Real Time Location Systems Market is expected to reach US$3.86 billion by 2020: Transparency Market Research

Albany, NY, Nov. 10, 2015 (GLOBE NEWSWIRE) -- A new report has been published by Transparency Market Research, titled "Real Time Location Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020". TMR, a market intelligence company based in the U.S., states that the global real time location systems (RTLS) market was valued at US$ 0.46 billion in 2013 and is expected to reach US$3.86 billion by 2020, growing at a CAGR of 35.5% from 2014 to 2020.

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Real-Time Location Systems (RTLS) are used to identify and track different assets and objects such as tools, medical equipment, containers, trailers, people and animals in real time. RTLS provides organizations with precise information on different objects via continuous communication between the location engine and the object to be tracked. The global real time location systems (RTLS) market is driven by enhanced advantages of real time tracking in different manufacturing and business processes. RTLS, with its accurate tracking capabilities, helps organizations in increasing their productivity.

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According to this TMR report, on the basis of technology, real time location systems (RTLS) are segmented into RFID, Wi-Fi, ZigBee and UWB, ultrasound, infrared, and others (Bluetooth, GPS, and combined technologies). RFID dominated the global RTLS market with the highest revenue share in 2013. This was primarily due to the sophisticated features of RFID technology, such as great accuracy, budget-friendly nature, extended battery life of tags, and low maintenance costs when compared to WI-Fi.ZigBee and UWB are upcoming technologies with incredible market potential, primarily due to longer battery life and improved precision. One of the most important advantages of Wi-Fi in RTLS is the smoothness of deployment. Wi-Fi based RTLS systems are majorly deployed in organizations with an existing Wi-Fi network.

The report states that in 2013, North America held the biggest share in the global RLTS market and constituted for 45.4% of total revenue. Applications in the healthcare industry have primarily driven demand for RTLS solutions in the North American market. Due to the established healthcare-IT alliance in North America, companies in this market were able to readily deploy RTLS solutions in the healthcare industry. Furthermore, a major factor playing a fundamental role in driving the RTLS market in North America is government support. In 2013, the U.S. government Veteran Affairs deployed RTLS from Hewlett Packard in numerous medical centers across the U.S.

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Asia Pacific is predicted to be the most swiftly growing regional market for RTLS solutions. One of the major factors driving market growth in the Asia Pacific region is increase in demand from countries such as Japan, Singapore, and South Korea. Other factors such as increasing customer awareness and augmenting industrial growth will also increase the adoption of RTLS in Asia Pacific.Major players across the four geographical segments in this market are AeroScout Inc., Awarepoint Corporation, Zebra Technologies Corporation, Identec Solutions, Motorola Solutions Inc., and Sonitor Technologies, Inc.

The global RTLS market is segmented as follows:

Real Time Location Systems (RTLS) Market, by Technology

  • RFID
  • Wi-Fi
  • ZigBee and UWB
  • Ultrasound
  • Infrared
  • Others (Bluetooth, GPS, Combined Technologies)

Real Time Location Systems (RTLS) Market, by End-use Industry

  • Healthcare
  • Transportation and Logistics
  • Manufacturing and Process Industries
  • Government and Defense
  • Hospitality and Retail
  • Others (Academics, Warehousing, Yards and Docks Monitoring)

Real Time Location Systems (RTLS) Market, by Geography

  • North America
  • Europe
  • Asia Pacific
  • Rest of the World (RoW)

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Source:Transparency Market Research