Technology

Real-Time Location Systems Market Skyrockets to $40.70 Billion by 2031 Dominated by Tech Giants – Aruba Networks, AiRISTA Flow Inc and Qorvo Inc | The Insight Partners

Published

1 day ago

November 12, 2024

The global real-time location systems market is set for explosive growth, with projections indicating a surge to $40.70 billion by 2031. This remarkable expansion, driven by increase in demand for tube and clamp scaffolding.

NEW YORK, Nov. 12, 2024 /PRNewswire/ — According to a new comprehensive report from The Insight Partners, the global real-time location systems (RTLS) market is observing healthy growth owing to the rising demand for connected devices. The report runs an in-depth analysis of market trends, key players, and future opportunities. For Detailed Market Insights, Visit: https://www.theinsightpartners.com/reports/real-time-location-systems-market-research

The RTLS market primarily comprises hardware/component providers, RTLS manufacturers, system integrators, and end users. The RTLS consists of components such as software, transmitters, receivers, smart devices, infrared tags, and other types of tags. These components are further provided to RTLS manufacturers for the production of a system.

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Market Overview and Growth Trajectory:

Real-Time Location Systems Market Growth: According to an exhaustive report by The Insight Partners, the Real-Time Location Systems Market is experiencing significant growth, driven by the growing use of RTLS in the healthcare sector. The market, valued at $6.16 billion in 2023, is expected to grow at a Compound Annual Growth Rate (CAGR) of 26.6% during 2023–2031.

The demand for connected devices, including smartphones, tablets, and different wearable devices, such as smartwatches, fitness trackers, VR headsets, web-enabled glasses, smart jewelry, and Bluetooth headsets, is increasing across the world. Smartphones and tablets help the user accurately track location information in real time. The devices help the user to know the real-time traffic scenario and find the fastest route to the destination. It also assists parents to monitor the movement of their children through different location-tracking apps.

Rising Demand for Connected Devices: The adoption of connected devices such as smartphones and tablets are increasing tremendously. According to the Groupe Speciale Mobile Association (GSMA), smartphone adoption across the world was 76% in 2022, totaling 6.4 billion smartphone connections. The adoption is expected to rise to 92% by 2030, making 9 billion connections globally. According to the same report, smartphone adoption in North America was 84% in 2022 and is expected to climb to 90% by 2030. Similarly, the smartphone adoption rate in Europe would increase from 84% in 2022 to 91% by 2030. In Sub-Saharan Africa, an underpenetrated market, the smartphone adoption rate is predicted to grow from 51% in 2022 to 87% by 2030. This is further boosting the integration of real-time location systems across the world.

Growing E-Commerce Sector: There has been a surge in online shopping across the world. E-commerce sales have witnessed a significant growth rate over recent years. According to the International Air Transport Association (IATA), in 2021, 2.14 billion people (i.e., ∼27.6% of the world’s population) shopped for products from online portals. In addition, APAC leads the global e-commerce market, where China accounts for a significant percentage of the regional market growth. As per the International Trade Administration, China is the largest e-commerce market across the world, generating ∼50% of the world’s transactions.

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Emergence of 5G: The 5G network is ∼100 times faster than the 4G network, making real-time data acquisition easier. As the 5G network provides strong connectivity and high-speed data transfer, its demand is increasing across the world. According to the Groupe Speciale Mobile Association (GSMA), 5G penetration across the world is expected to reach 54% by 2030 from 17% in 2022. North America has the highest 5G penetration, with 39% in 2022; it is expected to reach 91% by 2030. 5G penetration in Asia Pacific (except China) and Europe is expected to increase from 4% and 11% in 2022 to 41% and 87% by 2030, respectively.

Geographical Insights: In 2023, North America led the market with a substantial revenue share, followed by Europe and Asia Pacific. Asia Pacific is expected to register the highest CAGR during the forecast period.

Real-Time Location Systems Market Segmentation, Applications, Geographical Insights:

Based on offering, the real-time location systems market is segmented into hardware, software, and services. The hardware segment held the largest share of the market in 2023.By technology, the real-time location systems market is segmented into RFID, UWB, BLE, Ultrasound, Infrared, GPS, Wi-Fi, and ZIGBEE. The BLE segment dominated the market in 2023.In terms of industry vertical, the 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 a larger share of the market in 2023.By application, the real-time location systems market is segmented into personnel or staff locating and monitoring, environmental monitoring, access control and security, warehouse management and monitoring, supply chain management and operation automation or visibility, and others. The supply chain management and operation automation or visibility segment dominated the market in 2023.The real-time location systems market is segmented into five major regions: North America, Europe, APAC, Middle East & Africa, and South & Central America.

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Key Players and Competitive Landscape:

The Real-Time Location Systems Market is characterized by the presence of several major players, including:

Aruba NetworksAiRISTA Flow IncQorvo IncImpinj IncSiemens AGZebra Technologies CorpSonitor Technologies ASStanley Black & Decker IncTeleTracking Technologies IncUbisense LtdSlamcore LtdKudan IncMicrosoft CorpSevensense Robotics AGNavVis GmbH

These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.

Real-Time Location Systems Market Recent Developments and Innovations:

“Houston Airports partnered with HPE Aruba Networking””Sonitor and Spectralink announced a strategic partnership””Ubisense announced a strategic partnership with Advanced Realtime Tracking (ART)””Slamcore, a leader in vision-based location mapping, partnered with Intralink”

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Real-Time Location Systems Market Drivers, Challenges, Future Outlook and Opportunities:

The market growth in North America is attributed to the increasing number of internet users. According to the World Bank Group, ~92% of the population in the region uses the Internet. Such high Internet penetration in the region is fueling the growth of the e-commerce industry in North America. According to the Census Bureau of the Department of Commerce, the US retail e-commerce sales for the first quarter of 2024 was US$ 289.2 billion, an increase of 2.1% compared to the fourth quarter of 2023. Thus, the growth of the e-commerce industry is driving the real-time location systems market in North America.

Real-time location systems (RTLS) are used to determine the location of an object or a person. They can accurately locate, track, and manage assets, inventory, or people and help companies make knowledgeable decisions. The system consists of a transponder, a receiver, and software to interpret the data. RTLS transmitters or receivers are spaced throughout a building to provide the desired coverage. RTLS is used across many end-use verticals, such as heavy industries, manufacturing, retail, oil & gas, automotive, transportation and logistics, construction, government and defense, and education. Also, they are used for specific applications such as employee tracking and high-value asset tracking. The growing use of RTLS in the healthcare industry is significantly bolstering the growth of the real-time location systems market. In May 2022, Sonitor (a provider of ultrasound-based RTLS and indoor positioning systems) showcased its flagship SenseTM RTLS technology at the Oracle Cerner Healthcare Conference. The live demonstrations highlighted the clinical benefits of Sonitor’s platform, including enhanced patient care, improved operational efficiencies, and infection control management. The company’s reliable and accurate RTLS technology and seamless integration capabilities have helped the company attract a number of customers desiring RTLS solutions.

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The growing penetration of ultra-wideband (UWB) technology-based RTLS solutions that provide highly accurate positioning data with low power consumption is bolstering the growth of the real-time location systems market. End-use industries, such as healthcare, manufacturing, and logistics, are demanding UWB technology-based RTLS solutions to improve efficiency, shorten lead times, and reduce costs. The rising demand for RTLS solutions from sports, entertainment, and automotive sectors is also driving the market. The availability of indoor tracking is encouraging the healthcare vertical to opt for RTLS, which is expected to further fuel the market growth in the coming years. Bluetooth Low-Energy (BLE) solutions are cheaper and easier to integrate with existing systems and devices, and they offer a detection accuracy of up to 1.5 meters. In May 2023, u-blox launched a u-blox NINA-B5 Bluetooth LE series of standalone modules for the automotive industry. Thus, the growing use of BLE solutions is boosting the growth of the real-time location systems market. Moreover, the abilities of RTLS to analyze and eliminate workflow bottlenecks and save time and money are bolstering the market growth.

The offering segment highlights various components that are used to make up real-time location systems, from physical components to supporting services. Hardware components provide physical infrastructure, while the software components enable the analysis and data processing. On the other hand, the services ensure the successful implementation of the systems. The hardware used for real-time location systems consists of anchors, tags, modules, transceivers, location engine, kits, sensors, and more. These components are integrated with a software solution such as RFID, Wi-Fi, UWB, BLE, ultrasound, IR, GPS, and other systems for tracking and monitoring various assets of an organization. Hardware providers partner with software providers to deploy complete solutions according to the requirements of end users. Industries such as healthcare, manufacturing, logistics, and retail heavily rely on RTLS hardware for asset management, inventory control, personnel tracking, and seamless operations. Similarly, the hardware used for simultaneous localization and mapping (SLAM) consists of sensors such as RGB-D cameras, light detection and ranging (LIDAR), and GPS; processing units such as graphics processing unit (GPU) and single instruction multiple data (SIMD) calculation; and more. These components play a vital role in enabling SLAM technology to build and update maps, operate efficiently and simultaneously, and understand the environment. This helps the implementation of the SLAM technology in various growing industries, such as automotive, oil & gas, government and defense, and others.

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Conclusion:

Increased demand for real-time location systems in developing economies, such as India and China, is expected to create lucrative opportunities for market players in Asia Pacific during the forecast period. The growing manufacturing, retail, and logistics industries are raising the need for asset tracking, fueling the demand for real-time locating systems in the region. The rising demand for RTLS and SLAM in the above industries is pushing the market players to provide advanced solutions to customers. According to the State Council of China, the retail industry is booming in the country with an increased sales of 11% in 2023 accounting 2.24 trillion compared to the previous year. The growing demand for advanced technologies in these countries is expected to fuel the growth of the real-time location systems market in APAC.

With projected growth to $40.70 billion by 2031, the Real-Time Location Systems Market represents a significant opportunity for hardware/component providers, system integrators, investors, RTLS manufacturers, industry stakeholders and end users. By staying abreast of market trends, embracing innovation, and focusing on quality and performance, companies can position themselves for success in this dynamic and evolving market landscape.

Related Report Titles:

RTLS for Healthcare Market Size, Share, & Growth by 2030 Maritime Real-Time Positioning System Market Analysis and Forecast by Size, Share, Growth, Trends 2031 Real-Time Tracking Management System Market Size and Forecasts (2021 – 2031)Location Intelligence Market Size and Forecasts (2021 – 2031)SLAM Technology Market Size and Forecasts (2021 – 2031)Emergency Location Transmitter Market Size and Forecasts (2021 – 2031)Environmental Monitoring Market Size and Forecasts (2021 – 2031)Warehouse Management System Market Size & Share Report 2030

About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

If you have any queries about this report or if you would like further information, please contact us:

Contact Person: Ankit Mathur
E-mail: ankit.mathur@theinsightpartners.com
Phone: +1-646-491-9876
Press Release: https://www.theinsightpartners.com/pr/real-time-location-systems-market-research

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Technology

ERCO Seoul Unveils State-of-the-Art Experience Centre

Published

6 minutes ago

November 14, 2024

ERCO’s new Experience Centre in Seoul invites industry professionals to experience the future of lighting design. This immersive space offers exclusive workshops, demonstrations, and insights into the latest trends, showcasing ERCO’s commitment to elevating architectural projects.

SEOUL, South Korea, Nov. 14, 2024 /PRNewswire/ — ERCO, a global leader in architectural lighting, is excited to announce the relocation of its Seoul office to a modern, state-of-the-art facility. This move reflects ERCO’s dedication to providing exceptional service and innovative lighting solutions to its valued customers in South Korea.

The new office, located at #103, 33, Dosan-daero 27-gil, Gangnam-gu, Seoul 06032, offers enhanced accessibility and convenience for customers and partners. This strategic relocation underscores ERCO’s commitment to expanding its presence and supporting the growing demand for architectural lighting in the region.

A highlight of the new office is the immersive ERCO Experience Centre. This innovative space showcases ERCO’s latest lighting technologies and solutions. Visitors can witness firsthand how ERCO’s lighting systems seamlessly integrate with architecture to create stunning and functional spaces. The Experience Centre is an inspiring hub for architects, designers, and lighting professionals to explore the possibilities of ERCO’s lighting, gain inspiration for their projects, and foster creative collaboration.

Lim Chul-Hoon, Branch Manager of ERCO Seoul, “We’re thrilled to unveil the new ERCO Experience Centre in Seoul. This relocation allows us to provide an even better experience for our clients. The Centre is a space where they can truly experience the transformative power of ERCO’s lighting solutions and how they can elevate their architectural designs.”

Jack Tan, Asia Pacific Managing Director at ERCO, added, “The relocation and Experience Centre demonstrate ERCO’s ongoing commitment to pushing boundaries and exceeding customer expectations across the region. This state-of-the-art facility showcases our dedication to providing industry-leading lighting solutions. We’re excited to welcome our clients for an immersive experience of ERCO’s capabilities.”

Architects, designers, and lighting professionals interested in attending a lighting workshop or exploring the Experience Centre can contact ERCO Seoul at +82 2 596 3366 or info.kr@erco.com.

About ERCO

ERCO is a global leader in high-quality, digital architectural lighting. Founded in 1934, this family-owned company operates in 55 countries with independent sales organizations and partners.

ERCO views light as the fourth dimension of architecture, thus an essential element of sustainable architecture. By contributing to better societies and buildings while preserving the environment, ERCO Greenology® combines ecological responsibility with technological innovation.

ERCO develops, designs, and manufactures luminaires at its light factory in Lüdenscheid, Germany. Focusing on photometric optics, electronics, and sustainable design, ERCO’s products are used in a variety of applications, including: Work and Culture, Community and Public/Outdoor, Contemplation, Living, Shop and Hospitality.

ERCO lighting experts collaborate with architects and designers worldwide to create highly precise, efficient, and sustainable lighting solutions that bring projects to life.

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SOURCE ERCO Lighting

Technology

Suvoda Awarded US Patent for its eCOA Software Architecture

Published

6 minutes ago

November 14, 2024

Low-code, no-code approach accelerates eCOA questionnaire design and deployment, taking questionnaire creation, licensing, and localization off the critical path

PHILADELPHIA, Nov. 14, 2024 /PRNewswire/ — Suvoda, a global clinical trial technology company specializing in complex studies in therapeutic areas like oncology, central nervous system (CNS), and rare diseases, announced the receipt of a patent from the US Patent Office for the Suvoda Questionnaire Definition Language (SQDL), part of the software architecture of its eCOA (electronic Clinical Outcome Assessment) product.

The patent demonstrates the power of Suvoda eCOA: expedited questionnaire creation, translation, localization, and deployment so clinical trial sponsors can launch their studies more efficiently. While eCOA is traditionally a bottleneck in clinical trial implementation, Suvoda eCOA and its SQDL tool enable sponsors to deliver high quality questionnaires in a matter of hours, instead of days.

“This recognition by the US Patent Office is a testament to the ingenuity, creativity, and technical excellence of our team. Many claim to offer similar capabilities, but Suvoda’s patented technology enables us to truly deliver on our promises. Suvoda eCOA accelerates questionnaire implementation in a regulatory compliant manner, which is crucial for the efficiency and success of clinical trials,” said Jagath Wanninayake, CEO of Suvoda.

The patented architecture offers several key benefits:

Easy eCOA questionnaire creation: Suvoda eCOA allows non-engineers to define eCOA questionnaires using a simple low-code/no-code approach, while maintaining rigorous regulatory compliance. It includes a real-time preview of each question, language, and layout configuration to improve feedback and productivity.

Accelerate development by parallel processing: Questionnaire definition, licensing, translation, and layout occur concurrently and are decoupled from the study build.

Localization partners work directly in Suvoda eCOA, previewing translations in real-time and minimizing back-and-forth with Suvoda and the sponsor.

Simplified mid-study questionnaire updates: Questionnaires can be easily modified while maintaining the validated state of the eCOA system, so that mid-study changes do not delay data collection.

Efficient questionnaire and component reuse: Suvoda eCOA allows questionnaires, where permitted, to be stored and reused in an accessible and organized way and allows for compatibility with newly updated devices without affecting system validation.

“The SQDL architecture fundamentally changes how eCOA questionnaires are created by supporting parallel construction of translations and layouts. We have patented the core of what we do, supporting a powerful no-code/low-code definition layer that enables an ecosystem of tools—like real-time, device-accurate previews and screenshot generation—that can improve eCOA implementation and deployment,” explained Andrew McVeigh, Suvoda’s Chief Architect.

Suvoda eCOA is part of a comprehensive suite of clinical trial solutions, including IRT (Interactive Response Technology), eConsent, and the recently launched ePatient. Unified on the purpose-built Suvoda technology platform, these products support clinical trial sponsors in the most urgent moments of their studies, enabling them to enhance operational efficiency, reduce site-burden, transform patients’ trial journeys, and help advance human health.

For more information about Suvoda and its innovative eCOA solution, visit https://www.suvoda.com/products/ecoa.

About Suvoda:
Suvoda is a global clinical trial technology company specializing in complex, life-sustaining studies in therapeutic areas like oncology, central nervous system, and rare diseases. Founded in 2013 by experts in eClinical technologies, Suvoda empowers clinical trial professionals to manage the most urgent moments in the most urgent trials through advanced software solutions delivered on a single platform. Headquartered outside Philadelphia, Suvoda also maintains offices in Portland, OR, Barcelona, Spain, Bucharest and Iasi, Romania, and Tokyo, Japan. The company’s Net Promoter Score (NPS) consistently exceeds the technology industry average, contributing to the company being selected by trial sponsors and contract research organizations (CROs) to support more than 1,500 trials across more than 85 countries. To learn more, visit suvoda.com. Follow Suvoda on LinkedIn.

CONTACT: marketing@suvoda.com

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SOURCE Suvoda LLC

Technology

9Pay Presents All-in-One Efficient Financial Solution at Singapore FinTech Festival

Published

6 minutes ago

November 14, 2024

HANOI, Vietnam, Nov. 14, 2024 /PRNewswire/ — From November 6 to 8, 9Pay showcased comprehensive payment services in Vietnam to businesses at the Singapore FinTech Festival 2024. 9Pay’s participation at one of the largest global Fintech events has attracted significant attention from companies and industry experts.

Singapore FinTech Festival (SFF) 2024 is organized by the Monetary Authority of Singapore in collaboration with the Association of Banks in Singapore for the 9th time at the Singapore EXPO Convention & Exhibition Center. The event attracted 65,000 participants from 134 countries and regions, including more than 3,400 government and regulatory attendees across 665 central banks, regulatory institutions, and other government organizations.

For 9Pay, attending SFF 2024 in Singapore is a strategic step to strengthening its position in fintech in Southeast Asia and the world. Coming for the first time as an official exhibitor of this famous financial event, 9Pay was welcomed warmly by many financial professionals and clients, as a trusted fintech company in Vietnam. This has contributed to strengthening the position of Vietnam’s financial technology industry in the international area, demonstrating that Vietnamese fintech enterprises are ready to compete and integrate into regional and global marketplaces.

The State Bank of Vietnam’s 2024 report highlights Vietnam as a top FDI destination, ranking 25th globally and outpacing regional peers like Indonesia, the Philippines, and Thailand. Key drivers include Vietnam’s large domestic market, robust consumer spending, and proactive government reforms that streamline processes and bolster foreign trade. Improved technology infrastructure has made sectors like e-commerce, fintech, logistics, education, and tourism particularly attractive. With deep market insight, 9Pay, a licensed payment intermediary, has empowered numerous companies to thrive in Vietnam by offering seamless, all-in-one payment solutions.

As the leading payment service provider, 9Pay has established powerful partnerships with international PSPs and Remittances, allowing partners to receive payments seamlessly and facilitating smooth money transfers to Vietnamese beneficiaries. Typical instances include e-commerce platforms expanding in Vietnam that can easily collect payments and promote growth, and an online education provider that integrated 9Pay’s localized payment solution, simplifying tuition payments for Vietnamese students while improving user experience.

Boost Business Efficiency with Collection – Disbursement and Payment Gateway Service

The 9Pay Collection and Pay-Out Service offers several standout benefits for partners aiming to expand and operate efficiently in Vietnam. One of key strengths is the Localized Banking Advantage, enabling partners to use 9Pay as a local bank account for seamless collection and disbursement, simplifying operations and enhancing financial workflows.

Additionally, there are lots of new cross-border payment regulations this year. Companies need to thoroughly understand and strictly comply with these regulations to ensure legal and stable business operations. Expert Tax Advisory for smooth market entry of 9Pay will provide partners with crucial insights into their tax obligations, easing compliance and fostering confident growth in the Vietnamese market.

With a cost-efficient fee structure, 9Pay helps partners minimize transaction expenses, allowing for better cost management and increased profitability. The service also tackles the complexities of cross-border transactions through optimized FX rates and transparent fees, providing live exchange rates and clear pricing to ensure predictable, competitive costs and address currency fluctuation challenges.

Another significant advantage of 9Pay is its 24/7 dedicated support, offering reliable assistance even on weekends and holidays to promptly resolve issues and maintain smooth operations.

The leading fintech company in digital financial innovation and cross-border payments in Vietnam

Throughout the event, the 9Pay team had valuable individual meetings with decision-makers as well as took part in in-depth discussion sessions led by industry experts. With significant expertise regarding the future of the Fintech sector, including topics such as Next-Gen Transactions, Digital Assets, AI, and Quantum, 9Pay has new directions for its product development roadmap.

Furthermore, with many new cross-border payment rules this year, 9Pay is dedicated to giving professional help to educate businesses on regulatory requirements, best practices, and platform capabilities that ensure smooth, compliant transactions. For better guidance and support on payment solutions in Vietnam, businesses can connect with 9Pay experts here.

Building on its success at the SFF, 9Pay is set to advance Vietnam’s fintech sector globally by providing seamless, compliant, and cost-effective cross-border payment solutions. With a commitment to deepening APAC partnerships and adapting to evolving regulations, 9Pay empowers businesses to grow confidently in Vietnam and beyond, positioning itself as a leader in the future of global fintech.

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SOURCE 9Pay JSC

Technology4 days ago

CloudOne Digital Appoints Packet Cofounder and Former Equinix Executive Zach Smith to Board of Directors to Drive Growth in Bare Metal and Hybrid-Cloud Solutions