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Global real time location system (RTLS) market expected to reach more than USD 13,000 million by 2026 and is expected to exhibit a CAGR of around 25% between 2018 and 2026. The major factor driving the growth of real time location system (RTLS) market is increasing applications of RTLS into various end-user industries.
Sarasota, FL — (SBWIRE) — 04/26/2018 — The key factors that will trigger the growth of the real time location system (RTLS) market are increasing requirements for resource utilization and workflow optimization in several end-user industries, advanced features and disruptive technologies of RTLS, and increasing applications of RTLS into various end-user industries. Awareness of exact location of assets and resources in different processes through automatic asset tracking and management aids companies in better utilization of available resources and enhances the workflow. RTLS also provides safety and security of staff and efficient logistic & supply chain operations. These advantages of RTLS have compelled numerous industries to adopt RTLS technology on a wider scale. Along with existing advantages such as high accuracy of location, minimal interference with other signals, and tracking of multiple tags or assets, the upcoming innovative technologies of RTLS are expected to drive the growth of this market.
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Our research analysts observed that there would be an anticipated drop in the prices of RTLS hardware resulting in the higher adoption rate of RTLS, especially in price-sensitive developing economies. Subsequently, emergence and adoption of cost-effective technologies such as Zigbee and UWB would further propel the global real time location systems market.
In the component segment, RTLS hardware held major market share. Hardware is a major component which is used in any RTLS. The cost of the hardware including tags, sensors, and transmitters is high thus this segment generated maximum revenues as compared to other components such as software and services. However, the prices of the hardware used in RTLS are expected to fall during the forecast period. This would increase the sales volume of hardware component but would decrease the sales value owing to lower prices. RTLS software and services segments are expected to grow at superior CAGR of around 25% and 27% respectively during the forecast period.
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Many types of technologies are adopted for real time location system solutions including RFID, Wi-Fi, UWB, Ultrasound, Infrared, Bluetooth Low Energy, GPS, WhereNet, and ZigBee, among others. Out of them, the technology that is dominating the market is Wi-Fi. Wi-Fi is closely followed by RFID. It is one of the most popular technologies to be adopted across the globe. The Wi-Fi RTLS enables enterprises to enhance all processes, right from WLAN management and security to asset tracking. Advantages such as easy deployment and lower cost have boosted the demand for Wi-Fi RTLS across the horizon. Further improvements in the bandwidth of Wi-Fi-based RTLS is expected to further boost the demand of this segment. RFID is mostly used for asset tracking and workforce management. It aids end-users to improve its efficiency and the effectiveness of several of its operations. Consequently, the decreasing costs of RFID RTLS are expected to boost its demand across the globe. Thus, RFID RTLS solutions are expected to grow at the highest CAGR of more than 26% during the forecast period.
In vertical type segment, transportation & logistics is dominating the global real time location system market. RTLS is mainly used for asset tracking and workforce management in this industry. Special sets of tags or individual tags are placed on the assets which help the users in tracking its location. The assets can also be tracked even if they are locked away in a storage closet as RTLS can search across several Wi-Fi networks simultaneously, thus enabling the precise location of equipment and people in distant regions. RTLS is mainly used in the logistic sector such as large warehouses to retail outlets for indoor asset tracking which helps them to increase efficiency and reduce costs. All these advantages and features have boosted the demand for RTLS in transportation & logistics vertical.
The market is progressing at a rapid pace in the developing as well as developed regions. However, the market is expected to grow significantly in the Asia Pacific owing to the adoption of RTLS in numerous end-user industries located in this region. Currently, the major share of the real time location system market is contributed by North America. North America dominates the global market which is followed by Europe. Presence of a high number of hospitals, transportation, and logistics companies, and other end-user industries have boosted the demand for RTLS solutions in this region. Increasing applications in healthcare industry coupled with government support and initiatives have propelled the adoption of RTLS solutions in this region. The presence of major RTLS players has also enhanced the demand for RTLS solutions in this region. The U.S. is the leading country in North America real time location system market with more than 80% market share in 2016.
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Asia Pacific real time location system market is expected to register highest growth rate with more than 27% of CAGR during the forecast period. Although, the adoption of RTLS solutions is limited in the Asia Pacific owing to higher cost of ownership and technical issues in implementation, but increasing awareness about the benefits of RTLS solutions in various end-user industries such as BFSI, retail, manufacturing, energy and utilities, healthcare, transportation and logistics, and media and entertainment, among other industries boosts the market growth in the Asia Pacific. As the prices of RTLS solutions are expected to fall, the adoption of RTLS anticipates increasing during the forecast period in the Asia Pacific.
The major players in the global real time location system market are AeroScout Industrial, Awarepoint Corporation, BeSpoon SAS, CenTrak, ChyronHego Corporation, Decwave, Ekahau, Identec Solutions, Motorola Solutions, Inc., PINC Solutions, Savi Technology, Skytron, Sonitor Technologies, Inc., TeleTracking Technologies, Inc., Tyco Security Products, Ubisense, Versus Technology, Inc., and ZIH Corp., among others.
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