(PRWEB) April 22, 2014
According to a new market research report of “Real-Time Location Systems (RTLS) Market By Product, Technology, Application, Industry Vertical (Healthcare, Logistics, Manufacturing, Retail) & Geography 2013 - 2020”, the global RTLS market is expected to grow at a CAGR of 31.2% from 2013 to 2020 and reach $3.70 billion in 2020.
Browse 109 Market Data Tables and 53 Figures Spread Through 402 Pages and In-Depth TOC on “Real-Time Location Systems (RTLS) Market"
Real-Time Location Systems is a growing market with huge potential to revolutionize many industries such as healthcare, manufacturing, logistics, retail, government, defense, and many more. RTLS solutions allow enterprises to track their assets with real-time visibility to ensure high operational efficiency and improved staff productivity. The escalating applications of RTLS in diverse industries present numerous growth opportunities for existing RTLS vendors as well as for new start-ups.
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The Real-Time Location Systems market is expected to reach $3.70 billion by 2020, at an estimated CAGR of 31.2% from 2013 to 2020. Companies are investing hugely in their R&D activities to develop a more compelling method for manufacturing in RTLS.
In the Real-Time Location Systems’ ecosystem, the wide product & services portfolio, overall market revenue, enriching experience, and the technological innovations related to the field of RTLS technology are some of the major factors responsible for the growth of these two companies. These companies are poised to retain the ‘market leader’ position in the near future. The recent advancement in RTLS solutions, declining tags’ prices, and the escalating market applications are further expected to fuel the demand of RTLS solutions worldwide.
The ever growing need of achieving optimum resource utilization in different industries paved a path for location-based systems such as Real-Time Location Systems. In an enterprise, these systems facilitate location tracking and management of assets/personnel in real time thus resulting into improved operational efficiency and staff productivity. RTLS solutions have numerous applications in industries such as healthcare, manufacturing, logistics & transportation, government & defense, mining, oil & gas, retail, hospitality, education, and many others. Presently, healthcare is the largest market for RTLS solutions and industrial manufacturing is estimated to be the fastest-growing industry vertical with a huge market potential in the forecast period from 2013 to 2020.
The company utilizes WhereNet, Wi-Fi, and UWB technologies in its product offerings. The company believes that these three technologies are expected to have a high growth in the upcoming future, and among these, UWB technology is estimated to grow at a tremendous growth rate mainly due to advantages offered such as high location accuracy and long battery life, especially in indoor environments. Recently, Zebra Technologies shipped its one millionth RTLS tag. The major verticals served by the company include healthcare, industrial, logistics, manufacturing, and the government; however, the company is also focused on new potential markets for RTLS solutions including sports, retail, and livestock management.
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The overall Real-Time Location Systems market is expected to reach $3.70 billion by 2020 at an estimated CAGR of 31.2% from 2013 to 2020.
The major driving factors for RTLS market’s growth include rapid increase in RTLS applications, rising customer awareness, increasing security & safety concerns in process industries (mining, oil & gas) & defense, technological advancements in hardware & software, declining cost of tags, and optimum resource utilization through real-time asset/personnel location tracking. In this research study, different technologies such as RFID, Wi-Fi, ultrasound, infrared, Zigbee, Ultra wideband, GPS, and others are discussed in detail with qualitative as well as quantitative data. The overall market is also segmented by different product segments - hardware, software, and services; industry verticals - healthcare, logistics, manufacturing, process industries, government & defense, retail, hospitality, and education; applications- asset/ personnel tracking and management, patient safety and environment sensing & monitoring; and geography - Americas, Europe, APAC, and ROW. All the major segments are further segregated into sub-market segments. All the segments and sub-segments are separately described in the report.
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