Real-Time Location System (RTLS) Market worth $3,923.6 Million by 2020 - New Report by MarketsandMarkets
(PRWEB) April 21, 2015 -- The Americas and Europe were the largest markets for the RTLS technology in 2014. Asia-Pacific is expected to be the fastest growing region, followed by RoW which is also among the major regions that plays a significant role in the growth of the RTLS market. The growth of the RTLS market in the Americas was largely driven by the U.S., which accounted for 74.7% of the total Americas RTLS market in 2014.The said market is expected to grow at a CAGR of 33.03% between 2015 and 2020, and reach $3,923.6 million by 2020.
Browse 95 market data tables and 82 figures spread through 183 pages and in-depth TOC on “Real-Time Location System (RTLS) Market - Forecasts & Analysis to 2020"
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The healthcare sector constituted the largest application for the RTLS market in 2014 and is expected to continue to grow at a significant rate because of increasing applications in the healthcare segment, especially the old age care segment. Industrial manufacturing, government and defense, process industries, and transportation and logistics sectors are the next major applications of RTLS solutions and are expected to grow at a considerable rate due to the increasing adoption of RTLS solutions in the same.
The market for these technologies is expected to grow at a higher CAGR in the forecast period than others because of the increasing adoption of the RTLS solutions based on these technologies. Furthermore, these technologies have been able to overcome the difficulties faced by the other technologies in tracking objects in harder mediums such as concrete wall or other substances. However, Wi-Fi and RFID technologies are expected to account for a major market share during the forecast period, due to their lesser cost compared to UWB and ZigBee technologies.
The Asia-Pacific market for RTLS is expected to be driven by its key markets such as Japan, Australia, China, Malaysia, and Singapore. The industrial manufacturing and retail sector along with, transportation and logistics is likely to provide a huge growth opportunity for RTLS solutions in these regions. The market would also be fuelled by the increase in focus of the major global RTLS vendors to expand their product and service offerings in the Asia-Pacific region as this region is expected to witness a higher growth in terms of the adoption of RTLS solutions and market value.
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The report describes market dynamics that include the key drivers, restraints, challenges, and opportunities with respect to the RTLS market and forecasts the market till 2020. This global report provides a detailed view of the RTLS market across products, technologies, applications, and geographies. The report also profiles the prominent players in the RTLS market along with their key growth strategies. The competitive landscape of the market analyses a large number of players with their market share. The RTLS market is witnessing numerous collaborations and partnerships across the value chain, to cater to various industries in different geographies.
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