Real-time locating systems (RTLS) are utilized as precise positioning systems that automatically identify and track the location of objects, people or animals in real time, generally in a contained area or within a building. Wireless RTLS tags are attached to objects or worn by people, and in many cases, fixed reference points receive wireless signals from tags to determine their location. It is a fully automated Wi Fi based tracking system, which uses wireless technology such as GPS, ultra wideband, RFID, to detect presence and location of things and people. The market majorly focuses on market trends, innovations, leading players, new technology as well as future strategies.
RTLS is extensively used in sectors spanning from defense to medical sector, as it enables facilities to improve workflow, increases clinical quality and also reduces costs, leading to improved operational effectiveness and productivity.
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The Market Research Future (MRFR) analysts share their insights after primary research, that the Real-Time Locating Systems Market is expected to reach at market size of USD 6 billion by the end of forecast period with CAGR of 28% between 2018 and 2022. Espousal of cost effective technologies such as Zigbee and UWB would catapult the growth of the market. Similarly, subsequent fall in the prices of RTLS would lead to resulting higher adoption rate of RTLS especially in developing economies as well as providing opportunities for various end-user industries. The major factors attributing to the growth in real time locating systems market are optimum utilization of resources thorough efficient asset tracking and management, high industrial growth, location systems awareness, which drive the market whereas high cost and economic slowdown, lack of uniform standards, systems incompatibility are some of the determinants that act as hindrance in the growth of the market.
North America seems to have an upper hand in the Real-Time Locating Systems market. The U.S possess the largest share North America followed by Canada and Mexico. RTLS offers wide range of features, with companies such as Aston Martin Lagonda, BMW, Hewlett Packard, Airbus, Samsung Electronics and Boeing among others use the RTLS systems in their manufacturing process systems that help them track various tools. Europe prevails as the second largest market due to the proliferation of healthcare and BFSI industry. On the other hand, Asia-Pacific has transpired as the fastest growing market due to the growing economies of India and China along with high investment of government in the defense sector.
Some of the prominent key vendors in Real-Time Locating Systems Market are Savi Technology (U.S.), AiRISTA, LLC (U.S.), CenTrak, Inc. (U.S.), Versus Technology, Inc. (U.S.), Identec Group AG (Liechtenstein), Redpine Signals, Inc. (U.S.), Decawave Ltd. (Ireland), Awarepoint Corp. (U.S.), BeSpoon SAS (France), Stanley Healthcare (U.S.), Zebra Technologies Corp. (U.S.), Ubisense Group PLC. (U.K.), IMPINJ, Inc. (U.S.).
The market can be bifurcated on the basis of components, technology, industry and application.
On the basis of components, the market can be segmented into hardware, software as well as services. The location engine software determines the location of an object that remains connected to location sensors and tags. Another important part of RTLS is the middleware, which is utilized in connecting the core components to applications in which the status and the real time location can be displayed. Hardware component is expected to rule the market, owing to the cost of readers, transmitters, and tags. The cost of hardware is dependent upon the transmit rate of the tags as well as the lifespan.
On the basis of technology, the market is divided as GPS, Wi-Fi, Radio Frequency Identification (RFID), Ultra-Wide Band (UWB), infrared, Zigbee, WhereNet, Bluetooth Low Energy, low frequency signpost identification, radio beacon, wide over narrow band, optical locating, and many others. The market is further segmented into application, which includes inventory tracking, personal tracking, and asset tracking. RTLS can be used in numerous operational or logistical areas as well. On the basis of industries, the market comprises of healthcare, manufacturing, aerospace and defense, automotive, oil and gas, banking, transport and logistics, retail, industrial and various others. In this segment, transport and logistics has an upper hand in the market, utilizing RTLS for asset tracking as well as workforce management. RTLS is employed extensively in the logistics sector such as in large warehouses to retail outlets for indoor asset tracking, thus reducing costs and increasing efficiency. These optimistic features increase the appeal of RTLS in transportation and logistics sector.
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