Global Real Time Location System Market - By Technology (RFID, WiFi, UWB, Ultrasound, IR), Components (Hardware, Software, Services), Industry, Geography, Trends, Forecast - (2017 - 2022)
The global real-time location systems (RTLS) market was estimated at USD 1.247 billion in 2016 and is anticipated to grow to USD 6.11 billion by 2022, at a CAGR of 30.45% during the forecast period 2017-2022.
The real-time location systems (RTLS) are used to locate and track assets or people in real-time, with the help of radio frequency (RF) signals as a communication medium. Though, there are a few technologies used for developing RTLS systems; the basic components remain the same. The RTLS tags attached to various target objects or assets, process and communicate the information with the help of a reader to a centralized server, to convert the data into real-time business information.
The implementation of RTLS offers many advantages that include increased efficiency, enhanced quality, and cost saving, which boost its adoption and applications in various verticals. The applications of RTLS include asset tracking, work in progress (WIP) tracking, patient\'s activity tracking, vehicle or fleet tracking, etc. The RTLS technology advantages and the sophistication have led to its adoption across verticals such as logistics & transportation, manufacturing, defense, aerospace, oil & gas, healthcare, retail, mining, chemical, and others.
Today\'s competitive business age is increasing the pressure on enterprises to improve their operational efficiencies, profits, and customer satisfaction, which are in turn driving the adoption of RTLS technologies. Additionally, the complex business models that include demanding customers and increasing mobile workforce, along with the government initiatives in various countries, are also driving the market\'s growth. The increased emergence and adoption of cost-effective technologies like Zigbee and UWB, vast use of ultrasound and IR technologies, and growing smart factories in the industrial sector, are some of the key trends identified in the market. However, lack of interoperability between infrastructure, privacy concerns and higher costs involved in the adoption, and implementation and maintenance of RTLS technologies are observed to be the major restraints of this market.
RTLS helps in overcoming the challenges faced in various end-users that include logistics and transportation, healthcare, manufacturing, aerospace, defense, government, retail, and others. Due to the benefits offered by these technologies, they are preferred for process automation. Higher growth rates are expected to be observed in the healthcare, manufacturing, and government sectors. Security demand in the government sector, such as location assets in the supply chain, and also locating and tracking prisoners, are driving the market. Safety and security of patients and their electronic records have also resulted in the demand for RTLS in the healthcare industry. In our study, the global RTLS market has been segmented by technology, components, end-user verticals and geography.
The RTLS market offers a wide-range of solutions depending on the application needs and business processes. By the technology used, the market is further segmented into radio frequency identification (RFID), WiFi, ultra-wide band (UWB), ultrasound, infrared (IR), and others, which include Zigbee, GPS, Bluetooth Low Energy (BLE) and WhereNet. An increase in the investment in these technologies has paved the way for more innovations. UWB and WiFi technologies are expected to grow at the fastest rate during the forecast period. Some of the end-users are still dependent on passive RFIDs and barcodes, due to lack of awareness, thus restraining the market. Based on the components, the market is further segmented into hardware, software, and services. Geographically, the RTLS market has been segmented into North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa. Asia-Pacific is projected to lead the market with the highest growth rate during the forecast period, due to the increasing awareness of advantages offered by RTLS and the escalating demand from the growing industrial sector.
North America, a technology based country, is expected to have the highest market share during the forecast period. The key players in the RTLS market include: AeroScout Inc (Stanley Healthcare Solutions) Ekahau Inc (AiRISTA Flow) Ubisense Group Plc Zebra Technologies Corporation The key players in the hardware segment of the market are: Sonitor Technologies AS Savi Technology Inc. CenTrak Inc. DecaWave Limited The software segment key players are: Awarepoint Corporation TeleTracking Technologies Versus Technology
What the global real-time location systems market report offers
Market definition for global real-time locating systems market along with identification of key drivers, restraints, and opportunities for the market. Market analysis for the global metal packaging market, with region specific assessments and competition analysis on a regional scale. Identification of factors instrumental in changing the market scenarios, rising prospective opportunities and identification of key companies which can influence the market on a regional scale.
Extensively researched competitive landscape section with profiles of major companies along with their strategic initiatives and market shares. Identification and analysis of the macro and micro factors that affect the global real-time locating systems market on a global and regional scale. A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
Published By: Mordor Intelligence
Published Date: Q1 2017