RTLSs refer to ‘Real Time Location Systems.’ They help monitor & track the object-locations in real-time. RTLSs adopt RFID readers & tags to track & locate people & assets. Tags run with the help of batteries and provide RF indications with respect to assets & people location. The RTLS market finds applications across various sectors.
These sectors include and are not limited to transportation, medical, industrial production, logistics, retail, & processes. The worldwide market garnered sales worth USD 720 million in 2014. It will attain a size of about USD 3, 924 million by 2020. The market is predicted to register a CAGR of nearly 33.2 percent during 2015 to 2020.
Medical was the biggest market application in 2014. It should rise at a considerable rate in the near future. This could be credited to higher adoption of RTLSs for geriatric care. Market participants have zeroed-in on novel technologies to meet the requirements of business organizations. They help these organizations to monitor & track the location of people or assets with total accuracy.
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ZigBee and UWB advancements are the recent trends in the RTLS market. They offer greater precision within shorter locations. The industry for these advancements is anticipated to expand at a higher CAGR than the others. Moreover, these innovations have been able to conquer certain hindrances. These hindrances may consist of ‘assets-tracking’ in firmer mediums like different materials, concrete walls, etc.
However, RFID and Wi-Fi innovations will occupy major shares in the forecast period. This may owe to their lower costs as against ZigBee and UWB technologies. Asia Pacific, Europe, Americas, and rest of the world are the regions into which the market is divided. Europe and Americas were the biggest markets in 2014.
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Asia Pacific can be the most rapidly expanding RTLS market in the years ahead. It should be followed by the rest of the world. Americas’ growth was mainly propelled by the United States of America in 2014, which generated around 74.8 percent of the regional shares that year. Asia Pacific is likely to be driven by its vital markets like China, Japan, Australia, Singapore, and Malaysia.
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