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 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.
Global Real Time Location Services Market, By Region, 2014 – 2024 (USD Million)
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. The U.S. accounts for the maximum revenue generated in North America. The high share of this region can be attributed to the presence of high automation across different sectors. The use of advanced technologies such as HF-RFID (High Frequency) and UH-RFID (Ultra High Frequency) systems for asset tracking and monitoring is a key factor driving the market expansion. Some of the emerging sectors such as healthcare and retail are expected to consistently generate higher revenues for the next few years
Asia-Pacific is expected to emerge as the fastest growing market with a CAGR of 28.6% over the forecast period. Growing technological advancements, high demand for automation, across logistics, inventory management, manufacturing and healthcare are anticipated to provide thrust to the market growth in this region
“Optimal Price Point (OPP) for Real Time Location Services”
Estimated Average Product Cost – $ xx globally. However, expanding application areas, reducing product price, growing solution implementation and shift towards cloud-based solutions, OPP and range of acceptable Prices (RAP) are going to change. We at Ameri Research continuously track these prices with our proprietary pricing model.
“Ubisense Group PLC, Stanley Healthcare, SAVI Technology, Inc., Decawave Ltd., Zebra Technologies Corp., Inc., Identec Group AG, and Airista, LLC., Inc.to lead market growth”
The market players are aggressively competing for a lucrative market share, and are increasing R&D investments to develop innovative solutions. The growing collaboration between startups and MNC corporations to commercialize new products and solutions is expected to favor the Real Time Location Services Market growth over the forecast period
The technology trends indicate a positive outlook for the market growth in the next few years. The rapid adoption of RTLS across new sectors and continuous investment in R&D is significantly broadening the application range of RTLS. Healthcare is expected to be amongst the frontrunners in using this technology across different hospital operations. Furthermore, technologies such as ZigBee are also expected to witness rapid growth over the forecast period.