RTLS provides tracking of different assets such as personnel, tools and medical equipment which helps in reducing wastage of search time and cost incurred due to theft and misplacement.
Albany, NY -- (SBWIRE) -- 02/12/2016 -- Advanced features such as enhanced quality of care, cost savings, increased efficiency, and asset and workflow management offered by Real Time location Systems (RTLS) are fueling the adoption of RTLS across various industries. RTLS help enterprises to track, identify and manage important assets such as tools, personnel and equipment in real time by putting a badge/tag on them. Badges/tags utilize wireless technologies such as infrared, ultrasound, Wi-Fi, ZigBee and RF signals for communication between readers and tags and send signals to the location sensors/readers. These sensors/readers then communicate with software/middleware platform that analyzes the data and correlates useful information to improve staff productivity and operational efficiency in an enterprise.
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Optimum utilization of resources and asset management with RTLS solutions is expected to drive demand for RTLS solutions during the forecast period. Moreover, due to decreasing prices of RTLS components and government support encouraging the use of RTLS is expected to increase adoption during the forecast period.
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.
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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.
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The global RTLS market shows high degree of competition amongst existing players. The market is fragmented in nature with existing companies competing among themselves and new entrants pursuing to enter the market. In order to sustain competition, majority of the market players are focusing on developing innovative products to support the existing infrastructure of enterprises. Integration across the value chain, minimizing production cost and adoption of new technologies are crucial to success for market players. Furthermore, companies are trying to obtain an edge over competitors by providing customized solutions as per customer demand. Companies such as AeroScout Inc., Awarepoint Corporation, Zebra Technologies Corporation, Identec Solutions, Motorola Solutions Inc., and Sonitor Technologies, Inc. are integrating across the value chain including software and application development.
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