The global real-time locating systems market is expected to gain prominence over the forecast period owing to optimum utilization of resources and decreased prices of RTLS solutions. Real time locating systems (RTLS) offer easy identification and tracking of assets which include tools, containers, medical equipment, and trailers. Key application segments include transportation logistics, manufacturing & process industries, healthcare, and retail. The solutions provided for healthcare facilities help in improving clinical quality by capturing workflow efficiencies and cost reduction.
Increased government support for the promotion of RTLS solutions is expected to favorably impact the RTLS market growth over the forecast period. Features such as inventory and warehouse management, transportation management, and inbound & outbound logistics management are also expected to propel the real-time locating system market growth. RTLS helps to deliver prompt Return on Investment (RoI) by facilitating the reduction in equipment loss due to the loss of stolen or misplaced items. RTLS uses different track and trace technologies, which include ZigBee, Wi-Fi, and Ultra Wide Band (UWB).
Increased demand for real time locating systems in developing economies of India and China in the Asia Pacific region is expected to create an opportunity for the future real-time locating systems market growth over the forecast period. Real time locating systems are embedded in products, which include navigational system and mobile phones. The systems further include wireless nodes, which are usually tags or badges further emitting the signals. Real time locating systems applications include fleet tracking, inventory & asset tracking, navigation, personnel tracking, and network security. For instance, fleet-tracking systems enable an enterprise for tracking the vehicles location and its speed, optimizing the routes, scheduling the jobs, for navigational purposes, and further analyzing the driver efficiency. Furthermore, Wi-Fi Protected Access (WPA) is also engaged in limiting the physical areas, wherein the users connect to the restricted access. The different technologies are being used for on-site personnel and workers in the field, wherein the systems tracking the field workers are GPS-enabled mobile phones. On-site personnel tracking systems use radio frequency identification (RFID) enabled badges.
The real-time locating systems market can be segmented on the basis of technology, which further includes GPS in real time locating system, Infrared, Wi-Fi, Bluetooth, ultra wide band, and ultrasound identification.
In terms of revenue, North America is expected to hold a substantial share over the forecast period on account of high technological awareness coupled with the growing trend in adoption of real time locating systems in government applications and several other industries.
The key players in the real-time locating systems market include Awarepoint Corporation, AeroScout Inc., Zebra Technologies Corporation, Sonitor Technologies, Skytron LLC, TeleTracking Technologies Inc., and Ubisense Group plc.
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In order to ensure business continuity amidst the COVID-19 crisis, business organizations, especially in highly affected countries are allowing their employees to work from home. The increase in people working from home has led to a surge in demand for online video viewing, downloading, and communication through video conferencing, all of which are leading to increased network traffic and data usage. COVID-19 shall accelerate the demand for agile and flexible work styles and further push the adoption of communication services that tend to improve work-life balance. On the flip side, telecom regulators worldwide have postponed their plans of 5G spectrum auction amidst the global pandemic. This is expected to have an impact on the commercialization of commercial 5G standalone deployments and revenue generated through 5G services. The ongoing pandemic has forced telecom operators worldwide to test their network resiliency and revisit their planned investments, especially in 5G technology. The report will account for Covid19 as a key market contributor.