DUBLIN--(BUSINESS WIRE)--The "Real Time Location System Market by Component, by Technology, by Vertical - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026" report has been added to ResearchAndMarkets.com's offering.
The global real time location system (RTLS) was valued at more than USD 1,700 million in the year 2017 and it is expected to reach more than USD 13,000 million by 2026. The global real time location system market 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. 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.
Increasing adoption of RTLS in industrial manufacturing is expected to drive the growth of the market. RTLS could assist in tracking, monitoring, and analyzing of the entire manufacturing process which could save cost and time of industrial manufacturers. All the assets, stocks, and raw material, as well as goods in storage, could be precisely tracked through RTLS.
Emerging economies such as the Asia Pacific with expected higher rate of RTLS adoption could provide ample opportunities for RTLS market players. This market is expected to witness growth not just in developing economies but also in the developed economies across the globe.
Hardware is the 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. Thus, the hardware of RTLS solutions holds a major share of the global real time location system market. 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.
The technology that is dominating the global RTLS market is Wi-Fi which is closely followed by RFID technology. Advantages such as easy deployment and lower cost have boosted the demand for Wi-Fi RTLS across the horizon. Further improvement in the bandwidth of Wi-Fi-based RTLS is expected to further boost the demand for this segment. RFID assists end-users to improve the efficiency and effectiveness of several of its operations. Consequently, the expected decline in costs of RFID RTLS is expected to boost its demand across the globe during the forecast period.
RTLS is mainly used for asset tracking and workforce management in the transportation 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. Thus, transportation logistics vertical dominated the global real time location system market.
Leading share of the global real time location system market was contributed by North America. North America dominates the global real time location system market. Increasing applications in healthcare industry coupled with government support and initiatives have propelled adoption of RTLS solutions in this region. However, Asia Pacific real time location system market is expected to register highest growth rate with more than CAGR of 27% during the forecast period.
The prominent market players maintain their competitive edge in the global market by innovating and introducing new cost-effective technologies. Zigbee and UWB were introduced in the market to offer cost-effective technologies for RTLS. The increasing number of new entrants in this industry would intensify the competition and lead to ground-breaking advancements in technology as well as a consequential decline in prices of RTLS.
- Increasing necessity for resource utilization and workflow optimization in several end-user industries
- Advanced features and disruptive technologies of RTLS
- Increasing applications into various end-user industries
- Privacy security issues
- Technical issues and limitations of some of the RTLS solutions
- Manufacturing sector to provide ample opportunities for RTLS
- Emerging economies such as the Asia Pacific with a higher rate of RTLS adoption
Key Topics Covered
2. Executive Summary
3. Real Time Location System Industry Analysis
4. Global Real Time Location System Market Component Type Analysis
5. Global Real Time Location System Market Technology Analysis
6. Global Real Time Location System Market Vertical Type Analysis
7. Global Real Time Location System Market: Regional Analysis
8. Company Profiles
- AeroScout Industrial
- Awarepoint Corporation
- BeSpoon SAS
- ChyronHego Corporation
- Identec Solutions
- Motorola Solutions, Inc.
- PINC Solutions
- Savi Technology
- Sonitor Technologies, Inc.
- TeleTracking Technologies, Inc.
- Tyco Security Products
- Versus Technology, Inc.
- ZIH Corp.
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