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Real Time Location Services Market Size, Share | Industry Report 2024
Real Time Location Services Market
The RTLS market is anticipated grow on account of growing applications across several industries, improvement in accuracy, and due to the growing awareness about the benefits associated with RTLS Furthermore, the use of RTLS is expected to increase rapidly in transportation, healthcare, retail and manufacturing sectors over the forecast period.
The RTLS market is categorized based on applications which include security, temperature and humidity monitoring, inventory & asset tracking and management, mapping & visualization, supply chain management, personnel/staff location & monitoring, yards & dock monitoring, warehousing, postal & courier services, workflow & process automation and others.
The vendors operating in the RTLS market are investing continuously to drive the technological advancements, to meet the unmet requirements, and to deliver customized solutions. The RTLS system uses RFID tags and readers to provide real-time tracking of assets. The growing adoption of modern technologies such as UWB based real-time location services and ZigBee is a positive trend witnessed in the market. Factors such as accuracy, precision and cost effectiveness are driving the usage of these technologies.
Furthermore, the demand for improved resource utilization and operational workflow optimization across different industries are also positively reinforcing the RTLS market growth. The factors such as improvement in standards, technological advancements in RTLS applications, and introduction of new innovative features are leading to enhanced cost savings, quality of care and service delivery efficiency.
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Key findings from the study: -
• Global Real Time Location Services Market was valued at $1.39 Billion in 2015 and is estimated to grow at a CAGR of over 26.7% from 2016 to 2024.
• The RTLS market is categorized based on applications which include security, temperature and humidity monitoring, inventory & asset tracking and management, mapping & visualization, supply chain management, personnel/staff location & monitoring, yards & dock monitoring, warehousing, postal & courier services, workflow & process automation and others.
• North America was the largest market in 2014, with a share of 42% and is expected to continue its lead in the due course of time.
Ameri Research has segmented the Real Time Location Services Market by material categories, product type, end-use and region:
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