LONDON--(BUSINESS WIRE)--Technavio analysts forecast the real-time locating systems (RTLS) market in the US to grow at a CAGR of close to 45% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the RTLS market in the US for 2016-2020. The report also lists transportation, healthcare, retail, and government sectors as four major application segments for the RTLS market in the US.
According to Abhishek Sharma, a lead analyst at Technavio for M2M and connected devices research, “RTLS and radio-frequency identification tags help in increasing the efficiency and reducing the operational cost of enterprises, including small and medium-sized enterprises.”
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Technavio ICT analysts highlight the following four factors that are contributing to the growth of the RTLS market in the US:
- Increased use of RTLS tags in healthcare sector
- Increased use of RTLS in transportation and logistics
- Decline in the cost of RFID tags
- Increase in the use of 3D platforms
Increased use of RTLS tags in healthcare sector
In the healthcare sector, many hospitals are deploying RTLS tags to improve their operations and increase their profitability. Radio-frequency identification (RFID) tags cater to a wide range of applications. RTLS tags are used to monitor sensitive equipment, patients, and hospital staff that includes doctors and nurses. High frequency (HF) tags and ultra-high frequency (UHF) RFID tags are widely used in healthcare applications for purposes like tracking and locating critical medical devices, managing inventory, and tracking and identifying patients.
“In addition, tracking surgical instruments and other reusable medical equipment using RTLS solutions helps in automating the sterile processing workflow regarding cleaning, sterilizing, and distributing medical equipment, and critical supplies. Therefore, the healthcare sector offers a huge opportunity for the RTLS market in the US,” says Abhishek.
Increased use of RTLS in transportation and logistics
Robust logistics and supply chain management are prerequisites for any business. In this competitive scenario, delays and errors in the transportation of goods from source to destination will adversely affect the quality of service. Therefore, RTLS tags play a key role in the logistics and transportation industries. RTLS is broadly used in shipment and cargo container tracking, yard and fleet management, and equipment and asset tracking to provide real-time updates about the assets. Therefore, the increased use of cost-effective RTLS tags and readers enhances security and theft detection, increases productivity and agility, and reduces labor and fuel costs.
Decline in the cost of RFID tags
The cost of RFID tags is declining rapidly due to the increase in their adoption and competition among various vendors in the industry. For instance, in 2014 the cost of RFID tags declined to 30%-40% as compared to the cost in 2012. Presently, the cost of a single active RFID tag is between USD 15 and USD 20. When the demand is in bulk, the buyer gets more concessions depending on the volume. Therefore, the rapid decline in the cost of RFID tags encourages more SMEs and hospitals to implement RTLS solutions.
Increase in the use of 3D platforms
Augmented reality technology uses geographical information systems (GIS) and 3D platforms to provide virtual information about users and their surroundings. This information helps the firms to understand the needs of users and send targeted announcements to them.
The use of geospatial information has increased considerably over the years. Many companies use GIS platforms with RTLS to offer services to businesses involved in supply chain management, data centers, infrastructure development, urban planning, risk and emergency management, and navigation. For instance, NTT DOCOMO provides an app based on the eeGeo Platform (a maps platform), which shows information about distinct seasonal changes and weather condition.
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