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MarketsandMarkets Forecasts RTLS Market CAGR of 26.5%

July 07, 2022

According 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 normal operations.

North America is attributed to hold the largest share in overall RTLS market during the forecast period (2021-2026)

North 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.

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