Global Real-time location systems Market Size, Share & Industry Trends Analysis Report By Technology (RFID, Ultra-Wideband, Wi-Fi, ZigBee, Infrared), By Industry, By Component, By Regional Outlook and Forecast, 2021 - 2027
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Get in-depth analysis of the COVID-19 impact on the Real-time location systems Market
Market Report Description
The Global Real-time Location Systems Market size is expected to reach $18.5 billion by 2027, rising at a market growth of 26.2% CAGR during the forecast period.
A real-time location system (RTLS) tracks the location of objects, assets, vehicles, and items in real-time. The system consists of physical tags or beacons affixed to the object, signal detection receivers, gateways, as well as a software location engine.
A real-time location system uses real-time information acquired over a wireless connection to establish an object's present location. It also aids in the indoor tracking of the object. The healthcare sector is adopting indoor tracking as a result of its availability, and it is likely to support the growth of the real-time location systems market for the healthcare vertical. Furthermore, enterprises are turning to real-time location system to reduce the risk of workplace accidents. A real-time location system allows for accurate tracking of vehicles, forklifts, and operators at all times. In addition, these systems analyses traffic based on the obtained data, allowing it to detect and reduce workplace accidents, as well as saving money and time, workflow bottlenecks.
Hospitals can use real-time location systems to check their operations as a form of insurance against prospective lawsuits. The majority of hospitals have patient guarantees. These are especially common in circumstances where the patient is in a serious state or has a mental disease. Along with that, these systems can be used as a form of insurance in the event of a lawsuit.
Furthermore, the Bluetooth standard is widely used around the world. Other technologies are more expensive and difficult to integrate with current systems and devices than Bluetooth Low-Energy (BLE) solutions. Additionally, real-time location system that use Bluetooth tags has a detection accuracy of up to 1.5 meters (about 5 feet), making them appropriate for a wide range of healthcare applications. Due to this, there is a greater need for services and assistance, which may necessitate a redesign of existing resources and procedures. As a result, hospital management teams are turning to real-time location systems (RTLS) to help them overcome some of their problems. Furthermore, the growing popularity of connected devices is fuelling the market growth.
COVID-19 Impact Analysis
The impact of the COVID-19 pandemic has highlighted the necessity of excellent hand cleanliness, but ensuring adherence in hospitals can also protect patients from other illnesses. RTLS systems can be used to ensure that doctors and nurses wash their hands after treating several patients, preventing the spread of diseases that are especially harmful to patients whose immune systems have already been weakened by their illness.
The spread of COVID-19 has had a positive impact on the market for real-time positioning systems, raising requirements for digital freight solutions. Pharmaceutical logistics gear and software were in high demand as a result of the innovative coronavirus vaccine shipment. The vast scale of this travel may motivate freight-tech companies to reshape the goods movement markets in response to the pandemic.
Market driving Factors:
Rising availability of low-cost RTLS solutions
With an expanding quantity of players entering the market with unique RTLS features for clients, the market for RTLS technology has seen significant expansion. In the RTLS market, there are more than 150 competitors, with the top five accounting for over half of the market share. These top companies have developed industry-specific solutions for the retail, and manufacturing, healthcare industries. Start-ups & smaller companies in the industry, on the other hand, provide customized solutions and develop their customer base in fresh industries such as agriculture, livestock, sports, education, and aerospace & defense, resulting in increased growth and market share year after year. As a result of the intense rivalry in the RTLS market, RTLS companies are compelled to provide their clients with application-specific tailored goods at reasonable prices.
High demand of Asset Tracking and Smart Phones
Asset tracking is gaining interest in a variety of industries, including healthcare, defense, and manufacturing, to track assets. Medical equipment, tools, containers and trailers, and containers are among these assets. Furthermore, as per the Stockholm International Peace Research Institute (SIPRI), global military spending has reached an all-time high. The United States, China, Saudi Arabia, India, and France were the top five spending countries in 2020, accounting for more than half of worldwide military spending. As a result, the global real-time location systems market is expected to grow even faster as military spending rises.
Marketing Restraining Factor:
The high cost of installation and maintenance
At the time of installation, the cost of an RTLS system can be very costly, ranging between USD 2 and 5 million. This varies by industry and is determined by the installation area. Wi-Fi-based RTLS is less expensive to deploy than UWB-permitted systems, but the hardware costs are the opposite. Wi-Fi and RFID-based solutions are more expensive to maintain than systems based on other technologies like UWB and BLE. Many RTLS organizations are experiencing deployment and technological challenges, with many projects faltering due to extensive engineering efforts and on-site preferences. As in the case of RTLS, the company cannot just ship the hardware and expect the customer to install it; they must be there on the installation site.
Based on Technology, the market is segmented into RFID, Ultra-Wideband, Wi-Fi, ZigBee, Infrared and Others. The Ultra-Wideband segment garnered a substantial revenue share in the real-time location systems market in 2020. The increase in technological improvement and rise in the market competition are two significant factors driving the growth of UWB technology. Furthermore, UWB is a major technology in the real-time location systems market due to its high accuracy position identification, low interference with other signals, applicability in both outdoor and indoor contexts, and an acceptable operating range.
Based on Industry, the market is segmented into Healthcare, Manufacturing & Processing, Retail, Transportation & Logistics and Others. The Healthcare segment acquired the highest revenue share in the real-time location systems market in 2020. With the ongoing pandemic, hospitals are currently experiencing unprecedented hurdles. Other severe issues confronting the healthcare sector include aging populations and personnel shortages, both of which put tremendous strain on institutions, workers, doctors, communities, and patients. Many are seeking methods to reduce expenses and increase efficiency while still providing the high-quality treatment that their patients require. The early implementation of RTLS-based solutions for a broad array of applications in healthcare, particularly in the United States, can be credited with the expansion of the healthcare vertical.
Based on Component, the market is segmented into Hardware, Software and Services. The software segment garnered a substantial revenue share in the real-time location systems market in 2020. The Real-Time Location System (RTLS) Tracking Software is used in a variety of industries, which include manufacturing, healthcare, hospitality, smart warehouses, and education. It manages a variety of purposes, including maximizing workflow efficiency, way finding, safety, and asset & inventory control.
|Market size value in 2020||USD 3.8 Billion|
|Market size forecast in 2027||USD 18.5 Billion|
|Historical Period||2017 to 2019|
|Forecast Period||2021 to 2027|
|Revenue Growth Rate||CAGR of 26.2% from 2021 to 2027|
|Number of Pages||248|
|Number of Tables||404|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling|
|Segments covered||Technology, Industry, Component, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America emerged as the prominent region in the real-time location systems market with the maximum revenue share in 2020. The market's expansion in this region can be ascribed to several reasons, including technological advancements and the adoption of real-time location systems in industries like healthcare and hospitality. Furthermore, the expansion of the real-time location systems (RTLS) market is aided by smartphone adoption and 5G evolution.
Free Valuable Insights: Global Real-time location systems Market size to reach USD 18.5 Billion by 2027
KBV Cardinal Matrix - Real-time location systems Market Competition Analysis
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Lockheed Martin Corporation and Hewlett Packard Enterprise Company are the forerunners in the Real-time location systems Market. Companies such as Impinj, Inc., Zebra Technologies Corporation, Stanley Black & Decker, Inc. are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Impinj, Inc., Zebra Technologies Corporation, Stanley Black & Decker, Inc., Cerner Corporation, Lockheed Martin Corporation, Hewlett Packard Enterprise Company, General Electric (GE) Co., Alien Technology, LLC, Tracktio, and Savi Technology, Inc.
Recent Strategies Deployed in Real-time location systems Market
» Partnerships, Collaborations and Agreements:
- Feb-2022: Impinj teamed up with DoseID Consortium, a self-governing consortium established to unify the industry. This collaboration aimed to expand RAIN radio-frequency identification applications in healthcare and to engage in advancement standards for RAIN RFID healthcare usage.
- Feb-2022: Hewlett Packard Enterprise formed a partnership with Striim, provider of the leading real-time data integration platform. This partnership aimed to integrate Hewlett HPE NonStop solutions to deliver Striim for HPE NonStop to provide high-performance assigned data transaction solution that supports enterprise continuity as well as complete fault tolerance although it offers data-driven businesses the ability to leverage continuous data flows for real-time, cross-organization business observation.
- Jun-2021: Hewlett Packard Enterprise joined hands with Novartis, a Swiss multinational pharmaceutical corporation. Together, the companies aimed to propel the utilization of data and digital technologies within Novartis efforts to retrace global health as well as allow real-time disease observation to inform targeted response strategies and enhance access to medicines and healthcare.
- Apr-2021: Lockheed Martin teamed up with German Space Agency at DLR, a research center for aeronautics and space. This collaboration aimed to utilize Lockheed Martin’s iSpaceTM command and control system to track thousands of items orbiting around the earth by gathering data from a global network of commercial, government, and scientific association surveillance sensors.
- Dec-2020: Cerner Corporation teamed up with Xealth, a digital health prescribing platform. This collaboration aimed to provide health systems with new integrated digital ordering and monitoring for clients. Additionally, these orderings are developed to help health systems manage, deploy, and choose digital applications and tools while offering clinicians to entre remote monitoring and more direct interaction with patients.
- Nov-2020: Hewlett Packard Enterprise joined hands with MATRIXX Software, the global leader in 5G monetization solutions. This partnership focused on delivering MATRIXX Digital, real-time merged commerce, and charging platform to Commerce to Communications Service suppliers through HPE GreenLake, a flexible service platform.
- Oct-2020: Zebra Technologies came into a partnership with Hospital Products Australia, a leading provider of healthcare solutions. Together, the companies aimed to provide Real-Time Location Services, a solution that helps locate, track, identify, and monitor every staff, patient, and service in an enterprise.
- Sep-2020: Zebra Technologies extended its partnership with Los Angeles Rams, a professional American football team. Under this partnership, Zebra Technologies would provide its unique prominence on advanced innovation and analytics to track on-field players to achieve a performance lead.
- Jul-2020: Savi received a contract from the Army Contracting Command-Rock Island, one of six centers under the purview of the U.S. This contract aimed to provide U.S. government entities and associated partners with state-of-the-art software, hardware, and combine services for worldwide benefit in tracking and in-transit transparency.
- Jun-2020: Zebra Technologies entered into a partnership with South Carolina State University, Land-grant university in Orangeburg, South Carolina. Through this partnership, Zebra RAIN RFID selected solution would provide local, small farmers as well as their partners with enterprise-class observation into supply chains.
- May-2020: Zebra Technologies collaborated with Maikubo Artificial Intelligence, an institute of integrated education that provides AI. Under this partnership, Maikubo would adopt Zebra’s RFID solutions to attain faster, more precise asset tagging and administration of its training equipment, enhanced transparency and accuracy along with improved staff efficiency to save time.
- May-2020: STANLEY Healthcare came into a partnership with Cisco, multinational technology conglomerate corporation. Through this partnership, the companies aimed to provide the organization broad visibility into the status and location of assets and people in the healthcare ecosystem. Additionally, with Cisco's collaboration, STANLEY Healthcare would provide a more cost-effective as well as seamless solution to healthcare providers who depend on RTLS as the main part of working.
» Product Launches and Product Expansions:
- Feb-2022: Zebra Technologies introduced a new offering of easy to deploy and highly accurate Integrated RFID portals. These portals are optimal for traceability and compliance applications, asset and workflow management in various commercial and industrial ecosystems including retail backrooms, warehouses, pharmaceutical, and manufacturing plants.
- Nov-2021: GE Healthcare introduced New AI and Digital Technologies and Solutions. Through this launch, GE Healthcare provides new AI-powered automatic and data-driven solutions to boost greater diagnostic confidence, ease the load of care and enhance functionality for healthcare systems across the world such as Enterprise Imaging in the Cloud, Digital Expert Access, Revolution Apex platform, ulrichINJECT CT Motion, and others.
- Oct-2021: Cerner introduced Cerner EnvizaSM. The operating unit offers research services and data-driven solutions to bring certainty to multi-dimensional data through real-world insights and evidence. In addition, Cerner Enviza can arm analysis with varied tools along with datasets to help in addressing these challenges and change the way to develop and deliver care for our patients.
- Jun-2021: Impinj launched E710, E510, and E310, next-generation RAIN RFID reader chips. The new reader chips allow IoT device manufacturers to meet the increasing necessity for item connectivity in the supply chain, retail, logistics, consumer electronics, and many other markets. Additionally, Impinj chips are low power systems-on-chips, high-performance to extend the item network opportunity to billions of things across the world.
- Feb-2020: Impinj released Impinj R700 reader. The chips are developed for industry-grade RAIN deployments to provide enterprise-leading performance with the best-collected sensitivity, powerful edge processing, and fastest network connectivity for next-generation IoT solutions.
» Acquisitions and Mergers:
- Dec-2021: GE completed the acquisition of BK Medical, a leader in advanced surgical visualization. Through this acquisition, GE Healthcare adjoins the fast-growing and comparatively new field of real-time surgical visualization to GE’s pre & post-operative Ultrasound abilities, bringing an end-to-end suite through the full continuum of precautions from diagnosis through therapy and others.
- Apr-2021: Cerner Completes took over Kantar Health, provider of data, analytics, and research to the life sciences industry. Through this acquisition, Kantar Health would help in building out the potential to a growing network of providing clients necessity to fundamentally change the cost and time for clinical trials.
» Geographical Expansions:
- Aug-2021: Lockheed Martin introduced a new 215,000 square-foot manufacturing facility at its Skunk Works campus in Palmdale, California. Through this expansion, the company aimed to leverage IoT to provide cutting edge solutions quickly and economically, a technology authorizes an advanced producing environment, as well as a flexible factory, construct to support consumers' preferences with agility and speed while strengthening production in the US.
Scope of the Study
Market Segments Covered in the Report:
- Infrared and
- Manufacturing & Processing
- Transportation & Logistics and
- Software and
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Impinj, Inc.
- Zebra Technologies Corporation
- Stanley Black & Decker, Inc.
- Cerner Corporation
- Lockheed Martin Corporation
- Hewlett Packard Enterprise Company
- General Electric (GE) Co.
- Alien Technology, LLC
- Savi Technology, Inc.
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