Trends to Watch in 2022 Concerning RTLS and Location-Based Services

Applied Tech Review | Friday, June 03, 2022

Companies across all industry verticals are looking for an open-platform solution to provide accurate and dependable location data across all location technologies.

FREMONT, CA: Companies can confidently assert that 2021 was a good year for location technology. Numerous businesses began uncovering and evaluating the advantages of knowing the location of their assets, assessing how they move within their environment, and understanding how different products (including people) interact daily. For instance, Apple introduced AirTag as a device for searching and locating goods.

Allied Market Research estimates that the indoor positioning market was valued at around $2.4 billion in 2017. The same prediction projects that the value will reach $43.5 billion by 2025. Comparable in size to the food industry, recorded music, and management consulting businesses. And the growth will undoubtedly continue.

So, what's next for this thriving IT sector? Here are five trends to watch in real-time location systems (RTLS) and location-based services through 2022 and beyond (LBS).

The pandemic increased public consciousness of RTLS for public safety. The next level is business intelligence application.

Although location technologies have played a significant role in driving innovation, firms have not yet tapped the technology's full potential beyond its original niche applications. This has changed because of the epidemic.

As more businesses implement RTLS in support of public safety, such as social distancing and handling contract tracing requirements, they are also becoming aware of the business intelligence applications that have an impact beyond staying safe during the pandemic, such as worker safety, productivity, and asset traceability for a variety of industries.

This trend will intensify in a post-pandemic corporate climate as firms grasp the importance of reliable data and insights in boosting company efficiency, productivity, and profitability. Accurately establishing the location of people, things, and assets, as they move from one area to another provides a wealth of information that was not fully appreciated until its widespread applications were implemented.

Over the past several years, there have been numerous pilots and tests of RTLS technology across worldwide markets and industries to investigate location data. Multiple projects that attained commercial viability addressed solutions for so-called "must-have" use cases, such as—applications for workflow optimization, asset tracking, worker safety in industrial, mining, and oil & gas industries, and compliance with hand hygiene in hospitals. Wander control at nursing homes for the elderly to prevent dementia and Alzheimer's patients from being lost. Government initiatives to guarantee the safety of citizens in public structures. Safety of staff and inmates in correctional facilities and police stations.

As projects expand, the underlying technology must scale across phases, including scoping, planning, deployment, infra commissioning, tag provisioning, telemetry, and monitoring. To succeed, projects must also enable plug-and-play operations, simple commissioning, and seamless integration while maintaining predictable rollout and maintenance costs.

Expect more businesses to announce strategic collaborations and implementation plans for consumer-oriented initiatives for the latest RTLS and indoor positioning systems (IPS). Additionally, there will likely be an increase in the number of announcements on location technology reaching the consumer market to facilitate its acceptance across consumer and industrial industries.

Read Also

follow on linkedin Copyright © 2022 www.appliedtechnologyreview.com All Rights Reserved | About us |Subscribe
Top