Real-Time Location Systems Market Overview:
Real-Time Location Systems Market was valued at $890 million, and is expected to reach $7,585 million by 2022, supported by a CAGR of 31.4%. Real-time location system (RTLS) detects and tracks the geographical position of people and objects in real-time. RTLS consists of a wireless tag that is attached to objects or individuals and the signals conveyed 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. The system consists of location readers, sensors, application software, battery powered tags, and network infrastructure.
The improved ability of real-time tracking in diverse business processes boosts the real-time locations systems market share for real-time location systems industry. These systems provide increased productivity, accuracy, and operational excellence. In addition, it offers other benefits such as enhancement in safety of staff, effective logistic & supply chain operations, and smooth process operation.
The real-time location systems market is driven by increase in demand for smartphones, as the increase in the use of smartphones for mobile applications, such as gaming apps, business and communication apps, health & wellness apps, and personal convenience apps use real-time positioning information. Thus, the increasing trend of using navigation and RTLS across various businesses sectors is expected to drive the real-time location systems market. Other factors that are driving the growth of the real-time location systems market are diverse opportunity across applications, and rapid proliferation of business analytics solutions.
The global real-time location systems market is segmented based on technology, industry vertical, and geography. By technology, the real-time location systems market is categorized into ultra-wideband (UWB), Wi-Fi, RFID, ZigBee, infrared, and others. RFID technology is expected to generate the maximum revenue during the forecast period. This is due to enhanced features such as low maintenance cost, high accuracy and long battery life as compared to other wireless communication technologies such as Wi-Fi. Whereas, ZigBee technology is expected to be the highest growing technology in 2016-2022. ZigBee is extremely reliable for the errors which occurs during mesh networks. Also, they are power efficient and has a larger network capacity.
On the basis of industry vertical, the real-time location systems market it divided into transportation & logistics, healthcare, retail, manufacturing & processing, and others. Healthcare sector is estimated to generate the maximum revenue across various real-time location systems industry. 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 locations systems market growth. Also, rapid adoption of Wi-Fi and WLAN networks in hospitals and public places is expected to drive the market during the forecast period. Furthermore, leading market players have developed various RTLS-enabled products and adopted various strategies to sustain the intense competition in the market with advancements in technology and increase in consumer demand.
The global real-time location systems market is analyzed based on four regions, which include North America, Europe, Asia-Pacific, and LAMEA. The North America region is expected to dominate the global market during the analysis period, owing to the presence of large number of established RTLS solutions providers in the U.S. Canada, and Mexico. The Asia-Pacific market is expected to grow at a significant rate in the near future on account of the upsurge in working population, spiraling technology hubs in the region, and blooming tourism industry.
Key market players profiled in the report are 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. Business overview, financials, product portfolios, investments, and recent strategies & developments of these companies are provided in the report.
- The report provides the analytical depiction of the global real-time location systems market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information regarding the key drivers, restraints, and opportunities along with the detailed impact analyses.
- The report contains a quantitative estimation of the market for the period 2014-2022 to understand its financial caliber, and also the factors that impact the real-time location systems market growth.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers.
Real-Time Location Systems Market Key Segments:
- Ultra-Wideband (UWB)
By Industry Vertical
- Transportation & Logistics
- Manufacturing & Processing
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East
Key Market Players
- 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
- Ubisense Group PLC.