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Real Time Location System (RTLS) Market size will have significant growth prospects over the forecast timespan owing to the rise in technological advancements, growing requirement for assets & workflow management, and resource utilization. The RTLS market is growing owing to the improved quality of real-time tracking in the location systems for diverse business processes.
RTLS is typically designed so as to improve the operational processes, workflows, safety, security, inventory management, or a combination of all of these. Application of real-time tracking system for detecting live location of any object or person has proven to be of great assistance in diverse industries such as manufacturing, logistics, healthcare, defense, and so on. According to IndustryARC findings, the health care industry is estimated to hold the major share of the RTLS market in the end user vertical segment during the forecast period 2018–2024
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Most important types of Real Time Location Systems (Rtls) products covered in this report are:
Most widely used downstream fields of Real Time Location Systems (Rtls) market covered in this report are:
Work in Progress Tracking
Hand Hygiene Tracking
Temperature and Humidity Monitoring
Patient Safety Tracking
“Services segment to exhibit highest CAGR in global RTLS market during the forecast period ” The hardware segment held the largest market share in 2017; however, organizations using RTLS solutions are expected to spend a significant amount on support and maintenance services on a regular basis. Hence, the RTLS market for services is expected to grow at the highest CAGR during the forecast period
“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 market solutions in healthcare industry.
“UWB technology to account for largest size of RTLS market by 2023” The market for UWB technology-based RTLS solutions is expected to grow at the highest CAGR during the forecast period. The UWB technology can support locating a large number of objects down to the range of few centimeters. The declining prices of UWB tags is likely to boost the demand for UWB technology-based RTLS solutions from various verticals such as manufacturing, transportation, and logistics in the coming years. UWB technology is expected to surpass the market for all other RTLS market technologies by 2023.
“RTLS market in APAC to register highest CAGR during the forecast period” The market in APAC is expected to grow at the highest CAGR during the forecast period owing to the untapped applications of RTLS solutions in different industries in APAC. Japan is the early adopter of RTLS solutions and has witnessed the highest growth in the RTLS market in the past. Countries such as South Korea, China, and Australia are also expected to witness high growth in market APAC.
Key Questions Addressed in the Global RTLS Market Report
Is the market for RTLS growing? How long will it continue to grow and at what rate?
Is there a possibility for change in the market structure over time?
Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands?
Do the key vendors look for partnerships to expand their businesses with respect to geography or product?
What is the current status of the Global RTLS Market in different countries?
Which are the major relevant product segments within RTLS?
What are the short-term, long-term, and medium-term growth drivers for the market?
What are the short-term, medium-term, and long-term challenges for the market?
What are the short-term, medium-term, and long-term opportunities for the market?
Who are the top players/companies of the market?
A few focus points of this Research are given below:
Give a deep-dive analysis of the key operational strategies with focus on the corporate structure, R&D strategies, localization strategies, production capabilities, and sales performance of various companies
Provide an overview of the product portfolio, including product planning, development, and positioning
Discuss the role of technology companies in partnerships
Explore the regional sales activities
Analyze the market size and give the forecast for current and future of RTLS during the forecast period 2018–2023
Analyze the competitive factors, competitors’ market shares, product capabilities, and supply chain structures
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