NEW
YORK, July 9, 2024 /PRNewswire/ -- Real-time
Location Systems (RTLS) are technologies used to automatically
identify and track the real-time location of objects or people
within a designated area, usually with the help of tags or sensors.
The global RTLS market is poised to expand significantly, driven by
factors such as the low cost of RFID tags and the increasing
adoption of Ultra-Wideband (UWB) RTLS technology. Despite promising
growth prospects, high implementation costs remain a challenge for
market players. Key companies shaping this landscape include
AiRISTA Flow Inc., Alien Technology LLC, General Electric Co., and
others noted for their innovations in location tracking
solutions.
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Real-Time Location
Systems (RTLS) Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
37.54%
|
Market growth
2024-2028
|
USD 28356.1
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
29.82
|
Regional
analysis
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
Performing market
contribution
|
North America at
38%
|
Key
countries
|
US, China, Germany, UK,
and Japan
|
Key companies
profiled
|
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.
|
Market Driver
UWB Real-Time Location Systems (RTLS) consist of four main
components: tags, sensors, timing cables or wireless bridges, and a
location engine. Tags are used for monitoring assets, sensors read
tags, timing cables or wireless bridges connect sensors and the
host computer, and the location engine calculates tag positions
using various techniques. UWB RTLS offers high accuracy over
short-to-medium distances at a lower cost than other RTLS
technologies. It's beneficial for short-range and low-data-rate
communications, with a high data rate reaching 100 Mbps for
near-field data transmission. Zebra's Dart UWB provides accurate,
precise, and high update rate real-time location information using
patented UWB systems. This results in long battery life for tags
and is useful for applications requiring high accuracy within a
range of fewer than 300 meters. UWB RTLS is beneficial for various
applications, including communication and sensors, positioning and
tracking, and radar.
Real-Time Location Systems (RTLS) are gaining popularity in
various industries, including Biomedical engineering, Nursing staff
in Healthcare, Oil & Gas, Mining, Manufacturing, and more. RTLS
enables real-time tracking of assets, vehicles, and people,
enhancing safety compliance, workflow efficiency, and security. In
Healthcare, RTLS helps monitor hand hygiene and infection control.
In Oil & Gas and Mining, it ensures safety regulations are met.
In Manufacturing, RTLS tracks manufacturing equipment and optimizes
workflow. RTLS solutions use tags/badges, sensors, and readers. UWB
(Ultra-Wideband) technology offers high accuracy and reliability.
Hybrid RTLS solutions combine Wi-Fi and UWB for cost-effective
installation. Key players include Zebra Technologies and Securitas
AB. RTLS is used in Courier services, Transportation, Logistic
companies, Hospitals, and more. Applications include asset
tracking, people tracking, and navigation. RTLS is essential for
safety regulations in industries like Construction, where tracking
cranes, forklifts, and trucks is crucial. Installation costs vary
depending on the technology used. Overall, RTLS offers flexibility,
accuracy, and reliability, making it a valuable investment for
businesses.
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Market Challenges
• Real-Time
Location Systems (RTLS) offer numerous benefits to enterprises,
including enhanced asset tracking and improved operational
efficiency. However, the high cost of implementing RTLS is a
significant challenge for many businesses. The initial deployment
cost includes expenses for planning and design, cabling, software
licenses, and location hardware. For large manufacturing companies,
the cost can range from USD10 million
to USD30 million. Hospitals, in
particular, seek RTLS for inventory management and cost savings.
For instance, one hospital reduced its inventory supply of
regularly used items by 23%, while another eliminated waste by
tracking exiting devices, saving around USD50,000 in the first week. Nevertheless, the
high implementation cost is a major hurdle for Small and Medium
Enterprises (SMEs), which may hinder the growth of the RTLS market
during the forecast period.
• Real-Time
Location Systems (RTLS) have gained significant attention in
various industries due to their ability to improve efficiency,
enhance safety, and reduce errors. However, implementing RTLS comes
with challenges. The Bluetooth standard, while convenient, may not
offer the required detection accuracy. Healthcare applications
demand high precision for patient safety, preventing mistakes like
medication errors, misidentification of patients, or incorrect
blood transfusions. Initial setup and maintenance costs can be
high, especially for institutions facing staff shortages and aging
populations. The ongoing pandemic and emerging economies add to the
pressure. RFID technology and Wi-Fi systems are common RTLS
solutions, but choosing the right one depends on the specific needs
of the community, be it healthcare workers, doctors, or the working
population. RTLS can save resources, but the initial investment can
be a concern for industries like defense, warehouses, shipping, and
logistics. Wearables and Trackables are essential components, but
their integration requires careful planning. Ultimately, the goal
is to enhance the quality of care, prevent adverse events, and
improve overall operational efficiency.
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Segment Overview
This real-time location systems (rtls) market report extensively
covers market segmentation by
- Application
- 1.1 Healthcare
- 1.2 Transportation and logistics
- 1.3 Retail
- 1.4 Government
- 1.5 Others
- Solution
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Healthcare- The Real-Time Location Systems
(RTLS) market is experiencing notable growth, particularly in the
healthcare sector. This segment is witnessing significant expansion
due to the increasing demand for patient monitoring and asset
tracking in hospitals. RTLS solutions offer advantages such as
real-time tracking and cost savings, making them an essential tool
for enhancing operational efficiency and security. In healthcare,
RTLS is utilized for applications like asset and inventory
tracking, patient safety monitoring, and work-in-progress tracking.
Indoor Location-Based Services (LBS) integrate RTLS with clinical
systems for specific analytics data and productivity enhancement.
Vendors, such as Advantech, are introducing new solutions to expand
their customer base, like its July
2020 RTLS SRP for medical equipment, staff, and patient
tracking. Wi-Fi-based RTLS is commonly used in hospitals for
tracking assets, while RFID tags are employed for blood samples,
critical medical devices, and patient identification. Data
analytics software is integrated with RTLS to monitor infusion pump
par levels, temperature levels, and patient data. Hospitals are
adopting VPNs for data security and indoor applications based on
floor maps for location-based searches. In the pharmaceutical
industry, RFID technology is used to monitor temperature-sensitive
shipments during transit to ensure the integrity and efficacy of
drugs and vaccines. IBM's partnership with DHL for an advanced
temperature-tracking solution using RFID technology is an emerging
trend driving market growth.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
Research Analysis
Real-Time Location Systems (RTLS) are innovative technologies
that provide real-time tracking and location information for
various industries, including biomedical engineering, nursing staff
in healthcare, oil & gas, mining, manufacturing, and safety
compliance. These systems enable real-time workflow optimization,
enhancing productivity and efficiency. In industries like
healthcare, RTLS helps in tracking nursing staff and patients,
improving safety and reducing workplace accidents. In oil & gas
and mining, RTLS ensures the safety of operators and equipment,
while in manufacturing, it streamlines production processes and
reduces workflow bottlenecks. RTLS also finds applications in
security, regulations, and logistics, including courier services,
transportation, and IoT-enabled navigation systems. Wearable
devices and wireless systems facilitate indoor tracking, making
RTLS an essential tool for industries that require real-time
location information and efficient workflows. RTLS also plays a
crucial role in traffic management and workplace safety, making it
an indispensable technology for various sectors.
Market Research Overview
Real-Time Location Systems (RTLS) are wireless technology
solutions that provide accurate and real-time location information
for various industries, including biomedical engineering,
healthcare, oil & gas, mining, manufacturing, and more. RTLS is
essential for safety compliance, workflow optimization, security,
and regulatory requirements in various sectors. RTLS uses
tags/badges, sensors, and readers to track people, vehicles, and
manufacturing equipment. UWB (Ultra-Wideband) and Wi-Fi
technologies are commonly used for indoor location and navigation.
RTLS is crucial for industries with high safety regulations, such
as healthcare, where accurate tracking of nursing staff, patients,
and medical equipment can prevent workplace accidents, medication
errors, and adverse drug events. RTLS is also used in manufacturing
for asset tracking and optimizing workflow, reducing downtime and
saving time and money. RTLS is also used in transportation and
logistics for real-time tracking of vehicles, forks, cranes, and
trucks, improving operations and reducing insurance costs. RTLS
solutions offer high accuracy, reliability, and flexibility. The
ongoing pandemic, aging populations, and staff shortages have
increased the demand for RTLS in healthcare institutions. The
hardware segment includes tags/badges, sensors, readers, and UWB
technology. RTLS is also used in IoT and wearable devices for
personal safety and security. RTLS is a valuable tool for
industries looking to optimize operations, ensure safety, and
comply with regulations. Initial setup and maintenance costs can be
high, but the benefits outweigh the investment. RTLS can also
integrate with Bluetooth standard for detection accuracy and
healthcare applications.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- Healthcare
- Transportation And Logistics
- Retail
- Government
- Others
- Solution
-
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
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