM technology operates hospital workflow appropriately and transmits context-aware messages for only appropriate messages to reach the destination which also saves time and reduces alarm fatigue, which in turn will drive market growth during the forecast period.

Major Real-Time Location Systems Market Challenge - Lack of Well-defined Technology Standards

The lack of well-defined technology standards is a significant challenge hindering the market growth. This technology is still in its initial phase with no well-defined technology standards. Also, the implementation of such technology in the system, which is in its nascent stage of development, can cause operational issues. This, in turn, is impeding their growth. Indoor positioning and tracking apps receive data from the user's location. Thus, the performance and precision of the application are greatly impacted by varying data sampling rates of various devices. Owing to the existence of open-source OS technology, developers are free to make customized changes and enhancements to their own devices. Important delays happen while pre-processing, which is acquired from third-party sensors, as such data is mostly outdated.

As a result, the creation of many variants of the same app runs on various smart devices. Fixing the issues that crop up due to inconsistencies in app versions is a massive challenge for developers. Further, technology standards for RTLS lack clarity, and this prompts companies to use different standards for the systems. Crude standards will create incompatibility among different applications, which leads to high implementation costs for enterprises, which may have an adverse impact on the market growth. Hence, the low RTLS technology standards may hinder market growth during the forecast period.

Real-Time Location Systems Market Customer Landscape

The Real-Time Location Systems market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the Real-Time Location Systems market growth analysis report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and trends strategies.

Global Market Customer Landscape

Segment Overview

The Real-Time Location Systems market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.

• Application Outlook
  • Healthcare
  • Transportation and logistics
  • Retail
  • Government
  • Others
• Solution Outlook 
  • Systems
  • Tags
• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • South America
    • Chile 
    • Brazil
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview

In the evolving landscape of the market, hand hygiene compliance and infection control are paramount, particularly in healthcare settings like the Reading Hospital. Such solutions leverage UWB (Ultra-Wideband) and BLE (Bluetooth Low Energy) technologies to ensure accuracy, reliability, and flexibility in indoor location and people tracking. From manufacturing equipment to vehicles like forklifts and trucks, safety regulations drive the adoption of RTLS for efficient operations. Beyond cost-effectiveness and installation expenses, RTLS addresses crucial aspects of patient safety, mitigating risks of medication errors, adverse drug events, and misidentification. As wearables and trackables gain traction, RTLS contributes to enhancing the quality of care while optimizing resources in various industries and communities.

Further, in the dynamic realm of real-time tracking system, addressing infections and enhancing safety protocols is paramount, especially in sectors like healthcare, where the Health department plays a pivotal role. RTLS solutions, utilizing Ultra-wideband (UWB) and Bluetooth standard, offer precise detection accuracy and facilitate real-time tracking of assets and personnel, mitigating risks associated with incorrect blood transfusion and specimen misidentification. While initial setup costs and maintenance costs are considerations, RTLS provides invaluable benefits, from improving warehouse management to optimizing shipping processes. As industries adapt to changing demographics and emerging technologies, RTLS serves as a cornerstone for operational efficiency and safety compliance across various sectors.

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What are the Key Data Covered in this Real-Time Location Systems Market Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2024 and 2028
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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