Pune, Maharastra -- (SBWire) -- 11/23/2015 --The use of LBM to ensure proper communication among hospital staff and patients and the increased use of RTLS solutions to ensure the safety and security of lone workers are some of the emerging trends in the market. In addition, the use of data analytics software in the healthcare sector will significantly transform the modern healthcare.
According to the Global RTLS Market 2016-2020 report, the significant increase in the use of RTLS for indoor asset tracking in warehouses and on shop floors will drive the market. RTLS helps in reducing the labor cost by eliminating manual work in retail operations like receiving, stocking, cycle counting, and checkout.
Market overview of RTLS
A real-time location system (RTLS) is the technology used to find, track, manage, and identify the geographical location of a target on a real-time basis with the help of nodes or tags and readers. The global market for RTLS is expected to exhibit strong growth during the forecast period and is positively affected by the continuous pressure on companies to enhance their operational efficiency. This constant pressure on companies to increase their profit margins and enhance customer satisfaction is a critical factor that results in this market's profound CAGR of nearly 48% by 2020.
The market research analysts estimate eminent factors, such as the augmented use of RTLS tags in hospitals, to drive market growth during the forecast period. In the healthcare sector, RTLS tags can be used for various asset management purposes like locating hospital beds, wheelchairs, ventilators, oxygen cylinders, and infusion pumps. Additionally, the ability of these tags to monitor sensitive equipment, violent patients, and hospital staff is a significant factor that is expected to bolster its adoption during the forecast period.
Segmentation of the global RTLS market by solutions
Tags
Systems
In this market study, analysts estimate the systems segment to account for a market share of more than 62% by 2020. The prospects for growth in this segment are driven by the augmented adoption of RTLS by government organizations as well as by various industries like healthcare, retail, oil and gas, and manufacturing.
Segmentation by verticals/sectors and analysis of the RTLS market
Transportation
Healthcare
Government
Retail
The market research analyst estimates the others segment to be the largest market segment during the forecast period. This segment consists of sectors like oil and gas, engineering, automotive, mining, education, and electronics. The extensive use of RTLS solutions for yard management, batch tracking, location-based services, container tracking, and hazardous material tracking is expected to incite market growth in this segment during the forecast period.
Geographical segmentation of global RTLS market
US and RoA
Western Europe and RoW
APAC
Geographically, the US is estimated to be the largest revenue contributing region during the period of 2016 to 2020. The augmented incorporation of RTLS tags in hospitals, enterprises, retail giants, and automobile companies is estimated to be a significant growth-spurring factor in this market during the forecast period.
Further, the report states that RFID tags can be easily jammed by unwanted location tracking of people, which causes a delay in operations in hospitals that might lead to the death of a patient. Some other challenges prevailing in the market are the high implementation costs of RTLS and the low RTLS technology standards. Order a Copy of Report at http://www.rnrmarketresearch.com/contacts/purchase?rname=430670.
The following companies are the key players in the Global RTLS Market: AeroScout, CSR Group, Ekahau, HP, Intelleflex, Samsung Networks, Ubisense and Zebra Technologies
Other Prominent Vendors in the market are: Axcess International, Awarepoint, BeSpoon, DcaWave, Essensium, Elpas, GE Healthcare, IBM, Intelligent Insites, Identec Solutions, Mojix, PINC Solutions, Plus Location Systems, Radianse, RF Technologies, Sonitor Technologies, Sewio, Savi Technology (acquired by LaSalle Capital), TagSense, Teletracking Technologies, ThingMagic, and Versus Technology.
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RTLS Market to Grow at a CAGR of Nearly 48% by 2020