Real Time Location Systems Market is Estimated to Witness High Growth Owing to Rising Adoption in Healthcare & Government Sector and Growing Importance of Asset Management
Global real time location systems market is estimated to be valued at US$ 6.03 Bn in 2024, exhibiting a CAGR of 15.8% over the forecast period (2024-2031). Furthermore, the increasing adoption of IoT and connectivity solutions across various industries is also propelling the growth of real-time location systems. Real-time locating systems help organizations track assets and staff in real-time, which is critical for healthcare, manufacturing, and government organizations.
Market Dynamics:
The growth of the global real time location systems market is driven by the rising adoption of these systems across the healthcare and government sectors for applications such as asset management and personnel tracking. Healthcare organizations are increasingly deploying Real-time locating systems (RTLS) to track patients, medical equipment, and staff members, which is helping improve workflow and patient safety. Similarly, governments around the world are also investing in real-time location technologies to efficiently manage their assets and resources. Additionally, the growing importance of inventory and asset management across industries is further fueling the demand for real-time location systems globally. The ability of RTLS to provide location data in real-time is augmenting their adoption.
Increased use of IoT devices is driving growth in the real time location systems market
The growing adoption of IoT devices across various industrial verticals is one of the major drivers for the Real-time locating System market. IoT allows the integration of location sensing capabilities into various devices and assets which can then be tracked and monitored in real-time using RTLS. Various asset-tracking applications such as fleet management, inventory management and asset management are driving the demand for RTLS. As more enterprises leverage IoT to digitally transform their operations, the need to track valuable assets, machinery and inventory will propel the adoption of RTLS.
High initial installation and maintenance costs hinder market growth
One of the major restraints faced by the Real-time locating System market is the high initial installation and maintenance costs associated with deployment. RTLS solutions require extensive infrastructure investments such as tags, sensors, network hardware etc. Additionally, the maintenance and upkeep of RTLS also incurs recurring expenses. This makes the overall ROI prospects uncertain, especially for SMEs and deters wider adoption. While cloud-based SaaS RTLS models have reduced costs, the price point still remains prohibitively high for many potential customers. This cost factor continues to be a significant restraint.
Expansion of LPWAN benefits RTLS providers
The rapid expansion of Low Power Wide Area Network (LPWAN) infrastructure globally is a significant growth opportunity. LPWAN technologies allow long-range communications at a low bit rate between low-cost and low-power devices. They provide ideal connectivity for RTLS where large numbers of assets need to be tracked over a wide area. As more LPWAN deployments happen in industrial areas as well as rural and remote locations, they enable RTLS providers to expand their monitoring capabilities and offer novel location-based services. Leveraging prevalent LPWAN networks would drive the next phase of real time location systems market growth.
Growth in location-based applications and services present monetization opportunities
Real-time locating System market is transitioning from dedicated hardware towards more software-led, cloud-based and application-driven models. This allows providers to offer new location-based services and apps on top of existing RTLS deployments. For example, creating customized analytics dashboards, developing supply chain visibility platforms, offering asset utilization insights etc. These value-added services generate recurring revenue streams compared to one-time hardware sales. Growing demand for such location intelligence is a significant opportunity as it allows RTLS providers to monetize their installed base through creative applications and solutions.
Link: https://www.coherentmarketinsights.com/market-insight/real-time-location-systems-market-4692
Key Developments:
In June 2024, Twinzo, a provider of no-code live digital twin technology, has partnered with Quuppa to transform the location-based services market by introducing innovative technologies that improve efficiency and drive innovation in industries such as manufacturing, logistics, and healthcare.
In March 2024, Sonitor Technologies introduced SonitorONE, its latest innovation that provides greater flexibility than existing real-time locating systems, allowing customers to select from various tags and accuracy levels tailored to their specific use cases.
In November 2023, Impinj, Inc. launched the R720 RAIN RFID reader, which boasts enhanced processing capabilities and memory compared to its predecessor, making it ideal for meeting the rigorous demands of large-scale enterprise deployments.
Key Player:
Zebra Technologies Corporation, CenTrak, Midmark Corporation, Intelligent Insites, Sonitor Technologies, Versus Technology, Motorola Solutions, Awarepoint Corporation, and BeSpoon
