Real Time Location System (RTLS) Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2023
Real Time Location System (RTLS) Market size will have significant growth prospects over the forecast timespan owing to the rise in technological advancements, growing requirement for assets & workflow management, and resource utilization. The RTLS market is growing owing to the improved quality of real-time tracking in the location systems for diverse business processes.
Growing government support & initiatives for the usage of these systems and plummeting prices of components is anticipated to increase the adoption of RTLS. In addition, heavy investments in the technology and increasing applications of the solutions across several industry segments will drive the RTLS market growth over the forecast time span. In addition, systems help in enhancing efficiency, accuracy, and operational superiority, resulting in enhanced productivity.
The systems are anticipated to penetrate several sectors, such as consumer products and manufacturing, over the coming years owing to advantages such as advanced security & safety of employees, effective & efficient supply chain & logistic operations, and smooth development processes, which would further stimulate the RTLS market growth. The systems consist of application software, battery-powered tags, location readers, location sensors, and network infrastructure, which help in automatically recognizing and tracking the physical location of people and objects in real time. With the rise in awareness about the advantages of automatic management and asset tracking, the RTLS market is expected to grow at a high rate between 2017 and 2024.
Lack of uniform standards, interoperability, and system incompatibility coupled with lack of expertise and low awareness are the major factors hindering the RTLS market growth. However, owing to the several benefits presented by the systems, they are being favored and implemented by several companies for process automation. Increasing investments in R&D have cemented a path for further modernization of these systems.
Based on technology, the RTLS market can be classified into several wireless communication technologies such as Bluetooth Low Energy (BLE), GPS, infrared, Radio Frequency Identification (RFID), ultrasound, Ultra-Wide Band (UWB), WhereNet, Wi-Fi, and ZigBee communications. The RFID technology is anticipated to have a majority share owing to its features such as high accuracy, minimal maintenance fee, and long battery life in comparison to the other wireless communication technologies. In addition, UWB technology is anticipated to grow at a high rate due to features such as usability in acceptable operating range, indoor & outdoor environments, low interference with other signals, and high-precision location identification, making UWB a significant technology in the RTLS market.
Based on the applications, the RTLS market can be segmented into inventory & asset tracking & management, temperature & humidity monitoring, supply chain management, mapping & visualization, staff locating & monitoring, security, dock monitoring & warehousing, workflow & process automation, postal & courier services, and others. In inventory & asset tracking & management, the systems track vehicles’ speed, geographical location, and analyze drivers’ efficiency. Integrating GPS, mobile cellular technology, and mapping using RTLS will allow more intricate navigation facilities. This has stimulated the implementation of these devices, thereby driving the RTLS market growth.
Several industries are implementing the systems owing to the miniaturization of mobile wireless devices and their reasonably pricing. The RTLS market can be classified based on industries into aerospace, education, government & defense, healthcare, hospitality, industrial manufacturing & processing, logistics & transportation, and retail. The healthcare sector is anticipated to show a high growth rate over the forecast time span. Advancements in the healthcare sector are anticipated to offer notable prospects to the industry. The security of electronic records and patients and has majorly driven the demand in the healthcare sector.
North America RTLS market held a high market share in 2016, which was majorly driven by growing number of applications in the healthcare segment coupled with the government support & initiatives from the administration. The U.S. market is a major contributor to the RTLS market growth owing to the speedy adoption of RTLS technology in the healthcare sector. Moreover, the presence of major RTLS players in the U.S. is also driving the industry growth.
Some of the major industry players involved in the RTLS market include AeroScout Industrial, AiRISTA, LLC., Awarepoint Corp., BeSpoon SAS, CenTrak, Inc., Decawave Ltd., Ekahau, General Electric Healthcare, Identec Group AG, IMPINJ, Inc., Redpine Signals, Inc., Savi Technology, Sonitor Technologies, Stanley Healthcare, Tele Tracking Technologies, Ubisense Group PLC., Versus Technology, Inc., and Zebra Technologies Corp.
Several companies operating in the RTLS market are introducing innovative products and are investing in the R&D to gain a competitive edge over other players. For instance, Zebra Technologies Corp. has introduced a patented RFID technology in the sports industry to deliver a player tracking system in specialized sports. The Zebra Sports Solution allows the storage of valuable data for real time insight. The features of this technology can be leveraged across many sports grounds and its effect will be noteworthy.
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