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Real-time location system (RTLS) is also known as a real-time tracking system. It is used to automatically identify and track the real-time position of an object or person. Powerful real-time location system products are used in an ever-growing sector of supply chain management (SCM), healthcare, military, retail, postal, and courier services. It is typically built into products such as mobile phones and navigation systems. It is most important to detect the products and it is very easy to achieve an efficient supply chain.
In recent times, the RTLS market has been witnessing significant growth. Many big and small tech companies are developing their RTLS system. The big market players continuously strive to develop more innovative solutions to witness exponential growth soon in the market. There is one of the big companies called Mirion Technologies. In September 2021, Mirion technology launches Orion Real-Time Location System. Which is data-enabled radiation measurement.
Like private industries, The Delhi government is also interested in RLTS Market. So they announced a partnership with Google, allowing passengers to quickly track their bus location, arrival time, and departure time Real-Time monitoring systems have been installed on approximately 3000 buses.
COVID-19 resulted in lockdown across many countries which effect in a decrease in demand for RLTS Devices from various verticals including automobiles, supply chain, and transportation. Many logistic companies and supply chains were shut down totally and the automobile and transportation sector was also closed down nevertheless only one industry that was booming in the healthcare industry.
The healthcare industry requires many machinery tools and monitoring devices so that the data may then be visible on a live monitor or recorded on a database log for further analysis.
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Asia Pacific market is growing at the fastest rate during the forecasted period due to the increasing number of the working population and the booming healthcare industry in emerging economies, especially in India and China.
According to the Indian Brand Equity Foundation, India's manufacturing industry could reach USD 1 trillion by 2025, and India is expected to be among the top three growth economies and manufacturing hubs. So it brings great opportunities to RTLS and also Japan has a major market for many electronic devices so the chips are so in demand.
North America will command this market during the forecast period. The increasing number of small and medium enterprises (SMEs), high demand from the healthcare sector, and numerous US elderly living facilities and hospitals. There is also a high level of technology awareness, and a growing tendency to introduce real-time location systems in government applications and other industries in North America.
The RTLS for the healthcare market is growing primarily due to the growing medical equipment market and increasing market competitiveness with the emergence of new businesses. So in Europe, it is expected to boost the market over the years.
There are many companies in the Middle East that are working and developing in the RTLS market.
AeroScout Inc., AiRISTA, Alien Technology, Axcess International Inc., CenTrak Healthcare Company, DecaWave Limited, Ekahau Inc., Identech Group AG, Impinj, Savi Technology, Sonitor Technologies, Stanley Healthcare, TeleTracking Technologies, Ubisense Group and Zebra Technologies these are some of the key players in the real-time location system market.
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