Real Time Location Systems Market was valued at USD 0.46 billion in 2013 and is expected to reach USD 3.86 billion by 2020, growing at a CAGR of 35.5% from 2014 to 2020
Albany, NY -- (SBWIRE) -- 07/18/2016 -- Transparency Market Research has published a new report on the global real time location system market. The report, titled "Real Time Location Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020," estimates the global real time location system market to expand robustly at a CAGR of 35.5% during the period between 2014 and 2020. The market was valued at US$0.46 bn in 2013 and is anticipated to reach a valuation of US$3.86 bn by 2020.
Real time location system or RTLS is implemented to track and identify various assets and objects on real time basis. Across organizations, RTLS offers precise information on various assets through communication between the local engine and the object to be tracked.
Avail a Sample Research Study on Real Time Location Systems Market
The report states that the advanced features offered by real time location system such as cost savings and increased efficiency across an enterprise have propelled the growth of the global real time location system market. Government support promoting the usage of RTLS and decreasing prices of RTLS components have also supported the market's growth.
The increasing applications of RTLS solutions in various industries will further fuel the growth of the market during the forecast period. However, growing concerns regarding privacy and operational challenges are likely to limit the adoption rate of RTLS solutions. High initial costs associated with the installation of RTLS solutions have also negatively impacted the market's growth. The overall market has immense growth potential with the rising adoption of UWB and ZigBee.
In terms of end-use industry, the report segments the global real time location system market into manufacturing and processing, healthcare, government and defense, transportation and logistics, hospitality and retail, and others including warehousing, academics, yards, and docks. The healthcare sector offers significant growth opportunity for the market in the coming years.
Browse Market Research Report:
The key regions in the global real time location system market are Europe, Asia Pacific, North America, and Rest of the World. North America held 45.4% of the overall revenue generated in 2013. The rapid growth of the market in North America can be attributed to extensive applications of real time location system across the healthcare sector. Favorable government support has also played a pivotal role in the implementation of real time location systems in the healthcare sector. For example, in 2013, the U.S. Department of Veteran Affairs partnered with Hewlett Packard for the deployment of RTLS across a number of medical centers in the country.
To present in-depth insights into the competitive landscape, the report profiles some of the prominent players operating in the global real time location system market such as PINC Solutions Corporation, TeleTracking Technologies, Inc., AeroScout, Inc., Ubisense Group plc, Skytron LLC, Motorola Solutions Inc., Axcess International, Inc., Zebra Technologies Corporation, Versus Technology, Inc., DecaWave Ltd., Sonitor Technologies AS, and Awarepoint Corporation. The profiles of these companies include financial overview, business strategies, and recent developments.
Global real time location system market has been segmented as:
Real Time Location Systems (RTLS) Market, by Technology
ZigBee and UWB
Others (Bluetooth, GPS, Combined Technologies)
Real Time Location Systems (RTLS) Market, by End-use Industry
Transportation and Logistics
Manufacturing and Process Industries
Government and Defense
Hospitality and Retail
Others (Academics, Warehousing, Yards and Docks Monitoring)
Real Time Location Systems (RTLS) Market, by Geography
Rest of the World (RoW)