The real-time location system (RTLS) market is likely to grow at a CAGR of 22.5%
LONDON, July 18, 2018 /PRNewswire/ -- The real-time location system (RTLS) market is likely to grow at a CAGR of 22.5% between 2018 and 2023
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The RTLS market is expected to grow from USD 3.19 billion in 2018 to reach USD 8.79 billion by 2023, growing at a CAGR of 22.5% during the forecast period. The emergence of innovative startups, market competitiveness, and availability of customized solutions; high return on investment; regulatory compliance across industries including healthcare, oil & gas, mining, education, and manufacturing are the factors driving the growth of the RTLS market. Concerns regarding data security and privacy; unsatisfactory results and negative feedback from RTLS end users; and the high cost of acquisition and maintenance would be the major factors restraining the market growth.
Wi-Fi-based RTLS solutions held the largest share of the global RTLS market in 2017
Wi-Fi-based RTLS solutions have dominated the global RTLS market, in terms of size, with its applications in several industries such as healthcare, retail, logistics, and manufacturing. During the forecast period, Wi-Fi–based RTLS solutions have growth potential and expansion capacity in new and emerging RTLS applications in education, sports and entertainment, hospitality, communications, and corporate sectors as Wi-Fi–based RTLS solutions can be deployed in the already existing LAN infrastructure, which reduces efforts as well as cost required for setting new infrastructure.
Healthcare is expected to hold the largest share of the RTLS market during the forecast period
Healthcare has been the major industry for RTLS solutions and is expected to continue to hold a major share during the forecast period.The largest market share of the healthcare vertical is attributed to the early adoption of RTLS-based solutions for a wide range of healthcare applications such as tracking and monitoring assets, personnel, and patients; hand hygiene compliance; and environmental monitoring.
Several hospitals across the world spend a huge amount on buying lost equipment and looking after medical equipment and people (staff and patients). These factors, along with the growth of IoT in healthcare, have led to a huge market opportunity for RTLS solutions in healthcare industry.
APAC expected to register the highest growth in the RTLS market during the forecast period
APAC is one of the potential regions for the RTLS market globally, and the market in this region is expected to grow at the highest CAGR during the forecast period.As RTLS is an ideal medium for tracking the assets or people in organizations in real time, the adoption of RTLS solutions in APAC is expected to increase as Asia Pacific is witnessing advancements in the healthcare, retail, and manufacturing sectors, thereby adopting new technologies.
Japan is the early adopter of RTLS in this region and has witnessed the highest growth in the RTLS market in the past. Countries such as South Korea, China, and Australia are now expected to witness high growth in the RTLS market in the near future.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key experts. Following is the breakup of the profile of primary participants:
• By Company Type: Tier 1 = 15%, Tier 2 = 25%, and Tier 3 = 60%
• By Designation: C-Level Executives = 60%, Directors = 30%, and Others = 10%
• By Region: North America = 50%, Europe = 25%, APAC = 20%, and RoW = 5%
This report provides valuable insights on the ecosystem of the global RTLS market. STANLEY Healthcare (US), Zebra Technologies (US), Aruba Networks (HP Enterprise, US), IMPINJ (US), Savi Technology (US), TeleTracking Technologies (US), Ubisense Group (UK), AiRISTA (US), Awarepoint (US), Identec Group (Liechtenstein), and Alien Technology (US) are a few leading players in the RTLS market.
DecaWave (Ireland), Redpine Signals (US), Visible Assets (US), Litum Technologies (Turkey), Mojix (US), Tracktio (Spain), CenTrak (US), Leantegra (US), and OpenRTLS, while Cerner Corp. (US), GE Healthcare (US), Cisco Systems (US), Sonitor Technologies (Norway), and STATSports Technologies (UK) are some other prominent players in the RTLS market.
Research Coverage:
The report estimates the market size and future growth potential of the RTLS market across different segments such as offering, technology, application, vertical, and geography. Moreover, the report includes the industry trends and company focus/strategies, market dynamics, and competitive analysis of the key players in the market, along with their company profiles, and recent developments.
Key Benefits of Buying the Report:
The report will help the leaders/new entrants in this market in the following ways:
• The report segments the RTLS market comprehensively and provides the closest market size for the applications and verticals across different geographic regions.
• The report helps stakeholders to understand RTLS tag costs, shipments, operating range, and accuracy levels or resolution segmented on the basis of technology and helps in identifying the focus of top 70 companies in the market based on RTLS technology, offering, vertical, and applications.
• The report helps stakeholders to understand the pulse of the market and provides them with information on market dynamics, namely, drivers, restraints, challenges, and opportunities.
• The report helps stakeholders to identify different strategies adopted by leading players and startups in RTLS market, and how startups are witnessing higher growth by offering custom solutions and interactive services to end users.
• The report is a result of analysis on more than 150 active players in RTLS market and would help stakeholders to better understand their competitors and gain more insights to enhance their position in the business.
• The Competitive Landscape section of the report includes competitor ecosystem, player ranking, major strategies adopted by leading players, and major developments such as product launches and developments, mergers and acquisitions, partnerships, agreements, and collaborations which help stakeholders to take revenue growth related decisions.
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