In 2022, the revenue from real-time location systems will reach US$ 4.6 Billion. This market is expected to reach $37.3 billion by 2032, with a CAGR of 23.2% from 2022 to 2032.
A real-time location system (RTLS) is a piece of technology that can locate and geolocate any object in real time. To obtain the desired information, a wireless system is typically employed. RLTS and RFID (radio frequency identification) are sometimes confused, but their scopes and technologies are distinct. The foundation of RLTS is real-time data and automatic target identification.
A real-time location system (RTLS) is a technology which is capable of detecting and tracking the geolocation of any objects in real time. The target information is generally collected over wireless system. RLTS is sometime perceived similar to RFID (Radio Frequency Identification) but both differ in scope and technology. The core of RLTS is the real time data and to identify the target automatically.
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RLTS Market Overview
RLTS global market is expected to acquire a distinct prominence owing to rise in security concern and asset tracking. Surge in workplace accidents and to monitor assets can be attributed for its sustained growth.
RLTS market is primarily driven by its growing demand in healthcare sector. RLTS can be programmed to send highly accurate data in real time if used with combination of advanced application and software, which has been proved lifesaving in certain scenario like fire evacuation or a natural calamity like earthquake.
Real Time Location System: The Need of the Hour
The current state of pandemic caused by COVID-19 is grave and the panic it has unleashed globally is beyond imagination. RLTS technology can be fully leveraged in this situation, especially in quarantine centre and to track the real time location of patients and staffs.
The education sector which is considered as the future of a country is going through extreme crisis. RLTS with combination of RFID can be implemented at large scale to alert the responsible person to keep a check on social distancing. Successful implementation and deployment of such technology can also make ourselves prepared for future pandemic.
RLTS Market: Decoding Digital Generation And Growing Digitalization of Businesses
RLTS have plenty of solution to offer, not only to businesses but also for consumers and individual entity. In the era of information technology there are no such things which cannot be digitalize. RLTS is leveraging such technological advancement and digitization in real time, which is further fuelling the growth of market
RLTS is also penetrating its application in to mega stores, warehouse, correctional facilities where misplaced items can be located easily in no time.
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Key Restraint in Real Time Location System Market: Security and Privacy
Privacy concern, buggy data and lack of signal strength are largely attributing the hampering of market growth of RLTS. Besides this, the Software is always vulnerable to cyber and malware attacks when connected to a less secure network and can result in theft of organizational data. Furthermore, lack of expertise, awareness in developing countries and well-skilled technicians are also key challenges.
Real Time Location System Market: Region-wise Analysis
Real time location system market growth is steady in North America, where a number of players are offering their services.
Outside of North America, Germany, UK, and France are some of the other important countries for real time location systems.
The shifting of technological prowess to Asia Pacific has meant that in addition to traditional heavyweights including Japan, and South Korea, China and India are also likely to be the key markets for real time location system market.
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Real Time Location System (RTLS) Market by Category
By Product Type:
- RTLS Hardware
- RTLS Software
- RTLS Services
- Manufacturing & Resources
- Distribution Services
- Public Sector
- North America
- Latin America
- East Asia
- South Asia and Pacific
- Middle East and Africa
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Original Source of the original story >> Real Time Location System (RTLS) Market is set to register a stupendous CAGR of over 23.2% and cross a humungous revenue during forecast period of 2022-32 | Report by FMI
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