Real-Time Location System Market size is expected to witness substantial growth from 2021 to 2027 due to the rising need for tracking assets as well as accurate and reliable location data of assets. RTLS provides information regarding the location of people, objects, assets, goods, and vehicles. The system comprises of tags of beacons that are attached to the object physically, gateways and receivers for detecting signal, and a software location engine.
Initially, high price of RTLS was among the major factors limiting its adoption across numerous industry verticals. However, RTLS technology prices have been declining gradually over the past few years, indicating a considerable boom in its adoption in the years to come.
Besides the need for asset tracking, growing awareness about the benefits of RTLS, proliferation of smartphones, and increasing adoption of business analytics solutions are some of the key growth drivers for the RTLS market during the forecast timeline.
RTLS market share from the healthcare sector could grow substantially in the future. Real-time location systems are emerging as an easy and effective way for healthcare facilities to monitor their operations such as insurance against potential lawsuits. Majority of hospitals have patient promises, particularly in cases where the patient is in critical condition of suffering from a mental illness. RTLS can be useful as insurance against such lawsuits.
In healthcare, RTLS technology can also be used for tracking staff, medical equipment, and other supplies. Numerous solutions based on RTLS are available for the healthcare industry today. For instance, in November 2020, Advantech had rolled out a RTLS-based solution-ready package (SRP) designed for real-time tracking and monitoring of patients, staff, and medical equipment.
General Electric Healthcare, Stanley Healthcare, Zebra Technologies Corp., Versus Technology, Inc. (Midmark RTLS Solutions, Inc.), AeroScout Industrial, BeSpoon SAS, Awarepoint Corp., AiRISTA, LLC., CenTrak, Inc. (Halma plc), Tele Tracking Technologies, Ubisense Group PLC., Sonitor Technologies, Savi Technology, Redpine Signals, Inc., and Ekahau (J2 Global) are among the key developers operated in the RTLS market around the world.
In October 2020, Zebra Technologies had partnered with Hospital Products Australia (HPA) to offer RTLS services to help identify, locate, track, and monitor patients, staff, and assets in healthcare organizations. The technology provides real-time information about the whereabouts of key assets and reduces costs pertaining to physical asset losses.
With ease of lockdown measures and social restrictions in many regions, offices and businesses are starting operations. To avoid the risk of COVID-19 infections and ensure a safe working environment for employees, companies are adopting numerous precautionary measures, such as the use of contact tracing solutions.
RTLS providers have been introducing new products or enhancing existing products to capitalize on the need for contact-tracing technologies. In January 2021, for example, Vancouver based Vantage Systems had announced the rollout of its RTLS based contact tracing technology at the Abbotsford, British Columbia based Oxford Senior Care.
Besides tracking the movement of patients, staff, and equipment, it can help the organization manage risk and exposure from an outbreak by providing a view into who may have been exposed to the outbreak and for how long. As the need to curb the spread of the deadly virus continues to rise, the market is projected to observe significant growth opportunities through 2027.