North America possesses high market potential as compared to others with diverse industry verticals implementing real-time location systems to a greater extent. Furthermore, it is projected to generate the highest market revenue during the forecast period with predominant deployments in the healthcare sector.
Portland, OR -- (SBWIRE) -- 10/17/2017 -- Real-Time Location Systems (RTLS) Market Report, published by Allied Market Research, forecasts that the real-time location systems market was valued at $890 million in 2014, and is projected to reach $7,585 million by 2022, growing at a CAGR of 31.4% from 2016 to 2022. The RFID technology segment held a considerable share of the total real-time location systems market in 2014.
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Real-Time Location Systems (RTLS) Market consists of a wireless tag that is attached to objects or individuals and the signals emitted from this tag are analyzed with respect to a fixed point of reference, which helps to find the precise location of the individual or the object. RTLS consists of location readers, sensors, application software, battery powered tags, and network infrastructure.
Increase in demand for smartphones, diverse opportunity across applications, and rapid proliferation of business analytics solutions are expected to drive the real-time location systems market growth. In addition, technological advancements are expected to provide lucrative opportunity for the market growth. However, operational challenges and high initial costs limit the real-time location systems industry.
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In 2014, RFID segment accounted for the maximum revenue share in the technologies of real-time location systems market. The adoption of RFID has significantly increased owing to its enhanced features such as low maintenance cost, high accuracy, and long battery life as compared to other wireless communication technologies such as Wi-Fi, thus providing growth opportunity for the real-time location systems market. In addition, ZigBee technology is expected to dominate the real-time location systems market, registering a CAGR of 32.9% during the forecast period.
The healthcare sector showed the highest growth rate in 2014. Increase in proliferation of RTLS technology is expected to enable patients to search nearby labs and hospitals as per their convenience, thereby driving the real-time location systems market growth. Furthermore, these solutions are useful to track and locate critical care equipment and personnel in case of emergencies. In addition, it eliminates the operational cost associated with asset management and equipment utilization. The others segment is anticipated to grow at a CAGR of 32.6% from 2016 to 2022.
Asia-Pacific is estimated to grow fastest due to increase in the adoption of RTLS and extensive growth in China, Japan, Australia, and India.
The key players include Stanley Healthcare Solutions (AeroScout, Inc.), Zebra Technologies Corp., Versus Technology, Inc., Axcess International, Inc., SAVI Technology, Sonitor Technologies AS, TeleTracking Technologies, Inc., Awarepoint Corp., DecaWave Limited, and Ubisense Group PLC.
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Key Findings of the Real-Time Location Systems (RTLS) Market
- Healthcare and manufacturing & processing sectors are expected to exhibit a significant growth in the real-time location systems industry.
- RFID generated the highest revenue among technologies of real-time location systems market.
- Asia-Pacific is projected to exhibit substantial growth during the forecast period.