Global Real Time Location System Market Overview
Real-time location system (RTLS) is a technology that uses Wi-Fi, RFID and infrared sensors to detect the geographical position of people and objects in real time. Real time location system consists of wireless tags which are attached to individuals or objects and the signals carried from this tag are analyzed with respect to the fixed point of reference. Real time location systems generally used for navigation, vehicle tracking, inventory tracking and personnel tracking.
Market Size and Forecast
The real time location system market, in terms of value, is expected to grow rapidly during the forecasted period at a CAGR of 25.51%. The real time location system market reached USD 2.67 Billion in 2017. The rise of innovative startups, availability of customized solutions and regulatory compliance across industries such as education, healthcare, mining, oil & gas and manufacturing are the factors driving the growth of the real time location system market globally.
In terms of regional platform, North America holds the largest market share in terms of revenue due the growing adoption of real time location system solutions. North America is the largest contributor to the real time location system market due to the healthcare uprising in this region. Rising technological awareness and the higher growth rate in adoption of real time locating system in government applications and various other industries are also expected to stimulate the market of real time location system in this region over the forecasted period.
Asia Pacific is anticipated to be the fast growing market due to the rising population, increasing technology hubs and rising tourism industry. High concentrations of the manufacturing and processing industries are expected to fuel the growth of real time location system market in Asia Pacific region. Growing economies and adoption of smart systems such as smartphones, tablets and laptops are also expected to drive the market of real time location system in this region. Europe is expected to show significant growth over the forecasted period due to the rise in technological advancements, resource utilization and growing requirements for assets & workflow management. The real time location system market is expected to grow due to the improved quality of real time tracking in the location systems for various business processes.
Middle East and Africa region are expected to show a positive growth over the forecasted period due to the rising government support & initiatives for the usage of real time location systems. Moreover, hefty investments in the technology and increasing applications of the solutions across various industries are expected to drive the real time location system market over the forecasted period. It is estimated that the healthcare sector holds the largest market share of real time location system in terms of revenue in 2017. Increase in the proliferation of real time location system technology is expected to enable patients to search nearby hospitals and labs as per their convenience.
Our-in depth analysis of the global real time location system market includes the following segments:
Global real time location system market is further classified on the basis of region as follows:
Growth Drivers and Challenges
Growing use of smartphones for mobile applications such as business & communication apps, gaming apps, health & wellness apps and personal convenience apps which use real-time positioning information are expected to drive the market of real time location system globally. The growing use of navigation and real time location system across various businesses sectors also expected to fuel the growth of real time location system market globally over the forecasted period. Other factors that are expected to contribute in the growth of the real time location system market are rapid proliferation of business analytics solutions and wide opportunities across other business applications.
Real time location system provides increased productivity, operational excellence and high accuracy. These features of real time location system are expected to bolster the growth of real time location system market over the forecasted period. Other benefits which are also expected to spur the growth of real time location system market are improvement in safety of staff and effective logistic & supply chain operations. The real time location system consists of application software, location readers, battery powered tags and location sensors which help in automatically identifying and tracking the physical location of individual and objects in real time. Lack of uniform standards along with lack of expertise and low awareness are the major factors hampering the growth of real time location system market. High installation costs are expected to act as barrier for the growth of the real time location system market over the forecasted period. Privacy issues and battery discharge issues are also expected to hamper the market growth of real time location system globally over the forecasted period.
Some of the examples of market players in the global real time location system market identified across the value chain include:
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