Real Time Location Systems (RTLS) Market is expected to grow at CAGR 10.1% by 2028 due to increasing adoption of real time locating systems in hospitals to improve facilities for patients and staff, says Absolute Markets Insights

Real-time location systems (RTLS) are used inside a building or other enclosed area, to automatically locate and monitor the position of objects or individuals. In indoor or confined environments, like buildings real time location systems are commonly used. To be tracked or handled RTLS tags are attached to mobile objects and to provide the desired tag coverage, RTLS reference points which can be either transmitters or receivers are scattered around a building. More number of RTLS reference points provides better accuracy of the position.

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Healthcare administrators are frequently dealing with issues related to their facility ‘s safety, satisfaction of workers, standard of care given to their patients and the costly inadequacies in the workflow that affect their bottom chain. Innovation in healthcare information technology (IT) is a possible tool for changes that can occur in the healthcare sector. Innovators are actively working to develop technology that can both facilitate patient safety and promote streamlined business practices. In healthcare real time location systems are used for all types of patient care environments to provide immediate or real-time monitoring and control of medical equipment. Although the technology differs from the use of position data collected by satellite but it can be considered as a form of indoor GPS for healthcare institutions. Precise location technology that easily integrates with other healthcare IT solutions assists hospitals to enhance workflow, minimize costs and increase clinical quality.

Patient risks inside healthcare facilities including equipment failures, hospital-acquired contaminations and physical attacks is a continuous hazard to a hospital. Real time location systems are effective in controlling those threats thus boosting the adoption of these systems across various verticals. An instance happened in a hospital in Pasadena, California, where 11 patients died from mishandled duodenoscope infections, this was an instance of a hospital blunder that could have been avoided by using RTLS solutions. The equipment’s were not properly washed and hospitals had to take a hard look at their duodenoscope reprocessing and storage to avoid potential infections. Clinical-Grade Real-Time Location System (RTLS) will aid in generating alerts and monitors the equipment thus avoiding potential infections. Workers know instinctively when medical scopes need to be washed and are informed of any potential risks of infection instantly. Real time location systems are helpful in maintaining patient safety and security and also increase patient experience and satisfaction. RTLS can also help integrate the data structures and streamline the whole health system with information. Thus these systems are beneficial in hospitals thus boosting the adoption of real time location systems in healthcare sector. It’s a significant investment to pick and install an RTLS in a healthcare facility. RTLS systems aid in enhancing patient protection, satisfaction and treatment. RTLS systems are being designed to meet the current problems, also these systems needs to be versatile to evolve according to the requirements of the businesses.

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An economic crisis triggered by the COVID-19 pandemic has taken place in the world. Like several other markets, the pandemic has also led to a decline in the growth rate of the Real Time Location Systems (RTLS) Market. This is because most of the organizations are currently non-operational in different countries in most of the major demand-generating verticals, thus negatively impacting the demand for real time location systems. In addition, the supply chain of the RTLS industry was also disrupted by COVID-19, which hinders the manufacturing and distribution of real time locating systems. Because of the COVID-19-induced lockdowns many organizations and workplaces around the world have stopped their activities since they were interrupted. A single case of COVID-19 could potentially lead to the closure of an entire facility and require decontamination before it can resume operations. Companies are implementing various precautionary steps including the use of contact-tracing apps to prevent such situations. Many RTLS solutions providers have been introducing new products or improving existing products to meet the needs of their customers during the COVID-19 pandemic.

For instance Sewio offers free consulting services and software licenses for businesses, the company provides consulting for RTLS employee location tracking management and also helps in inducing new technology in organizations that could save lives. A firm named unveiled its new enterprise contact-tracing technology in May 2020 to protect staff and reduce company downtime. Ubisense has introduced the aforementioned solution for organizations to regain leverage of production and sales in order to safeguard workers and aid production. Wi-Fi segment will lead the market for real time location systems, Wi-Fi technology does not require the installation of particular receivers or aerials, unlike conventional methods it only needs to be linked to existing WI-FI networks. The increased use of Wi-Fi in the travel, healthcare, retail and government sector is fueling the demand for RTLS solutions. North America is the major Real Time Location Systems (RTLS) Market for these systems and will lead the market for real time location systems over the forecast period. In the manufacturing sector, the three variables such as personnel, equipment and materials are very significant and organizations are looking for alternatives to track them on a real-time basis. The key factor driving the real time location systems (RTLS) market is the adoption of RTLS in the manufacturing industry. These systems are predominantly implemented by enterprises to increase worker productivity and operating performance and minimize idle times for machines.

Some of the players operating in the Real Time Location Systems (RTLS) Market include AeroScout Industrial, Awarepoint Corporation, BeSpoon SAS, CenTrak, ChyronHego Corporation, Decwave, AiRISTA Flow, IDENTEC SOLUTIONS, Motorola Solutions, Inc., PINC Solutions, Savi Technology, Skytron, Sonitor Technologies, Inc., TeleTracking Technologies, Inc., Tyco Security Products, Ubisense, Versus Technology, Inc., and ZIH corp amongst others.

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The detailed research study provides qualitative and quantitative analysis of the Real Time Location Systems (RTLS) Market. The real time location system market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America

Global Real Time Location Systems (RTLS) Market:

  • By Component
  • Hardware
  • Software
  • Services
  • By Technology
  • Radio Frequency Identification (RFID)
  • Ultra-Wide Band(UWB)
  • Infrared
  • GPS
  • Zigbee
  • Wi-Fi
  • Ultrasound
  • Bluetooth Low Energy
  • WhereNet
  • By Vertical
  • Transportation & Logistics
  • Healthcare
  • Government
  • Retail
  • Industrial
  • Others
  • By Region:
  • North America
    • S.
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Finland
      • Iceland
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • New Zealand
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • Kuwait
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

 

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