At 28.4% CAGR, South & Central America Real-Time Location Systems Market is Projected to be Worth US$ 1,780.62 Million by 2030, says Business Market Insights

According to Business Market Insights’ research, the South & Central America real-time location systems market was valued at US$ 240.28 million in 2022 and is expected to reach US$ 1,780.62 million by 2030, registering a CAGR of 28.4% from 2022 to 2030. Growing use of RTLS in healthcare sector and emergence of 5G are among the critical factors attributed to drive the South & Central America real-time location systems market growth.

In the healthcare sector, RTLS is used to maintain patient safety and provide great experience and satisfaction. The technology can assist in tracking patient flow for throughput management, which can further help to recognize and address bottlenecks. It can also help to find solutions for the problems such as long waiting times; overcrowding in emergency rooms, outpatient clinics, and post-anesthesia care units; delay or rescheduling of surgeries; and shortage of beds for patients. RTLS technology is used in everyday operations or emergencies at hospitals to locate hospital assets such as beds, equipment, wheelchairs, and others quickly and reliably. In emergencies and when the hospital is nearing capacity, RTLS can help notify the availability of a bed when a patient is discharged. Through this, hospitals can achieve up to 50% faster bed turnover times. In addition, the technology can assist in keeping track of medical devices such as IV pumps, ICU ventilators, and defibrillators to ensure their availability when needed, thus can help to save the life of critical patients. Furthermore, by using RTLS, patients or staff members can be tracked. For instance, patients suffering from mental distress who must be watched closely can be easily tracked through RTLS technology if they wander away from their treatment area or into other parts of the facility. The RTLS-embedded solution will send an alert whenever patients cross a virtual boundary into an unauthorized area. It can provide a high level of security to patients and reduce the time of staff members, which should be devoted to directly monitoring these patients. As the RTLS technology can help track assets and patients, its demand is expected to increase in the healthcare sector during the forecast period.

On the flip side, rising concerns regarding data privacy and security hampers the growth of South & Central America real-time location systems market.

Based on offering, the South & Central America real-time location systems market is categorized into hardware, software, and services. The hardware segment held 67.5% market share in 2022, amassing US$ 162.12 million. It is projected to garner US$ 1,192.31 million by 2030 to register 28.3% CAGR during 2022–2030.

In terms of technology, the South & Central America real-time location systems market is categorized into RFID, UWB, BLE, Ultrasound, Infrared, GPS, Wi-Fi, and ZIGBEE. The BLE segment held 28.9% share of South & Central America real-time location systems market in 2022, amassing US$ 69.49 million. It is projected to garner US$ 465.38 million by 2030 to expand at 26.8% CAGR from 2022 to 2030.

Based on industry vertical, the South & Central America real-time location systems market is categorized into retail, government and defense, manufacturing, healthcare, logistics, heavy industries, construction, oil and gas, automotive, and others. The healthcare segment held 16.2% share of South & Central America real-time location systems market in 2022, amassing US$ 38.96 million. It is predicted to garner US$ 343.71 million by 2030 to expand at 31.3% CAGR between 2022 and 2030.

In terms of application, the South & Central America real-time location systems market is segmented into personnel/staff locating and monitoring, environmental monitoring, access control and security, warehouse management and monitoring, supply chain management and operational automation/visibility, and others. The supply chain management and operational automation/visibility management segment held 28.2% share of South & Central America real-time location systems market in 2022, amassing US$ 67.76 million. It is estimated to garner US$ 488.66 million by 2030 to expand at 28.0% CAGR during 2022–2030.

By country, the South & Central America real-time location systems market is categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil capture 52.3% share of South & Central America real-time location systems market in 2022. It was assessed at US$ 125.60 million in 2022 and is likely to hit US$ 1,060.72 million by 2030, registering a CAGR of 30.6% during 2022–2030.

Key players operating in the South & Central America real-time location systems market are Aruba Networks, Qorvo Inc, Impinj Inc, Siemens AG, Zebra Technologies Corp, and Stanley Black & Decker Inc, among others.

• In July 2020, Siemens has successfully integrated hardware and software to offer a new solution for the COVID-10 pandemic-related challenges companies face. It helps the companies simulate the safety of employees, test and optimize the setup of work areas, validate safety measures, and thus to design future-proof production lines.
• In February 2021, Zebra Technologies Corporation has been recognized by Gartner, Inc. as a leader in the February 2021 Magic Quadrant for Indoor Location Services, Global, making it twice in consecutive years for the company. Zebra offers end-to-end indoor location solutions with a comprehensive range of workflow-specific software tools and applications available within the MotionWorks portfolio and a rising collection of data services and APIs within the Zebra Savanna data intelligence platform. The award is expected to strengthen the company's market position.

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