Sellbyville, DE -- (SBWire) -- 01/16/2019 --North America Real Time Location System (RTLS) Market 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.
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.
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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 Real Time Location System (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.
Based on technology, the Real Time Location System (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.
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Based on the applications, the Real Time Location System (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.
Some of the major industry players involved in the Real Time Location System (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.
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Real Time Location System (RTLS) Market Scope Analysis 2024 with Key Players Ekahau, GE Healthcare, Impinj, Redpine Signals, STANLEY Healthcare, TeleTracking & Zebra Technologies
The Real Time Location System (RTLS) Market is growing owing to the improved quality of real-time tracking in the location systems for diverse business processes.