Future Business Opportunities in Real Time Location Systems Market
High end features such as advanced quality of care, enhanced workflow and asset management, high efficiency, and cost savings are the functions delivered by real time location systems or RTLS. These features are expected to fuel the deployment of real time location systems in the years ahead across several industries. Real time locations systems aid enterprises and organization in tracking, identifying, and managing noteworthy assets such as equipment, personnel, and tools in real time by applying a tag or badge on them. Tags or badges use wireless technologies such as RF signals, ZigBee, WiFi, ultrasound, and infrared signals for establishing communication between tags and readers and send signals to the reader/sensors of the desired locations. These readers/sensors then establsih communication with middleware/software platforms that assess the data and associates useful insights for improving the productivity of their staff and enhance operational efficiency in an organization. The demand for real time location systems is anticipated to be driven by the benefits associated with it such as asset management and optimum resource utilization. Furthermore, owing to the declining prices of the components of real time location systems and rising support from the government, the market is expected to witness a lucrative future in the years ahead.
The global market for real time location systems is expected to expand at an outstanding 35.50% CAGR from 2014 to 2020. In 2013, the market was worth US$046 bn and is likely to touch a valuation of US$3.86 bn by the end of 2020.
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RFID to be Most Favored Technology
Based on technology, the segment of RFID dominated the global real time location systems in 2013 with the leading revenue in the same year. This growth can be basically attributed to the high end features of the RFID technology such as low cost of maintenance in comparison to Wi-Fi, long battery life of the tags, low cost, and high accuracy. Nevertheless, UWB and ZigBee are the emerging technologies in the market with tremendous potential owing to their high location accuracy, enhanced accuracy, and long battery life. One of the most prominent advantages of WiFi in real time location systems is their easy deployment. The RTLS which are based on WiFi are mostly installed in institutions and organizations with a prevailing WiFi network.
North America to Lead as Shares Rise
Region-wise, North America led the market in 2013 and accounted for a share of 45.4% in the same year in the global real time location system market. The market in North America is driven by the applications of real time location systems in the healthcare industry. Owing to the current infrastructure of healthcare –IT in North America, the vendors in this market were able to deploy and gain leverage of the real time location systems solutions in the healthcare industry. Moreover, the key engaging factor here is the massive support from the governments in the region for the deployment of RTLS. Asia Pacific is also expected to surface as a potentially profitable region in the years ahead owing to growing demand from countries such as South Korea, Singapore, and Japan.
This 103-page report gives readers a comprehensive overview of the Real Time Location Systems (RTLS) Market. Browse to unlock the hidden opportunities in this market
Real-Time Location Systems (RTLS) are used to identify and track different assets and objects such as tools, medical equipment, containers, trailers, people and animals in real time. RTLS provides organizations with precise information on different objects via continuous communication between the location engine and the object to be tracked. The global real time location systems (RTLS) market is driven by enhanced advantages of real time tracking in different manufacturing and business processes. RTLS, with its accurate tracking capabilities, helps organizations in increasing their productivity.
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. Owing to these advantages, RTLS is expected to be widely adopted, in near term, in industries such as manufacturing, healthcare, government, transportation and logistics and others. Healthcare is one of the earliest adopters of RTLS in applications such as medical equipment tracking, patient tracking and monitoring. Manufacturing and process industries too are expected to witness substantial demand during the forecast period with increasing adoption of RTLS in their processes.
esides analyzing the global RTLS market segment-wise, the report includes profiles of major players along with their market positions, business strategies and various recent developments. Companies profiled in the report include AeroScout, Inc., TeleTracking Technologies, Inc., Ubisense Group plc, PINC Solutions Corporation, Motorola Solutions Inc., Skytron LLC, Axcess International, Inc., Versus Technology, Inc., Zebra Technologies Corporation, Sonitor Technologies AS, DecaWave Ltd. and Awarepoint Corporation.
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