Albany, NY -- (SBWIRE) -- 07/18/2017 -- According to a recent market research report released by Transparency Market Research, the global real-time location systems market is estimated to take a leap at a CAGR of 35.50% during the period between 2014 and 2020. The report, titled "Real Time Location Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020", projects the global real time location systems market to be worth US$3.86 bn by 2020. The overall market was valued at US$0.46 bn in 2013.
The report points out that advanced features offered by real time location systems (RTLS) such as cost savings, enhanced quality of care, increased efficiency, and assets and workflow management across an enterprise have boosted the demand from the global real time location systems market. The reducing prices of RTLS components and government support encouraging the use of RTLS are expected to increase the adoption of RTLS. Further, rising applications of RTLS solutions across numerous industry sectors will propel the market during the forecast horizon.
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However, the report states that operational challenges and privacy concerns would hinder the acceptance rate of RTLS solutions. High initial costs involved in the deployment of RTLS solutions would also negatively impact the growth of the global real time location systems market. The market has a huge opportunity to grow in the healthcare sector.On the basis of technology, the report segments the global real time location systems market into Wi-Fi, RFID, ultrasound, infrared (IR-RFID), ZigBee and ultra wide band (UWB), and others including combined technologies, Bluetooth, and GPS. In 2013, RFID dominated the overall market owing to the beneficial features of RFID technology such as low maintenance costs, great accuracy, and extended battery life of tags. ZigBee and UWB are the upcoming technologies in the market. Wi-Fi-based RTLS systems enjoy increased adoption across organizations due to their smoothness of deployment.
According to end-use application, the report categorizes the global real time location systems market into transportation and logistics, healthcare, government and defense, manufacturing and processing, hospitality and retail, and others including warehousing, academic, docks, and yards. During the forecast horizon, the demand for real time location systems from the healthcare sector is expected to be significantly high.The report segments the global real time location systems market across four key regions: Asia Pacific, North America, Europe, and Rest of the World. North America led the market in 2013 and accounted for 45.4% of the total market revenue. Applications of RTLS across the healthcare sector have contributed primarily towards the development of the market in the region. Further, government support has played an important role in the market's growth in North America. For example, the U.S. government Veteran Affairs, in collaboration with Hewlett Packard, deployed RTLS in medical centers across the U.S. During the forecast horizon, Asia Pacific is expected to witness robust growth.
This 103-page report gives readers a comprehensive overview of the Real Time Location Systems (RTLS) (By Technology - RFID, Wi-Fi, ZigBee and UWB, Ultrasound, Infrared, and Others) Market. Browse to unlock the hidden opportunities in this market@
In terms of technology, RFID led the global RTLS market with highest revenue share in 2013. This was mainly due to advanced features of RFID technology such as high accuracy, low cost, long battery life of tags, and low maintenance costs as compared to WI-Fi. However, ZigBee and UWB are emerging technologies with tremendous market potential, mainly due to long battery life, enhanced accuracy and high location precision. One of the most significant advantages of Wi-Fi in RTLS is the ease of deployment. Wi-Fi based RTLS systems are mostly deployed in organizations with an existing Wi-Fi network.
In 2013, North America held the largest market share and accounted for 45.4% of the global RTLS market revenue. Applications in healthcare industry have primarily driven the demand for RTLS solutions in the North American market. Due to the existing healthcare-IT infrastructure in North America, companies in this market were able to gain leverage and deploy RTLS solutions in the healthcare industry. Furthermore, a key factor playing pivotal role in driving the growth of RTLS market in North America is government support. In 2013, U.S. government Veteran Affairs deployed RTLS from Hewlett Packard in several medical centers across the U.S. The Asia Pacific region is expected to be the fastest growing regional market for RTLS solutions. One of the key factors driving market growth in the Asia Pacific region is the rise in demand from countries such as Japan, Singapore and South Korea. Other factors such as rising customer awareness and high industrial growth will also propel the adoption of RTLS in Asia Pacific region.