MarketsandMarkets Forecasts RTLS Market CAGR of 26.5%
July 07, 2022
to MarketsandMarkets the RTLS market is estimated to be valued at USD
3.9 billion in 2021 and reach USD 12.7 billion by 2026, at a CAGR of
26.5%. The increasing regulations in various industries to improve
safety, workflow, and security and the increasing popularity of
ultra-wideband technology-based RTLS solutions are the key factors that
will accelerate the growth of the RTLS market during the forecast
period. Likewise, growing need for contact-tracing solutions due to
COVID-19 pandemic and growing trend of hybrid RTLS solution are expected
to create lucrative opportunities for the players in the RTLS market.
However, high cost of installation and maintenance and stringent
government rules and regulation are expected to restraint market growth.
The RTLS display market, on the basis of offering, has been segmented
into hardware, software and services. Services segment is expected to
grow at the highest CAGR during the forecast period. Services segment is
expected to grow fastest due to increase in demand RTLS technology in
healthcare, automotive and other verticals.
The RTLS market, based on vertical, has been segmented into Healthcare,
Manufacturing & Automotive, Retail, Transportation & Logistics,
Government & Defense, Education, Oil & Gas, Mining, Sports &
Entertainment, and Others. The sports and entertainment segment is
projected to grow at the highest CAGR during the forecast period.
Healthcare vertical is expected to dominate in the RTLS market during
the forecast period
The healthcare vertical is expected to continue to account for the
largest market size during the forecast period. The growth of the
healthcare vertical can be attributed to the early adoption of RTLS-based
solutions for a wide range of applications in healthcare, especially in
the US. The growing usage of IoT devices in the healthcare sector is
also expected to contribute to the growth of the Real-time location
systems market in the healthcare vertical. Concerns over the safety of
patients and security of electronic health records and valuable assets
have also encouraged the adoption of RTLS solutions in healthcare.
Supply chain management & operational automation/visibility
application expected to witness the highest CAGR in the RTLS display
market during the forecast period
The supply chain management & operational automation/visibility
application is expected to witness the highest CAGR in market during the
forecast period. RTLS solutions are gaining popularity for locating
inventory in warehouses, as well as throughout the supply chains. RTLS
technologies allow better visualization of supply chain dynamics in
real-time. As companies move toward Industry 4.0, they demand greater
visibility for faster decision-making. Real-time data of supply chain
operations allows quicker response times to make any alterations in
North America is attributed to hold the largest share in overall RTLS
market during the forecast period (2021-2026)
America is expected to hold the largest share of market by 2026.
Electronic giants in North American region are adopting RTLS
technologies. For instance, Impinj introduced three next-generation RAIN
RFID reader chips that enable IoT device makers to meet the increasing
demand for item connectivity in retail, supply chain and logistics.
Also, TeleTracking Technologies launched SynapseIQ, a powerful,
cloud-based, analytics solution that delivers actionable insight and
enterprise-wide visibility for health systems with timely data. The
solution helps to increase accountability for staff across
organizations, reduce operating costs, and increase overall system
performance. Key players in the Real-time location systems market are
grabbing opportunities by indulging in agreements, partnerships and
acquisitions. Product development, expansions, and R&D investments were
a few of the other strategies adopted by companies in this market to
strengthen their market position.