Real Time Location System (RTLS) Market Size Projected to Rise Lucratively During 2015-2025
Valley Cottage, NY -- (SBWire) -- 03/15/2018 --RTLS Market Overview
Real time location system (RTLS) helps in identifying and tracking geographical location of objects and people automatically, in real time. Generally, RTLS is used within building or facility area. In RTLS system, wireless RTLS tags or badges are attached to objects or sometimes worn by people and signals transmitted from this tags are received by one fixed reference points which helps in finding the exact location of that particular tag. RTLS contains location sensors, location readers, battery powered tags, application software and network infrastructure.
RTLS market share is growing rapidly because of enhanced capability of real time tracking in different business processes. Advantages of RTLS are accuracy, increased productivity and operational excellence. RTLS provide accurate tracking of desired objects which ultimately results into increase in productivity. RTLS also provides some additional benefits, such as improvement in safety and security of staff, efficient and effective logistic & supply chain operations, and smooth process operations.
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RTLS Market Dynamics
Global Real Time Location System (RTLS) market is expected show high growth in the near future. The factors which are driving the growth of RTLS market are increasing government initiatives, heavy investment in RTLS technology, increasing applications into various industries, and advanced features of RTLS. On the other hand, factors which are restraining the market growth are high cost involved in deployment, privacy & security concerns, and technical issues with the system. Industrial manufacturing sector is expected to provide remarkable opportunities to RTLS market during forecasted period. Market growth of RTLS is further fuelled by contribution from emerging regions such as Asia Pacific.
RTLS Market Segmentation
Global RTLS market is segmented on the basis of verticals, technologies and regions. On the basis of verticals, the market is sub-segmented into various industrial verticals, such as Logistics & transportation, industrial manufacturing and processing, healthcare, retail, government & defence, education, hospitality and others. Out of all these verticals, industrial manufacturing and processing vertical is expected to dominate throughout forecasting period.
On the basis of technology, the market is sub-segmented into various wireless communication technologies such as WiFi, RFID, ultrasound, infrared and ZigBee communication. Amongst all technologies RFID technology is leading the Global RTLS market with highest market revenue. It is mainly because of enhanced features of RFID technology, such as low maintenance cost, high accuracy and long battery life as compared to other wireless communication technologies such as WiFi. However, WiFi technology also provides some benefits, such as ease of deployment which is really beneficial for organizations with existing WiFi network. Latest technologies like ZigBee, are showing high market potential because of its extended battery life and high accuracy.
On the basis of regions, the market is further sub-segmented into seven regions, North America, Latin America, Asia – Pacific (excluding Japan), Japan as a separate region, Western Europe, Eastern Europe and Middle East and Africa. Presently, North America region is dominating the Global RTLS market with highest market share. North America RTLS market is primarily driven by increasing applications in healthcare industry and government support and initiatives. Asia – Pacific region is expected to be highest growing market for RTLS solution during forecasted period because of rising demand of WiFi and RFID technology enabled RTLS.
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RTLS Market: Key Players
Major key players in the global RTLS market are AeroScout Industrial, Zebra Technologies, TeleTracking Technologies, Sonitor Technologies, Awarepoint, Ekahau, GE Healthcare and Ubisense, Centrak, etc. Among these companies, AeroScout Industrial and Zebra Technologies are major companies in terms of market share. It is mainly because of their technologically advanced solutions, strong presence across all the geographies and extensive product portfolio. All key market players are focusing more software and application development as a part of their market growth strategy.
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