Dublin, Oct. 30, 2020 (GLOBE NEWSWIRE) -- The "Real-Time Location Systems Market (RTLS) Market - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The Real-Time Location Systems (RTLS) Market is Expected to Grow at a CAGR of 24.8% from 2020 to 2025, to reach USD 10.3 Billion by 2025 from USD 3.4 Billion in 2020.
Availability of cost-effective RTLS solutions; increasing regulations in various industries to improve safety, workflow, and security; and increasing popularity of ultra-wideband technology-based RTLS solutions are a few of the key driving factors for the RTLS market growth. However, concerns regarding data security and privacy, and hindrance in the RTLS supply chain due to COVID-19 are a few of the factors hindering the growth of the RTLS market.
Healthcare vertical to dominate the RTLS market, in terms of size, during the forecast period
The RTLS market for healthcare vertical is expected to hold a dominant position during the forecast period. The leading position of the healthcare vertical can be attributed to the early adoption of RTLS-based solutions for a wide range of applications in healthcare, especially in the US. The need to ensure the safety of patients and security of electronic health records and valuable assets have also resulted in higher demand for RTLS solutions in healthcare.
Inventory/asset tracking & management segment to hold the largest share of RTLS market and witness significant growth from 2020 to 2025
In terms of market size, the inventory/asset tracking & management application segment is expected to dominate the RTLS market during the forecast period and is likely to witness significant growth in the said market from 2020 to 2025. RTLS technologies are predominantly used in asset and inventory tracking and management applications in various industries to make better utilization of available resources and reduce wastage of time during operations. Healthcare, manufacturing, automotive, and retail are major verticals that are using RTLS solutions for inventory and asset tracking and management.
APAC to witness the highest growth in the market during the forecast period
APAC is expected to witness the highest growth in the RTLS market during the forecast period. China, Japan, Australia, and South Korea are a few major countries expected to accelerate the growth of the RTLS market in APAC. Healthcare, manufacturing & automotive, and retail are the key verticals in the APAC RTLS market.
Aruba Networks (Hp Enterprise)
Stanley Black & Decker
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