The global real time location system (RLTS) market is currently exhibiting a high degree of competition among the existing market players. Due to its fragmented vendor landscape, besides competing amongst each other, enterprises in the RLTS market also facing considerable challenge from the entry of emerging companies. The top three players, comprising AeroScout, Inc., Ekahau, Inc., Awarepoint Corporation, currently hold about 34.4% of the global RTLS market in terms of revenue, states Transparency Market Research (TMR) in a new study. Product differentiation and innovation is the key strategy adopted by the leading players to gain competitive advantage in the market.
TMR forecasts the global RTLS market to surge at an exponential CAGR of 35.5% between 2014 and 2020. The market is expected to reach US$3.86 bn by the end of 2020. Regionally, North America emerged as the dominant market in 2013. However, during the course of the forecast period, Asia Pacific is expected to report a considerably high CAGR of 37.8%. In terms of technology, the market was led by the RFID segment with a share of 40.9% in 2013. Due to the advanced features it offer and its cost-effectiveness, the demand from the RFID segment is expected to increase at a significant pace.
Efficiency Offered in Managing Assets within Organizations to Fuel Demand for RTLS
Having a control over assets throughout its indoor and outdoor production landscape is currently a daunting task for any enterprise. This is creating demand for real time location systems as they come with advanced features and offer benefits such as increased efficiency, cost saving, and asset and workflow management. These systems also help in determining the precise location and helps eliminating the time consuming manual searches and audits. “In safety operations, RTLS controls employee access and keep them at bay from restricted areas. This is one of the exclusive features resulting in the strong demand for RTLS,” said a lead TMR analyst.
RTLS therefore offers a bundle of advantages, which is fuelling its demand. Besides this, favorable government initiatives are expected to boost the uptake of RTLS components in the near future. The market is also likely to gain impetus from the rising increasing application of RTLS across diverse industrial sectors. “Since these systems were designed to help control and manage personal assets, thereby streamlining processes within organizations, their applicability within industries has been increasing with time and further technological upgrades,” observes the TMR report’s author.
High Cost of RTLS Inhibits its Large-scale Deployment
Despite witnessing promising growth over the last few years, operational challenges common in RTLS and privacy concerns are inhibiting the market’s trajectory to an extent. For instance, lead-shielded rooms in hospitals could make it challenging for real time location systems to operate in those places as well as in adjoining rooms. Besides this, the high cost deploying real time location access systems is also dampening the market’s growth. However, reducing prices of the hardware and software components and government support encouraging the implementation of RTLS systems could help companies mitigate this challenge.
The healthcare industry holds strong prospects for increasing application of RTLS. The industry is yet to be capitalized on optimally by the market players. The declining price of RTLS tags and the rising technological advancements are proving attractive opportunities for the market’s growth in the near future. The emerging applications of the RTLS technology is also expected to aid the market’s expansion in the forthcoming years.
This review is based on a report published by TMR, titled “Real Time Location Systems (RTLS) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020.”
The research study has been segmented as below:
Real Time Location Systems (RTLS) Market, by Technology
- ZigBee and UWB
- Others (Bluetooth, GPS, Combined Technologies)
Real Time Location Systems (RTLS) Market, by End-use Industry
- 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
- Asia Pacific
- Rest of the World (RoW)
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.
US Office Contact
90 State Street, Suite 700
Albany, NY 12207
USA - Canada Toll Free: 866-552-3453
7 of 10 large enterprizes view our ToC to take the right decision.View Report ToC