LONDON--(BUSINESS WIRE)--According to the latest market research study released by Technavio, the global real-time location system (RTLS) market is expected to exceed USD 5 billion by 2020, growing at a CAGR of over 47% during the forecast period.
This research report titled ‘Global RTLS Market 2016-2020’, provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes an up to date analysis and forecast for various market segments and all geographical regions.
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The report segments the global RTLS market by verticals and can be divided into five broad segments:
- Transportation
- Healthcare
- Government
- Retail
- Others
Transportation
RTLS solutions are widely implemented in the transportation sector for real-time tracking of assets (raw materials, semi-finished and finished products, and equipment) from source to destination. With the help of RTLS, transportation providers can track the location and status of all trailers, yard service vehicles, and containers in real time.
RTLS helps to automate the process and increase the efficiency of gate and dock operations. It also helps to maximize supply chain efficiency by reducing fuel and labor costs and driving profitability. The automobiles of military forces and aerospace, defense, and healthcare organizations are tracked on a real-time basis with the help of RTLS.
For instance, AiRISTA provides logistics and transportation solutions to various industries. The solutions offered are yard and fleet management, equipment and asset tracking, shipment and cargo container tracking, and supply chain visibility.
Healthcare
Healthcare is one of the most promising sectors for the RTLS market because it has been showing high growth in patient monitoring and asset tracking. An RTLS solution is the integration of RFID tags with the real-time location of an employee or an asset in a healthcare organization. Most of the hospitals use Wi-Fi-based RTLS solutions to track the location of various assets inside the hospital campus.
Infusion pumps connected to Wi-Fi help the staff to locate particular pumps. Many hospitals and healthcare institutions are adopting VPNs for their data security and to provide seamless connection to their staff and patients.
“In addition, many hospitals are developing indoor applications based on the hospital floor map to offer location-based search for tracking patients, staff, and equipment,” says Rakesh Kumar Panda, lead analyst at Technavio for m2m and connected devices research.
Government
Government organizations use RTLS solutions for asset tracking, the safety and security of staff, and inmate tracking. RTLS tags are predominantly used in military applications. In 2013, the US army spent approximately USD 600 million on active tag systems. In addition, tags are applied to containers that are shipped in conflict regions like Afghanistan and the Middle East and are monitored on a real-time basis.
In 2014, the US DoD gave a five-year contract worth USD 102 million to Savi Technology to provide active RFID sensors, RTLS, and hardware and software products to the DoD and other agencies. In addition, various government agencies are using RTLS tags and systems to enhance their operational efficiency and reduce costs.
Retail
In the retail sector, RTLS is used for inventory tracking, asset tracking, workflow management, and visitor flow/tracking. RFID technology is used to enhance the retail supply chain and provides benefits to both retailers and consumers.
RTLS provides real-time information about inventory to prevent stockouts. It also helps retailers to adopt effective pricing strategies and reduce labor costs by eliminating manual work in retail operations like receiving, stocking, cycle counting, and checkout. It also alerts retailers if items are being removed illegally and helps in reducing theft inside retail outlets. In addition, it helps in balancing supply and demand inside a retail store. “Retail giants like Walmart and Tesco are implementing RFID to increase their operational efficiency,” adds Rakesh.
Others
The others vertical includes industries like oil and natural gas, manufacturing, engineering, education, mining, automotive, electronics, and energy. These industries use RTLS solutions for yard management, batch tracking, location-based services, container tracking, hazardous material tracking, and the safety and security of employees and visitors.
Technavio’s ICT analysts highlight the following four vendors as the top contributors to the global RTLS market:
- AeroScout (Stanley Healthcare Solutions)
- CSR Group
- Ekahau
- HP Enterprise Services
Browse Related Reports:
- RTLS Market in North America 2015-2019
- Global Real Time Location System (RTLS) Market 2014-2018
- Global RFID Market for Retail Applications 2015-2019
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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