Government Support Keeps Real Time Location Systems (RTLS) Market on Track for Soaring Success

2024-11-08 04:24:21 News & Society

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The global real-time locating systems (RTLS) market has been growing at an extraordinary pace as it has truly helped deliver state-of-the-art tracking methods to users. Real time location systems are systems that give wireless signals to a fixed reference point to determine the location. What seems like a simple technology but includes a combination of complex techniques has helped a lot of industries save f time, keep an accurate count of inventory, and find items. RLTS tags are popularly used to locate goods in a warehouse, automobile parts on an assembly line, and by environmentalists to keep track of particular animals.

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The main reason for the growth of the global real time location systems market is the systems? ability to track and identity tools, medical equipment, and devices which reduces wastage of time and improves efficiency. This has led to adoption of real time location systems in various sectors such as healthcare, government, transportation, manufacturing, and logistic among others.

Elements of Global Real Time Location Systems Market

The humungous real time location systems market has been segmented on the basis of technology, end-use industry, and geography. The technology segment of the global real time location systems market is inclusive of sub-segments such as Wi-Fi, ZigBee and UWB, infrared, Bluetooth, GPS, RFID, ultrasound, and combined technologies.

Out of these segments, RFID led the global real time location systems market with the biggest revenue in 2013. The primary growth drivers for RFID technology were its low cost, high accuracy, low maintenance costs, and better battery life of tags in comparison to Wi-Fi. Till 2020, analysts predict that UWB and ZigBee will emerge strongly due to a huge market that awaits a better battery life, improved accuracy, and precise locating ability. On the other hand Wi-Fi will also pick pace, as it offers easy deployment, especially in offices that already have Wi-Fi networks.

The global real time location systems market is further divided on the basis of end-use industry. This broad segmentation leads to categories such as transportation and logistics, healthcare, manufacturing and process industries, hospitality and retail, academics, warehousing, yards and docks monitoring, and government and defense. Finally, the geographical segmentation of global real time location systems market includes regions such as Europe, North America, Asia Pacific, and Rest of the World.

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In the geographical segmentation, North America had the largest share of the real time location systems market in 2013, accumulating 45.4% of market revenue. The biggest contributor to this high growth rate in North America is the strong healthcare and IT infrastructure that is capable of applying RTLS solutions. The relentless support by the government to the real time location systems market in North America is also driving this market on.

However, in the coming few years the Asia Pacific region is also expected to register a phenomenal growth as the demand from countries such as South Korea, Singapore, and Japan is soaring. Additionally, this market will be propelled due to more number of customers realizing the benefits of real time location systems, and exponential industrial growth in these regions.

Important Players in the Global Real Time Location Systems Market

The global real time location systems market has a high degree of competition amongst the existing players. To sustain the brutal competition, the players in the global real time location systems market are looking at developing unique ways in which they can deliver innovative products and improved services. Some of the key players shaping this market in the global economy are Awarepoint Corporation, AeroScout Inc., Sonitor Technologies, Inc., Identec Solutions, Zebra Technologies Corporation, and Motorola Solutions Inc.

The global real time location systems market was valued at US$0.46 billion in 2013 and is expected to reach US$3.86 billion by 2020, growing at a CAGR of 35.5% from 2014 to 2020. It would be interesting to see how this slew of products and services offered by several players battle each other to lead the market and change not just the way we operate, but function and think to accomplish the simplest of tasks.