Increasing Application in the Healthcare Sector Boosts Global Real-time Location Systems Market

Real-time location systems, also known as RTLS, employ RFID tags to automatically identify individuals or assets. They also help in determining the location of assets in near-real-time, if not in real-time. In the last few years, the technology has come of age to become the most important component integrated in several existing and ubiquitous location systems. The benefits of this novel technology are proven across a myriad of applications. Since RTLS technology improves visibility, an increasing number of companies and organizations are deploying these systems to save money, reduce labor costs, and boost safety. Furthermore, the industry standards pertaining to RTLS are ratified, enabling supply chain participants to share information without encountering any bottlenecks.

Increasing Application across Industries Boosts Global Real Time Location Systems Market

While the global positioning system, more commonly known as GPS, has been quite successful as an outdoor RTLS solution, it is yet to repeat its success story indoors. However, several RTLS technologies have been introduced in recent years to tackle indoor tracking problems. Since these solutions enable tracking the location of assets and individuals accurately, they are extensively deployed across healthcare institutions. Apart from their increased application in the healthcare sector, real-time location systems also find usage in the manufacturing and government sectors.

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Transparency Market Research has recently published a report that studies the global market viability of real-time location systems. The report pegs the value of the global real-time location systems market at US$0.4 bn in 2013. Rising at an impressive 35.50% CAGR, the market is anticipated to reach US$3.8 bn by 2020. Since the technology aids in tracking, locating, and managing assets in real time, the rising incidence of criminal activities such as theft and unidentified intrusion in crucial industrial facilities will augment the demand for real-time location systems in the near future.

Real-time location systems constitute a high-performing technology implemented particularly to identify and locate the current geological position of a target that could be anything from a person to a product or a vehicle. The RTLS technology available at the market presently is based on wireless technologies such as RFID, Wi-Fi, ultrawideband, and GPS. RTLS-enabled objects are now deployed across several industries, to which the global market for real-time location systems owes much of its growth.

Growing Usage of Real-Time Location Systems in Healthcare Sector Boosts Market

In the last couple of years, healthcare institutions have graduated from partial deployment of RTLS, primarily used for pharmacy tracking, to a more full-fledged adoption of the system in hospitals to improve hospital operations and enhance patient experience. The prevailing trends in the healthcare industry furthermore indicate increased propensity among hospitals and healthcare centers to fund enterprise-wide adoption of real-time location systems. This enterprise-wide deployment of the technology is anticipated to enable hospitals to automate their workflows and eliminate costs incurred to fund expensive manual processes.

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