Selbyville, Delaware, Aug. 08, 2023 (GLOBE NEWSWIRE) --
The real-time location systems market valuation is expected to cross USD 53 billion by 2032, as reported in a research study by Global Market Insights Inc.
Widespread adoption of IoT and connected devices is majorly driving the industry growth. These technologies are transforming the way businesses operate. Real-time location systems (RTLS) play a pivotal role in leveraging these advancements, enabling seamless tracking and monitoring of assets, personnel, and inventory. With IoT-powered RTLS, businesses gain real-time insights into their operations, leading to enhanced productivity and resource optimization.
Additionally, the healthcare and transportation sectors are witnessing a substantial surge in the deployment of Real-time location systems. In healthcare, RTLS assists in asset tracking, patient monitoring, and staff management, resulting in improved patient care and operational efficiency. Simultaneously, the transportation industry is leveraging RTLS to enhance logistics operations, ensure timely delivery, and monitor vehicle movements, leading to better customer satisfaction and cost-effective operations.
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The real-time location systems market from the UWB technology segment is projected to witness healthy growth from 2023 to 2032. UWB offers unparalleled accuracy in location tracking, making it ideal for industries where precision is paramount. With its ability to operate in dense environments without interference, UWB-based RTLS solutions are gaining popularity in manufacturing, retail, and warehousing. The technology's robustness and resistance to signal blockages have elevated its appeal, providing businesses with reliable and efficient location data for critical decision-making.
The real-time location systems services segment is estimated to showcase impressive growth trend during 2023 and 2032. Service providers are offering implementation, maintenance, and support services to ensure seamless integration of RTLS into existing business processes. With the increasing complexity of RTLS deployments, these services aid in reducing downtime, optimizing performance, and maximizing ROI for businesses. As the demand for customized solutions rises, service providers play a crucial role in tailoring RTLS offerings to meet specific industry requirements.
Asia Pacific region is poised to emerge as a promising hub for the real-time location systems market over 2023 to 2032, owing to the factors such as the growing industrialization, infrastructural development, and rising adoption of smart technologies. Countries like China, Japan, India, and South Korea are witnessing significant investments in healthcare, manufacturing, and retail sectors, driving the need for advanced location tracking systems. This trend, along with the proactive approach towards digitalization and Industry 4.0 initiatives will further boost the solution deployment, fueling the regional market growth.
Some of the leading companies operating in the real-time location systems market are Stanley Black & Decker, Inc., Zebra Technologies Corporation, Savi Technology, Ubisense Group plc, Sonitor Technologies AS, AeroScout (Stanley Healthcare), TeleTracking Technologies, Inc., CenTrak, Inc., Versus Technology, Inc., Honeywell International Inc., Identec Group AG, and Awarepoint Corporation.
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Real-Time Location Systems Industry News
- In April 2023, Cognosos, the American real-time IoT intelligence platform, partnered with Siemens Healthineers to offer real-time asset tracking and intelligence solutions for healthcare, empowering providers with advanced capabilities to optimize workflows and enhance patient care.
- In June 2023, Inpixon, a prominent real-time location systems (RTLS) provider, unveiled the integration of ChatGPT, a generative artificial intelligence (AI), into its RTLS solution. This groundbreaking integration enhances Inpixon's RTLS capabilities, allowing for accelerated AI-assisted insights and interactive discussions through conversational interactions.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Real-time location systems market 360º synopsis, 2018 - 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM)
2.3 Regional trends
2.4 Offering trends
2.5 Technology trends
2.6 End-use trends
Chapter 3 Real-time Location Systems Market Insights
3.1 Impact on COVID-19
3.2 Russia-Ukraine war impact
3.3 Industry ecosystem analysis
3.4 Vendor matrix
3.5 Profit margin analysis
3.6 Technology & innovation landscape
3.7 Patent analysis
3.8 Key news and initiatives
3.8.1 Partnership/collaboration
3.8.2 Merger/Acquisition
3.8.3 Investment
3.8.4 Product launch and innovation
3.9 Regulatory landscape
3.10 Impact forces
3.10.1 Growth drivers
3.10.1.1 Need for cost reduction and process optimization
3.10.1.2 Rapid growth in adoption in the healthcare segment
3.10.1.3 Innovations in tracking technology and recent advancements in fleet tracking
3.10.1.4 The increasing usage of smartphones and mobile gaming
3.10.1.5 Rapid urbanization and increasing requirement for advanced security systems
3.10.2 Industry pitfalls & challenges
3.10.2.1 High cost associated with RTLS
3.10.2.2 Privacy and security concerns
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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