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Expanding Application Possibilities Drives the Global Real-Time Location System (RTLS) Solutions Market
Real-Time Location Systems (RTLS), which as the name suggests, allow tracking location of people and physical assets in the real-time, are growing in popularity for asset tracking in recent years, as they offer superior precision, higher granularity and greater level of accuracy in locating assets than other track and trace technologies. By helping companies locate their assets effectively and efficiently, RTLS solutions delivers streamlined operations, increased asset utilization, and enhanced productivity, all of which result in tangible benefits and accelerated ROI. As companies become increasingly aware of the need for tracking, monitoring and analyzing location and movement of people and products for their daily operations, automatic identification solutions, RTLS solutions in particular, are expected to become a mainstream commercial opportunity for track and trace solution vendors. Although currently still a relatively new market, predominantly gaining orders from manufacturing sector, RTLS solutions market is expected to achieve significant traction over the next few years, as other industries too warm up to the benefits of automatic asset tracking and locating technology.
Having gained tremendous adoption in the manufacturing sector over the years, where they continue to be deployed for tracking key productivity inputs, RTLS is now gradually finding increasing adoption in major end-use sectors such as healthcare and transportation & logistics. Healthcare sector especially is the fastest growing end-use market for RTLS solutions. Besides helping hospital management track the exact location medical devices, RTLS solutions also facilities in tracking patient location, thereby ensuring automated patient flow and increasing patient safety within the hospital premises. By providing accurate patient location, hospitals can easily ensure quick treatment and even send response teams to the patient location in case of emergency. Not only patients, RTLS solutions can even help hospitals track location of healthcare professionals and hospital staff, thereby helping them schedule patient meetings and ensure timely delivery of patient services. With healthcare organizations beginning to increasingly rely on IT solutions for providing better healthcare, improve asset utilization, reduce costs, and gain competitive advantage in the market, it is opportunities galore for asset tracking solutions such as RTLS in this segment. The current yet low market penetration of RTLS in hospitals only points towards strong untapped market opportunity for RTLS solutions in this segment.
RTLS market is also gaining significant market opportunities in other industry segments such as military, homeland security, food and retail, postal/courier, agriculture and personal tracking. Technology developments over the years, especially advancements in design, size, and networking capabilities are enabling RTLS solutions to find increased adoption across these diverse industry verticals, thereby helping drive market prospects further. Research efforts supported by governments and led by industry association are also underway to find new application possibilities, which are expected to increase their penetration in a range of end-use sectors over the next few years. Appropriate cost benefit analysis and feasibility studies are being undertaken to promote the potential benefits of using this technology, which are expected to drive several industry segments to adopt this technology.
The high cost of ownership of RTLS solutions has been the most significant barrier for its large-scale adoption in most of the end-use segments since many years. However, the fast declining prices are now turning RTLS solutions in an economically viable option for organizations keen on investing in technology for asset tracking. The prices of tags, software and hardware have been declining at about 10-15% annually in most of the countries across the globe, thus considerably reducing the hitherto high initial investments requirement for acquiring and implementing RTLS technology at enterprises, and thereby significantly improving its adoption.
As stated by the new market research report on Real-Time Location Systems (RTLS) Solutions, the United States represents the largest regional market for RTLS solutions with a majority share in the total dollar sales estimated for the global market for the year 2012. Asia-Pacific however represents the fastest growing regional market for RTLS solutions, with annual dollar sales from the region waxing at a CAGR of about 43.21% over the analysis period 2009-2018. Growing awareness on the benefits of RTLS and subsequent increase in number of deployments in enterprises across industry segments such as manufacturing, healthcare, transportation and logistics are primarily boosting RTLS solutions market in the region. Increasing use of RTLS for personal tracking is also helping lend traction to the RTLS solutions market in the region. By product category, RTL Systems represents the largest segment, accounting for majority share in the total RTLS market. Tags represent the fastest growing product segment with annual dollar sales waxing at a CAGR of about 30.5% over the analysis period.
Major players in the global marketplace include AeroScout Inc., DecaWave Ltd., Ekahau Inc., IDENTEC Solutions AG, Mojix Inc., Navis LLC, Savi Technology Inc., and Ubisense Group plc., among others.
The research report titled “Real-Time Location Systems (RTLS) Solutions: A Global Strategic Business Report” announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, issues, drivers, company profiles, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections by annual dollar sales (in US$ million) for major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK and Rest of Europe), Asia-Pacific, Middle East and Latin America. Market sizing data is presented for product segments – Systems and Tags. Key end-use markets analyzed include Manufacturing, Healthcare, Transportation and Others.
Details of the new report, table of contents and ordering information can be found on Electronics.ca Publications' website. View the report: Real-Time Location Systems (RTLS) Solutions: A Global Strategic Business Report.