The North America Real-time Location Systems Market would witness market growth of 25.6% CAGR during the forecast period (2021-2027).
Real-time locating systems (RTLS) are used to detect and track the location of objects or persons in real time, commonly within a building or other enclosed environment. The share of the market of real-time location systems is increasing as the ability of real-time tracking in various business processes improves. Raised productivity, precision, and operational excellence are all benefits of these systems. Furthermore, among the RTLS technologies, RFID tags have seen an increase in demand in the healthcare industry, as RFID tags may be used for a variety of purposes, from tracking surgical tools to tracking patients & employees.
Patient flow or movement (hand-offs) between departments, such as from the emergency room to the radiology department, is monitored by giving each patient a unique tag to keep with him or her at all times. An analytic application records the number of times patients spend in each place. The hospital management can determine whether extra staff or equipment is needed at various departments and stages of the patient's journey by tracking the number of times patients take in various rooms and departments throughout the hospital.
RTLS technology is being used by electronic behemoths in the North American region. Impinj, for example, has released three next-generation RAIN RFID reader chips to help IoT device makers fulfill the growing need for item connectivity in retail, supply chain, and logistics. In addition, Tele Tracking Technologies also announced the debut of SynapseIQ, a powerful cloud-based analytics solution that provides enterprise-wide visibility and actionable insights for health systems using real-time data. The solution aids in improving employee accountability across enterprises, lowering operating expenses, and improving overall system performance.
In the year 2020, the United States' transportation system served significant amount of people, including individuals who do not own a car or travel infrequently. Transportation is utilized to go to and from work, purchase goods and services, communicate with family and friends, and travel to distant locations.
The US market dominated the North America Real-time Location Systems Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $5,269.8 million by 2027. The Canada market is estimated to grow at a CAGR of 28.5% during (2021 - 2027). Additionally, The Mexico market would display a CAGR of 27.4% during (2021 - 2027).
Based on Technology, the market is segmented into RFID, Ultra-Wideband, Wi-Fi, ZigBee, Infrared and Others. Based on Industry, the market is segmented into Healthcare, Manufacturing & Processing, Retail, Transportation & Logistics and Others. Based on Component, the market is segmented into Hardware, Software and Services. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Real-time location systems Market is Estimated to reach $18.5 Billion by 2027, at a CAGR of 26.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Impinj, Inc., Zebra Technologies Corporation, Stanley Black & Decker, Inc., Cerner Corporation, Lockheed Martin Corporation, Hewlett Packard Enterprise Company, General Electric (GE) Co., Alien Technology, LLC, Tracktio, and Savi Technology, Inc.
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