Report delivers insight into the Real Time Location System (RTLS) Market 2023, Credence Research
According to a new market report published by Credence Research Inc., “Real Time Location System (RTLS) Market (By End-use Vertical (Healthcare, Transportation and Logistics, Industrial Manufacturing & Processing, Government, Hospitality, Retail, and Other End-use Verticals), By Technology (RFID, Wi-Fi, ZigBee and UWB, GPS, Ultrasound, Infrared, and Other Technologies)) – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2022”, the global real time location system market is expected to grow at a CAGR of 38.6% during the forecast period 2015 to 2022.
Real time location systems are technology driven systems that use tags and readers to identify, find, track, and manage the location of assets or people in real-time, generally within a confined area. To sustain profit margins and market position, enterprises are increasingly turning towards technology for increasing their asset utilization and operational efficiency.
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However, even after being in the market for over a decade, the technology hasn’t received enough acceptance. This majorly owes to issues like lack of interoperability between various technology infrastructures and uncertainty over return on investment. However, growing encouragement through government initiatives and heavy investments in the development of different tracking technologies are expected to propel market growth in the coming years.
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The global real time location system market is highly fragmented and technology driven, requiring vendors to understand distinct requirements and differences between varied end-use verticals. The leading four vendors accounted for less than 45% of the global real time location system market revenue in base year 2014. There exists high degree of competition amongst existing players. Some of the leading and promising players identified in the ecosystem include Stanley Healthcare Solutions (Aero Scout Inc.) (the U.S.), Zebra Technologies Corporation (the U.S.), Ekahau, Inc. (the U.S.), Motorola Solutions Inc. (the U.S.), Aware point Corporation (the U.S.), Ubisense Group Plc (the U.K.), Identic Solutions (Liechtenstein), TeleTracking Technologies, Inc. (the U.S.), Versus Technology, Inc. (the U.S.) and Savi Technology, Inc. (the U.S.) among others. Focus on developing robust and innovative solutions through research and development is the primary strategy adopted by the players in the market.
- Emergence and adoption of cost-effective technologies including ZigBee and Ultra Wideband
- Popularity of smart factories to support adoption of real time location systems in the industrial sector
- GPS and RFID technology not ideal for indoor location tracking
- Issues including lack of interoperability and privacy concerns have posed biggest challenge to the growth of real time locating system market.
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