Real-time location system (RTLS) is a type of positioning system utilized to recognise the, locate, and track objects in the real-time through automatic and unceasing feedback. RTLS solutions utilizes the software location engine that calculates the location of tag attached to an item by utilizing the Angle of Arrival (AoA), Time Difference of Arrival (TDoA) and/or Radio Signal Strength Indicator (RSSI). RTLS solutions can be deployed through countless communication technologies such as UWB, RFID, WiFi, and others. Selecting the appropriate technology is greatly dependent on the type of application, use environment, and compliance demands.
According to the report analysis, ‘Real-Time Locating System (RTLS) Market – Global Forecast to 2024’ states that the global RTLS market is expected to witness significant growth during the review period. The market is propelled by various factors comprising increasing importance to enhance the functional performance across the value chain, enlarging the analytics solutions coupled with growing focus on smart workflow optimization, and consistent requirement for RTLS in healthcare settings. However, data security, privacy concerns, and high initial cost along with complexity in participating with the prevailing infrastructure are the key aspects identified as restraints which are probable to deter the progression of the global RTLS market. Additionally, other propelling factors such as growth of digital manufacturing, integration of RTLS with block chain technology, and proliferation of IoT solutions around industries is projected generate the new business opportunities for vendors present in the global RTLS Market.
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The growing regulations in countless industries to enhance the safety, workflow, and security and the augmenting popularity of ultra-wideband technology-based RTLS solutions are the foremost factors that will accelerate the growth of the RTLS market during the forecast duration. Likewise, increasing need for contact-tracing solutions owing to COVID-19 pandemic and augmenting the trend of hybrid RTLS solution are projected to generate the lucrative opportunities for the players in the Real-Time Location Systems (RTLS) Market. However, high cost of installation and maintenance and stringent government rules and regulation are projected to limit market growth.
North America registers the real-time location systems market. Growth of the market in this region is accredited to several aspects such as improvements in technologies and implementation of real-time location systems in sectors such as healthcare and hospitality. Moreover, the penetration of smartphones and 5G evolution underwrites to the growth of real-time location systems (RTLS) market. However, Asia-Pacific is projected to witness highest growth rate during the review period owing to increment in popularity of fast internet connectivity entailing 4G&5G connections, ever augmenting smartphone penetration, and strong & augmenting competition among telecom service providers in Asia-Pacific.
The foremost factor that underwrites to the growth of the UWB technology is the surge in technological innovations and rise in market competitiveness. Moreover, the high precision location identification, low interference with other signals, serviceableness in both outdoor & indoor environments, and an acceptable functioning range make UWB a significant technology in the real-time location systems industry.
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Ankur Gupta, Head Marketing & Communications