(MENAFN- America News Hour)In a recent published report, Kenneth Research has updated the market report for Real-Time Location System (RTLS) Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Real-Time Location System (RTLS) Market products.
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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
Global Real Time Location System Market Overview
Real-time location system (RTLS) is a technology that uses Wi-Fi, RFID and infrared sensors to detect the geographical position of people and objects in real time. Real time location system consists of wireless tags which are attached to individuals or objects and the signals carried from this tag are analyzed with respect to the fixed point of reference. Real time location systems generally used for navigation, vehicle tracking, inventory tracking and personnel tracking.
''Final Report will add the analysis of the impact of COVID-19 on this industry.''
Market Size and Forecast
The real time location system market, in terms of value, is expected to grow rapidly during the forecasted period at a CAGR of 25.51%. The real time location system market reached USD 2.67 Billion in 2017. The rise of innovative startups, availability of customized solutions and regulatory compliance across industries such as education, healthcare, mining, oil & gas and manufacturing are the factors driving the growth of the real time location system market globally.
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In terms of regional platform, North America holds the largest market share in terms of revenue due the growing adoption of real time location system solutions. North America is the largest contributor to the real time location system market due to the healthcare uprising in this region. Rising technological awareness and the higher growth rate in adoption of real time locating system in government applications and various other industries are also expected to stimulate the market of real time location system in this region over the forecasted period.
Asia Pacific is anticipated to be the fast growing market due to the rising population, increasing technology hubs and rising tourism industry. High concentrations of the manufacturing and processing industries are expected to fuel the growth of real time location system market in Asia Pacific region. Growing economies and adoption of smart systems such as smartphones, tablets and laptops are also expected to drive the market of real time location system in this region. Europe is expected to show significant growth over the forecasted period due to the rise in technological advancements, resource utilization and growing requirements for assets & workflow management. The real time location system market is expected to grow due to the improved quality of real time tracking in the location systems for various business processes.
Middle East and Africa region are expected to show a positive growth over the forecasted period due to the rising government support & initiatives for the usage of real time location systems. Moreover, hefty investments in the technology and increasing applications of the solutions across various industries are expected to drive the real time location system market over the forecasted period. It is estimated that the healthcare sector holds the largest market share of real time location system in terms of revenue in 2017. Increase in the proliferation of real time location system technology is expected to enable patients to search nearby hospitals and labs as per their convenience.
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Market Segmentation
Our-in depth analysis of the global real time location system market includes the following segments:
By Component
Hardware
Software
Service
By Technology
Infrared
Radio Frequency Identification (RFID)
Ultra-Wideband (UWB)
Ultrasound
Wi-Fi
ZigBee
Others
By Applications
Inventory & asset tracking & management
Temperature & humidity monitoring
Supply chain management
Mapping & visualization
Staff locating & monitoring
Security
Dock monitoring & warehousing
Workflow & process automation
Postal & courier services
Others
By Industry
Government & Defense
Healthcare
Hospitality
Logistics & Transportation
Industrial Manufacturing & Processing
Others
By Region
Global real time location system market is further classified on the basis of region as follows:
North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Real Time Location System (RTLS) Market
Growth Drivers and Challenges
Growing use of smartphones for mobile applications such as business & communication apps, gaming apps, health & wellness apps and personal convenience apps which use real-time positioning information are expected to drive the market of real time location system globally. The growing use of navigation and real time location system across various businesses sectors also expected to fuel the growth of real time location system market globally over the forecasted period. Other factors that are expected to contribute in the growth of the real time location system market are rapid proliferation of business analytics solutions and wide opportunities across other business applications.
Real time location system provides increased productivity, operational excellence and high accuracy. These features of real time location system are expected to bolster the growth of real time location system market over the forecasted period. Other benefits which are also expected to spur the growth of real time location system market are improvement in safety of staff and effective logistic & supply chain operations. The real time location system consists of application software, location readers, battery powered tags and location sensors which help in automatically identifying and tracking the physical location of individual and objects in real time. Lack of uniform standards along with lack of expertise and low awareness are the major factors hampering the growth of real time location system market. High installation costs are expected to act as barrier for the growth of the real time location system market over the forecasted period. Privacy issues and battery discharge issues are also expected to hamper the market growth of real time location system globally over the forecasted period.
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Key players
Some of the examples of market players in the global real time location system market identified across the value chain include:
Stanley Healthcare Solutions
Company Overview
Key Product Offerings
Business Strategy
SWOT Analysis
Financials
Zebra Technologies Corp.
Versus Technology, Inc.
Axcess International, Inc.
SAVI Technology
Sonitor Technologies AS
TeleTracking Technologies, Inc.
Awarepoint Corp.
DecaWave Limited
Ubisense Group PLC.
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