Earlier machines were assisted with either
humans or other technologies in order to track objects. With strong
technological advancements, automatic
data sensors have been invented and being used in current day. This
reduction in time, energy and sources for human where the machines will
automatically update the data into the systems, won over the market. This
further led to the invent of real time
location systems which not only were designed for automatic date capture
tasks but were additionally fitted with other abilities like viewing objects’
real time location or also monitor its state on various portable devices.
Real
Time Location System (RTLS) Market Trends:
The Real
Time Location System (RTLS) Market generated revenue of $328 million in the
manufacturing industry in 2014 and forecasted to reach $7 billion by end of 2020, according to a market research by
IndustryARC. This market is estimated to grow at a high rate of nearly 30% CAGR
through 2020. A growth in RTLS use in
the manufacturing industry is projected due to strong demand in the safety
services and insurance segments.
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Market
Driving Factors:
The declining prices and growing awareness of
Real Time Location System (RTLS) are
set to propel the growth of the global market. The improved accuracy as well as
growing applications and adoptions of the systems is another market driver. The
increased customer demand for tracking services is set to drive the industry
further.
The growing technological advancements that
result in a lower price, as well as improved efficiency and non-interference of
signals, are also set to propel this market. Declining prices of Real Time
Location System (RTLS) Technologies will make the adoption of RTLS rise,
particularly in the cost-sensitive APAC market. As a result, RTLS services and products will have a
larger potential market.
Geographical
Analysis:
North America is currently the biggest Real Time Location System (RTLS) Market,
followed by Europe. However the APAC region is poised to grow at the highest
CAGR during the forecast period 2015-2020, owing to more emerging economies
investing significant capital into increasing the adoption of logistics and
manufacturing industries across the supply chains.
Market
Segmentation:
Real
Time Location System (RTLS) Market is segmented into broad 5
types based on certain factors as analyzed by the experts of IndustryARC. These
classifications are divided into further sub segments with a detailed approach
of market study done and included in this market report
- By Component: Tags, Software and Sensors.
- By Technology: Passive RFID and Active RFID.
- By Industry Verticals: Manufacturing, Logistics, Defense, Security, Healthcare and Others.
- By Applications: Asset/Inventory Tracking, Work in Progress Tracking, Vehicle/Fleet Tracking, Shipping Containers Tracking, Personnel Tracking, Patient Activity Tracking and Others.
- By Geography: North America, South America, Europe, APAC and ROW.
Key
Market Players:
The RTLS companies have looked to
partnerships, product launches and agreements to enhance their market position.
Companies are focusing on agreements and partnerships to utilize a wide
distribution network to improve sales of products. For instance, Intelleflex
announced a partnership with InCom Corporation, a RFID based RTLS solution provider to launch an automated asset
tracking RTLS solutions for agrochemical applications. Hewlett Packard
Development Company, L.P. More than 40 companies are studied in this report
with few top players mentioned below:
- Savi Technology
- Skytron LLC
- Visonic Technologies
- OATSystems
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in various industries, such as Agriculture, Automotive, Automation &
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