The growing e-commerce logistics industry is anticipated to drive the market growth
Increasing penetration of smartphones coupled with the availability of internet and the availability of numerous mobile applications for different e-commerce business owners is one of the primary factors to propel the growth of the logistics sector. This combined with increasing investments in the latest and advanced technologies is also anticipated to propel the growth opportunities for the market for the forecast period and beyond. Furthermore, this growing smartphone usage has led to multiple e-commerce service providers developing better mobile experiences for their users, thus further augmenting the e-commerce logistics growth. Additionally, multiple local retailers are also developing mobile applications in order to account for changing consumer behaviors towards an increase in mobile-based purchases which is also driving the growth of the e-commerce logistics industry. Furthermore, increasing demand for consumer electronics coupled with additional benefits given by the e-commerce businesses is anticipating the customers to move towards online shopping.
Healthcare industry expected to rule the market
On the basis of industry vertical the global real-time location system market has been classified into healthcare, manufacturing, retail, logistics, and others. The healthcare segment is anticipated to hold a noteworthy share in the market due to the fact that high adoption of these systems by the healthcare services providers. The rising healthcare investments in major emerging economies coupled with the decent growth of the highly developed healthcare sector of the major developed economies are all the factors that are collectively contributing towards the growth of the market for the healthcare sector. According to the World Bank Group, the per capita healthcare expenditure in the major growing economies such as India, China, and Indonesia is increasing on account of rising government support for uplifting the healthcare sectors of these countries. For instance, in India, the per capita healthcare expenditure increased to US$62.716 by 2016 from 29.652 in 2006. Similarly, in China, it increased from US$81.79 in 2006 to 398.332 in 2016.
Furthermore, increasing investments by players in the market in the form of R&D and development of state-of-art technology solutions for the healthcare industry on account of burgeoning requirements are also expected to be one of the key factors for the growth of the real-time location systems market for the healthcare industry. For instance, recently in 2020, Infor, a leading enterprise software company announced the acquisition of Intelligent Insites, a globally known company leveraging its real-time location system’s software and services for the healthcare industry. The company aims to expand its portfolio of various RTLS services and solutions to healthcare organizations.
North America holds the significant market share
On the basis of geography, the global real-time location systems market is segmented into North America, South America, Europe, Middle East and Africa, and the Asia Pacific. The North American region is anticipated to hold a considerable share in the market on account of the presence of state-of-art healthcare infrastructure in countries such as the United States and Canada. The continuous increase in the investments for the development of healthcare infrastructure on a regular basis is also supplementing the growth of the market in this region. Europe is anticipated to show good growth opportunities as the growing focus of the governments of various countries in major countries such as the UK, Germany, and France is leading to the growing investments in the healthcare sector. For instance, in Germany, as per the data from the Federal Statistical Office (Destatis), in 2018 the healthcare expenditure in Germany reached 387.7 billion euros with an increase of 3.1% from the previous year. The Asia Pacific region is projected to show good growth in the market throughout the forecast period due to rising government support in many countries for boosting the healthcare sector coupled with the rapidly rising trend of medical tourism. In addition, the presence of a considerably large population base along with the rising disposable income and economic growth and the presence of a strong manufacturing base is supplementing the growth of the manufacturing sector in countries like China, India and South Korea which is also projected to positively impact the growth of the market in the APAC region.